Goldman Sachs Asset Administration (Goldman Sachs) has signed a definitive settlement to buy DOXA Insurance coverage for an undisclosed sum.
Arrange in 2016, US-based DOXA is engaged in area of interest insurance coverage distribution and underwriting.
The insurer’s portfolio contains speciality managing normal agent (MGA), affinity, wholesale and different threat sectors.
It generates greater than $600m in written premium from its choices, with operations throughout the US.
DOXA stated that it’ll use the non-public fairness funding by Goldman Sachs to fund its subsequent section of development.
Particularly, the funding will probably be utilized by DOXA to fund its ongoing acquisition plan.
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Along with Goldman Sachs, DOXA’s administration group and worker shareholders will proceed to be key buyers.
DOXA Insurance coverage Holdings founder and CEO Matt Sackett stated: “The funding from Goldman Sachs is a testomony to the robust enterprise and model DOXA has created since inception. We’re excited to work with Anthony and his staff to speed up DOXA’s strategic enlargement and drive DOXA in its subsequent chapter of evolution.”
Goldman Sachs managing director in non-public fairness Anthony Arnold stated: “We’re excited to associate with Matt and your complete DOXA staff and have been impressed with the numerous and differentiated capabilities they’ve assembled since launching in 2016.
“We look ahead to bringing our sources to DOXA’s present platform and to assist them capitalise on the numerous macro developments which are driving the broader MGA sector.”
Topic to regulatory approvals and different customary closing circumstances, the acquisition is predicted to be accomplished within the fourth quarter of 2023.
