Lighthouse Management, LLC has announced that it has successfully completed a $65,000,000 senior note issuance in a private placement.
The capital from this transaction will be used to refinance existing debt at the firm’s MGA and infuse growth capital into Lighthouse’s affiliated insurance carrier, Lighthouse Property Insurance Corporation,
It will also be used to expand Lighthouse’s distribution to third party carriers, and for general corporate purposes.
The transaction was placed with a private capital fund based in New York.
“This senior note issuance is an important piece in our next phase of growth,” said Lighthouse Chief Executive Officer Patrick White. “This investment strengthens our capital position and allows us to continue serving our customers and our agents, while also taking advantage of the current market opportunity.”
TigerRisk Capital Markets & Advisory acted as exclusive placement agent to Lighthouse in this transaction, while Foley & Lardner LLP served as legal counsel.
Established in 2008, the Lighthouse group of companies include an MGA and two insurance carriers focused on homeowners insurance in the Southeast of the United States.
Lighthouse is expected to write around $220m of direct premium in 2021 across its target states of Louisiana, Texas, Florida, Mississippi, South Carolina, and North Carolina, selling and distributing its policies through a network of roughly 3,000 licensed, professional independent agencies.
