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ProSight to Become Private Company After Being Acquired by Investors

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.

ProSight strikes reinsurance deal with Enstar after $586m sale

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. The rest of this article is locked. Please login to continue reading.   If you don t have a login, you will need to purchase a subscription to gain access to this article, and all the other content. Please use this link and follow the steps.    To take out a free  two week trial, use the same link but select the trial option in the dropdown box.

TowerBrook and Further Global Announce Acquisition of Specialty Insurance Company ProSight Global, Inc

Share this article Share this article 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

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