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Sources said that the refinance consists of a $2.28bn term loan and a $750mn senior secured note. -
The suspension of Global Indemnity’s effort to sell its E&S arm is likely specific to the franchise rather than an indicator of a dealmaking slowdown.
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Sources said the Gemspring Capital-backed group retained investment bank Baird earlier this year as adviser in the sale process.
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The fundraise was led by Golub Capital and jointly arranged by Antares Capital, both existing lenders to Patriot Growth.
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In addition to Lightyear’s capital injection, current backer BHMS agreed to roll a material portion of its existing equity and made an additional investment alongside Lightyear.
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Sources said the PE heavyweight shelved the stake sale plans earlier this year as multiples in the adjusting segment remain under pressure.
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First-round bids for the company were due in late September.
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Backed by private equity firm 777 Partners since 2019, Sutton National booked $230mn DPW last year — up from $71mn in 2021 according to AM Best — ranking 13th among US fronting firms.
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Sources said the fronting carrier is expecting to seal a deal in early 2024 as its strategic process pivots from a full sale.
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Inside P&C’s morning summary of the key stories to get you up to speed
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Sources said the specialty underwriter retained boutique firm Insurance Advisory Partners earlier this year as an adviser.
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Sources said the Century-backed Houston, Texas-based adjusting platform retained JP Morgan as an adviser in the strategic process.
