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A little over a month after a jury found that actress Amber Heard had defamed ex-husband Johnny Depp, one insurer of Heard is asking a court to rule it
ProSight to Become Private Company After Being Acquired by Investors
International investment management firm TowerBrook Capital Partners and private equity firm Further Global Capital agreed to acquire 100 percent of the common stock shares of specialty insurer ProSight Global for $586 million cash.
The deal, announced last Friday, means the specialty insurer will move forward as a private company. ProSight went public in July 2019.
The acquisition is expected to close in third-quarter 2021, subject to customary closing conditions, including the receipt of required regulatory approvals. Another closing condition is the completion of a reinsurance transaction with Enstar that will serve to reposition ProSight’s capital in support of future growth, a statement from the acquirers said.
Press release content from Business Wire. The AP news staff was not involved in its creation.
AM Best Comments on Credit Ratings of ProSight Specialty Group Members Following Acquisition Announcement
January 15, 2021 GMT
OLDWICK, N.J. (BUSINESS WIRE) Jan 15, 2021
AM Best has commented that the Credit Ratings (ratings) of New York Marine and General Insurance Company (New York, NY) and its wholly owned subsidiaries, Gotham Insurance Company (New York, NY) and Southwest Marine and General Insurance Company (Scottsdale, AZ) (collectively referred to as ProSight Specialty Group) remain unchanged following the announcement that TowerBrook Capital Partners L.P. (TowerBrook) and Further Global Capital Management L.P. (Further Global) have entered a definitive merger agreement under which their affiliates will acquire 100% of the common stock of ProSight Global, Inc. (ProSight Global) (Delaware), which is majority owned by affiliated entities of The Goldman Sachs Group, Inc. and T
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AM Best has affirmed the Financial Strength Rating of A- (Excellent) and the Long-Term Issuer Credit Ratings (Long-Term ICR) of “a-” of New York Marine and General Insurance Company (New York, NY) and its wholly owned subsidiaries, Gotham Insurance Company
(New York, NY)
and Southwest Marine and General Insurance Company (Scottsdale, AZ) (collectively referred to as ProSight Specialty Group). Concurrently, AM Best has affirmed the Long-Term ICR of “bbb-” of ProSight Global, Inc. (Delaware). The outlook of these Credit Ratings (ratings) is stable.
The ratings reflect ProSight Specialty Group’s balance sheet strength, which AM Best categorizes as very strong, as well as its adequate operating performance, neutral business profile and appropriate enterprise risk management.