Trean Insurance Group, a provider of products and services to the specialty insurance market, has been acquired by Altaris, collectively with its affiliates, for $6.15 per share in cash.
The transaction was completed five months after the companies announced they had entered into a merger agreement in December 2023. At the time Altaris owned approximately 47% of Trean’s outstanding common stock.
It received approval from stockholders in April, 2023. It was supported by 87.3% of the total shares outstanding entitled to vote at the Special Meeting of Stockholders, as well as 71.4% of the outstanding shares beneficially owned by the “Unaffiliated Stockholders”.
As a result, according to the announcement, Trean’s common stock ceased trading and will no longer be listed on Nasdaq.
Julie Baron, President and Chief Executive Officer of Trean, commented: “We are thrilled to begin the next chapter of Trean’s successful partnership with Altaris, which will continue to enhance our longtime focus on strong partnerships, underwriting discipline and exceptional claims management to generate long-term growth.
“Starting with their original investment in 2015, Altaris’s healthcare expertise and support have been critical in helping to drive our company’s transformation to become a leading national provider of workers’ compensation and other specialty insurance services.”
She added: “I would like to thank our entire team for their outstanding efforts to bring this transaction to a successful conclusion, delivering substantial value to our stockholders and positioning the Company for future success.”
Trean will maintain its headquarters in Wayzata, Minnesota. Following the transaction, Baron will remain President and Chief Executive Officer, and Andrew O’Brien, the founder of Trean and Executive Chairman of the Board, will remain Executive Chairman of the Board as well as an investor in the company.
