(Ford Mansion, Morristown National Historical Park. Image credit: Acroterion/Wikimedia Commons.)
Coaction Global, Inc., (Morristown, N.J.) a privately-held specialty insurance group, has completed a ~$200 million capital raise to support growth as Coaction continues its transformation into a full-service specialty insurance company, according to a statement from the company. The equity raise was led by existing investors, TowerBrook Capital Partners L.P. (London/New York) and Further Global Capital Management (New York).
“This new capital will support our continued growth and demonstrates the strong ongoing support of our investor group,” comments Jonathan Ritz, CEO, Coaction. “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.”
Coaction reports that, since its formation, it has established an entirely new senior executive team, expanded its capabilities with new underwriting divisions, broadened distribution relationships, and enhanced its data and analytical capabilities. The company says its success to date has been driven by combining product, analytics, and underwriting capabilities with strong industry knowledge and partnerships. Today, Coaction writes over $1 billion in annual premium across its Casualty, Excess Casualty, Multiline, Executive Lines, Property, Entertainment and Binding Authority verticals.