ProSight Global Inc., a specialty insurer that went public in 2019, will be taken private in a deal with TowerBrook Capital Partners L.P., an international investment management firm, and Further Global Capital Management, a private equity firm focused on the financial services industry. According to the merger agreement, the affiliates of TowerBrook and Further Global will acquire all outstanding shares of common stock of ProSight Global in an all-cash transaction valued at approximately $586,000,000.
Under the terms of the deal, ProSight stockholders will receive $12.85 per share of common stock. The majority stake in ProSight will be acquired by TowerBrook, with Further Global serving as a key minority co-investor.
Upon closing the deal, Jonathan Ritz will become CEO, while ProSight’s current President and CEO, Larry Hannon, will continue serving as President. Mr. Ritz joined ProSight after serving as President of Aspen Insurance Holdings Limited, Chief Operating Officer of Validus Holdings Limited, and Chief Executive Officer of Validus Specialty.
Jonathan Ritz commented, “this is a very exciting and challenging insurance market which is undergoing significant changes in distribution, pricing, capital management, and capacity exiting across many lines of business. Increased frequency and magnitude of natural catastrophes, social inflation, and the COVID-19 crisis have contributed to substantial market dislocations, and ProSight represents a quality platform that is well-positioned to capitalize on this environment. I am looking forward to working with the Company’s many talented underwriters, employees, and distribution partners to build a market-leading specialty insurance company.”