The funding round was predominantly led by its existing investors, TowerBrook Capital Partners LP and Further Global Capital Management.
Formerly known as ProSight Specialty Insurance Group, Coaction’s transformation journey is characterized by the seamless integration of product offerings, analytical prowess, and underwriting expertise, bolstered by profound industry insight and strategic collaborations.
Presently, Morristown, New Jersey-based Coaction boasts an impressive annual premium underwriting portfolio, surpassing $1 billion, spanning various sectors such as casualty, excess casualty, multiline, executive lines, property, entertainment, and binding authority.
In a significant move last year, Coaction joined forces with insurance technology provider Duck Creek to undertake a vital upgrade. This initiative involved transitioning its core policy, billing, and commercial templates from on-premises services to a more agile cloud-based Software as a Service (SaaS) model, exemplifying its commitment to innovation and modernisation.
“This new capital will support our continued growth and demonstrates the strong ongoing support of our investor group,” said Coaction CEO Jonathan Ritz. “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.”