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ProSight Specialty Insurance to Acquire Lloyd’s Syndicate, Establishing Global Capabilities
LONDON, September 14, 2011 – ProSight Specialty Insurance has entered into a definitive agreement to acquire Lloyd’s Coverholder TSM Agencies Ltd. (TSM) and 100% of the capacity rights to Lloyd’s Syndicate 1110. This acquisition will enable ProSight to provide global solutions to its U.S. customers and distributors as well as expand its unique business model to global markets. The acquisition of TSM will also add specialist Engineering & Power expertise to ProSight’s existing underwriting capabilities.
ProSight Specialty Insurance was founded by CEO Joseph Beneducci in 2009 and is backed by affiliates of TPG Capital and GS Capital Partners. ProSight Specialty Insurance focuses on niche markets where it has differentiated underwriting and claims expertise and partners exclusively with specialist distributors who have a deep understanding of their customers.
“Acquiring a Lloyd’s presence is the first step in the expansion of our unique business model on the global stage,” said Joe Beneducci, Founder and CEO of ProSight Specialty Insurance. “This is a great opportunity for our company, our distribution partners and our employees – we are excited to welcome TSM into the ProSight family.”
The acquisition is subject to customary regulatory approvals from the UK Financial Services Authority and from Lloyd’s and is expected to close in the 4th Quarter of this year.
About ProSight Specialty Insurance
ProSight Specialty Insurance is a specialty P&C insurance company that delivers specialized solutions for groups of customers through limited, exclusive distribution partners. The company’s employees have a long history of underwriting, operations, distribution and claims experience. ProSight Specialty Insurance was founded by CEO Joseph Beneducci and a group of senior executives from the P&C industry and is backed by affiliates of TPG Capital and GS Capital Partners.
About TSM Agencies Ltd.
TSM is a specialist Lloyd’s Coverholder providing services and underwriting support to Syndicate 1110, which was established in 2010 with a primary focus on underwriting engineering risks.
Keefe, Bruyette & Woods acted as financial adviser to TSM and the sellers on the transaction.
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