Privately held specialty insurance group Coaction Global has raised approximately $200 million in a recent capital infusion to fuel its ongoing transformation into a full-service specialty insurance provider.
The equity raise was led by existing investors TowerBrook Capital Partners LP and Further Global Capital Management.
“This new capital will support our continued growth and demonstrates the strong ongoing support of our investor group,” said Coaction CEO Jonathan Ritz (pictured above). “We have made significant progress executing our transformation plan over the past two years and continue to see abundant opportunities in the market to deploy the additional capital in a prudent and disciplined manner.”
As part of its transformation plan, Coaction has formed a brand-new senior executive team, expanded its underwriting divisions, established broader distribution relationships, and enhanced data and analytical capabilities.
Coaction, previously known as ProSight Specialty Insurance Group, said these improvements were driven by merging product, analytics, and underwriting capabilities with extensive industry knowledge and strategic partnerships.
Currently, Coaction underwrites an annual premium exceeding $1 billion across its diverse verticals, encompassing casualty, excess casualty, multiline, executive lines, property, entertainment, and binding authority.
Last year, Coaction partnered with insurance technology provider Duck Creek to upgrade its core policy, billing, and commercial templates from on-premises services to a cloud-based software as a service (SaaS) model.
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