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.
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Physicians Protector Plan, a division of Protector Plans and underwritten by Aspen American Insurance Company, has partnered with CyberScout, an industry leader in cyber risk protection and incident response services, to provide their physician insureds with award-winning data breach services to help protect their business and customers from the risks and repercussions of a data breach incident.
TAMPA, Fla. (PRWEB) January 19, 2021 Physicians Protector Plan, a division of Protector Plans, has partnered with CyberScout, an industry leader in cyber risk protection and incident response services, to provide their physician insureds with award-winning data breach services to help protect their practices and patients from the risks and repercussions of data breach incidents. These data breach services are available as part of cyber liability coverage offered by Aspen American Insurance Company ( AAIC ). The risk to physicians and patients is troubling; the cost of a healthcare
15-06-2020
ProSight Global is to be acquired by private equity firms TowerBrook Capital Partners and Further Global Capital Management in an all-cash transaction valued at $586 million. Meanwhile, the US specialty insurer has entered into a reinsurance deal with Bermuda-based Enstar Group.
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NEW YORK and LONDON and MORRISTOWN, N.J., Jan. 15, 2021 /PRNewswire/ TowerBrook Capital Partners L.P. ( TowerBrook ), an international investment management firm, and Further Global Capital Management ( Further Global ), a private equity firm focused on the financial services industry, today announced the signing of a definitive merger agreement, under which affiliates of TowerBrook and Further Global will acquire all outstanding shares of common stock of ProSight Global, Inc. (NYSE: PROS) ( ProSight or the Company ), a domestic specialty insurance company, in an all-cash transaction valued at approximately $586,000,000.
Under the terms of the agreement, ProSight stockholders will receive $12.85 per share of common stock, which represents a 42% premium to the closing share price as on September 23, 2020, the last trading day prior to media reports about a possible acquisition by TowerBrook. TowerBrook will acquire a majority stake in Pro
Aspen Insurance Holdings Limited announced that Richard Lightowler has been appointed to its Board as a Non Executive Director effective December 10, 2020.
A spokesperson said, “Mr. Lightowler is currently a Non-Executive Director of Oakley Capital Investments Limited and Hansa Investment Company Limited. Richard has over 25 years in public accounting and was notably Partner with KPMG for almost 19 years. While at KPMG he also served as Head of the Insurance Practice and a member of the firm’s Global Insurance Leadership Team.
“During his extensive career, Richard has worked with many large international reinsurance and insurance groups. As well as his extensive industry background he also brings significant risk, governance and transaction experience including working with both UK and US stock exchanges.