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, announced that they have received all requisite regulatory approvals, including approvals from the New York State Department of Financial Services and the Arizona Department of Insurance and Financial Institutions, to complete the previously announced acquisition of ProSight Global, Inc. (“ProSight”), a domestic specialty insurance holding company. The acquisition is anticipated to close on or about August 4, 2021, pending satisfaction of customary closing conditions.
Concurrently with the transaction close, Jonathan Ritz will assume the role of CEO of ProSight. He joins after previously serving as President of Aspen Insurance Holdings Limited, Chief Operating Officer of Validus Holdings Limited, and Chief Executive Officer of Validus Specialty.
The acquisition brings together ProSight’s underwriting innovation with TowerBrook and Further Global’s demonstrated success investing in the insurance and financial services industries.