Kilter Finance has agreed to invest $40 million into Best Practices Medical Partners (BPMP), who will use the funding to make a planned capital contribution to its risk retention group, Applied Medico-Legal Solutions Risk Retention Group (AMS RRG).
The investment proceeds will be used by BPMP to increase the statutory surplus of AMS RRG, as well as to accelerate the growth of its best-in-class medical professional liability insurance business and enable it to execute upon other critical strategic initiatives.
AMS RRG has recently been assigned a Financial Strength Rating of A- (Excellent) and a Long-Term Issuer Credit Rating of “a-” (Excellent) by AM Best.
Richard Welch, Co-Founder and CEO of BPMP commented: “We are excited about the investment from Kilter Finance, who have demonstrated their insurance expertise and speed of execution through this process, and believe Kilter Finance’s insights and flexibility make them a perfect partner for us as we continue to grow.”
Dan Knipe, Chief Investment Officer of Kilter Finance, said: “We are delighted to be partnering with the BPMP management team for an exciting stage in their corporate development. We are deeply impressed by the group’s success and the quality of their existing financial partners, some of whom have supported the business for well over a decade.”
Charles Lens, Managing Director of Kilter Finance, added: “We have carefully structured our investment to provide the company with the flexibility it needs to grow, while satisfying the requirements of all of its key stakeholders, in particular its regulator, the ratings agencies and its management team.”
