Jane Dotson
ProSight Specialty Insurance is a specialty P&C insurance company that creates and delivers specialized solutions for customers through limited, exclusive distribution partners. The company was founded in 2009 and went public in July 2019. In 2021, ProSight became a private company after being acquired by investors in a $586 million private equity deal. ProSight offers a range of benefits to its employees, including generous salaries, good benefits such as off-site yoga, unlimited time off, and the option to work from home. While some employees have praised the company for its competitive culture and recognition of individual achievements, others have criticized the work-life balance and lack of support. Overall, ProSight Specialty Insurance appears to offer a mix of pros and cons, and whether it is worth it may depend on individual priorities and experiences.
| Characteristics | Values |
|---|---|
| Company Size | Small company |
| Work Recognition | Yes |
| Support | Yes |
| Work-Life Balance | Bad |
| Training | Top-notch |
| Management | Supportive |
| Salary | Generous |
| Benefits | Good |
| Work Culture | Competitive |
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Prosight Insurance employee reviews
Some employees have praised Prosight Insurance for its team-oriented culture, with one employee stating that the company's competitive culture helped mould the best talent. The company's team environment is further facilitated by its happy hours and monthly meetings, which allow employees to bond and receive acknowledgement from managers. Employees also appreciate the company's flexibility, with one employee highlighting the benefit of unlimited PTO, which allowed them to spend more time with their family and attend important events. Additionally, employees can work from home, which has been especially beneficial during the pandemic.
ProSight Insurance is also recognised for its ability to provide employees with opportunities for growth and skill development. The company operates in a niche part of the insurance industry, allowing employees to expand their knowledge base and become more marketable consultants. The company provides top-notch training and support to help employees pursue their goals and improve processes. Employees are rewarded for their achievements, such as launching products or exceeding goals.
However, some employees have criticised Prosight Insurance for its heavy workload and poor work-life balance. One employee mentioned that work will be piled on, and if expectations are not met, employees are expected to quit. The company is also described as being understaffed, with inadequate training and poor health benefits.
Overall, while Prosight Insurance offers a team-oriented culture, growth opportunities, and flexible work arrangements, it is important to consider the potential challenges of a heavy workload and the impact on work-life balance.
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Prosight Insurance's private equity deal
In January 2021, Prosight Global Inc., a specialty insurer, announced it would be going private as part of a $586 million private equity deal. The deal came about 18 months after the company went public with its IPO in July 2019.
International investment management firm TowerBrook Capital Partners L.P. and private equity firm Further Global Capital are acquiring 100% of the company's stock, with TowerBrook acquiring a majority stake and Further Global serving as a key minority co-investor. Prosight's stockholders will receive $12.85 per share of common stock, a 42% premium to the closing share price as of September.
The acquisition aligns with TowerBrook's investment strategy of backing strong management teams in growth markets and builds on its history of investing in the insurance and financial services industries. For Further Global, the investment in Prosight is a continuation of its principals' investment in the insurance and reinsurance industries over the past 22 years.
The deal is expected to close in the third quarter of 2021, subject to customary closing conditions and regulatory approvals. Upon closing, Jonathan Ritz, who has held leadership roles at Aspen Insurance Holdings, Validus Holdings, and Validus Specialty, will become Prosight's new CEO, while current President and CEO Larry Hannon will continue serving as president.
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Prosight Insurance's acquisition by investors
ProSight Global Inc., a specialty insurance company, was acquired by investment management and equity firms TowerBrook Capital Partners L.P. and Further Global Capital Management in 2021. The $586 million deal saw TowerBrook acquire a majority stake in ProSight, with Further Global serving as a key minority co-investor.
The acquisition took ProSight private, approximately 18 months after its IPO in July 2019. The deal included the acquisition of 100% of its stock, with ProSight stockholders receiving $12.85 per share of common stock. This represented a 42% premium on the closing share price as of September 23, 2020, the last trading day before media reports of a possible acquisition.
The merger was recommended by a special committee of the ProSight Board of Directors and approved by the full Board. The acquisition was expected to close in the third quarter of 2021, subject to customary closing conditions and regulatory approvals. It was also contingent on the completion of a reinsurance transaction with Enstar, which would help reposition ProSight's capital to support future growth.
