Coaction Global has announced the completion of a $200m capital raise to support its transformation into a full-service specialty insurance company.
The New Jersey-based privately-held specialty insurance group, raised the equity with support from existing investors, TowerBrook Capital Partners L.P. and Further Global Capital Management.
Jonathan Ritz, CEO of Coaction, said: “This new capital will support our continued growth and demonstrates the strong ongoing support of our investor group.
“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.”
Since its inception, Coaction 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.
Coaction’s success to date has been driven by combining product, analytics, and underwriting capabilities with strong industry knowledge and partnerships.
Today, the US InsurTech company writes over $1bn in annual premium across its Casualty, Excess Casualty, Multiline, Executive Lines, Property, Entertainment and Binding Authority verticals.
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