The acquisition aligned with TowerBrook's investment strategy of backing strong management teams in growth markets and built on its history of investing in the insurance and financial services industries. For Further Global, the investment in ProSight continued its principals' successful track record of investing in the insurance and reinsurance industries over the past 22 years.
Upon the closing of the deal, Jonathan Ritz became the new CEO of ProSight, while former CEO Larry Hannon continued to serve as President.
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Prosight Insurance's expansion into captive insurance
ProSight Insurance, a specialty insurer, has expanded its insurance solutions into the captive insurance market. This expansion is a strategic move that the firm has described as a "natural evolution" of its product offerings and capabilities.
Captive insurance is a unique form of self-insurance where the insured owns and operates the insurance company. ProSight has entered this market as a reinsurer and fronting carrier for captive programs in all 50 states and Washington D.C. The company's financial rating, underwriting oversight, and claims expertise are expected to help stabilize and lower the long-term cost of risk for its customers.
ProSight offers three types of captive programs: Single-Parent Captives, Group Captives, and Agency Captives. Single-parent captives are owned and controlled by a single organization, while group captives bring together customers with above-average risk characteristics in similar industries to achieve better long-term outcomes. Agency captives, on the other hand, are owned by an insurance agency or broker.
ProSight's expansion into captive insurance is part of a larger $586 million private equity deal that saw the company go private. This deal involved the acquisition of 100% of ProSight's stock by investment firms TowerBrook Capital Partners L.P. and Further Global Capital. The acquisition aligns with TowerBrook's investment strategy in growth markets and builds on Further Global's long history of investing in the insurance industry.
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Prosight Insurance's rebranding as Coaction Global
ProSight Global Inc., a privately-owned specialty property and casualty insurance company, has announced that it is rebranding as Coaction Global Inc. The name change took effect on April 19, 2022. The rebranding reflects the company's growth and evolution from a niche program administrator to a full specialty underwriter across various product verticals, including open brokerage and delegated underwriting authority platforms.
ProSight, now Coaction Global, is based in Morristown, New Jersey, with additional offices in Glendale, California, and New York City. The company's decision to rebrand follows a private equity deal worth $586 million with TowerBrook Capital Partners and Further Global Capital Management, which was finalised in August 2021. As part of the deal, ProSight ceded net loss reserves of approximately $500 million, while also gaining an additional aggregate limit of $250 million from Enstar's subsidiary.
The acquisition by TowerBrook Capital Partners aligns with their investment strategy of supporting strong management teams in growth markets. Meanwhile, Further Global Capital Management's investment in ProSight builds on their long history of investing in the insurance and reinsurance industries.
ProSight, prior to its rebranding, was recognised as a dynamic and competitive company that provided employees with opportunities for growth and development. The company's culture encouraged innovation and rewarded employees for their contributions, creating an environment where individuals felt valued and supported in their career pursuits.
With its new identity as Coaction Global, the company continues to focus on insuring specialty businesses. By understanding the unique challenges faced by their customers, Coaction Global aims to deliver tailored solutions and build long-lasting, beneficial relationships.
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Frequently asked questions
ProSight Global, Inc. is a specialty property and casualty insurance company that writes a diverse mix of admitted and non-admitted specialty lines of business in all 50 states. In 2021, the company agreed to be acquired by investment management firm TowerBrook Capital Partners and private equity firm Further Global Capital for \$586 million, becoming a private company.
ProSight Insurance offers a range of benefits to its employees, including a generous salary, good benefits such as off-site yoga classes, unlimited time off, and the option to work from home. The company also provides top-notch training and opportunities for employees to expand their knowledge base and make themselves more marketable consultants.
ProSight Insurance is described as a small company with a healthy competitive culture. Employees are given the tools and support they need and are then expected to take ownership and initiative in their work. The company also has an on-site gym and cafeteria for employees.
Some employees have reported a poor work/life balance at ProSight Insurance, with a high workload and a lack of training and support. However, it is important to note that these reviews may not reflect the current state of the company or the experiences of all employees.
ProSight Insurance has a Best financial strength rating of "A-", indicating that it is a financially stable and reputable company. Additionally, the company has been acquired by reputable investment firms, further validating its reputation in the insurance industry.
