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 consists of 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 mentioned that it’s going to use the non-public fairness funding by Goldman Sachs to fund its subsequent part of development.
Particularly, the funding shall 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 traders.
DOXA Insurance coverage Holdings founder and CEO Matt Sackett mentioned: “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 growth and drive DOXA in its subsequent chapter of evolution.”
Goldman Sachs managing director in non-public fairness Anthony Arnold mentioned: “We’re excited to companion with Matt and the 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 traits which can be driving the broader MGA sector.”
Topic to regulatory approvals and different customary closing situations, the acquisition is predicted to be accomplished within the fourth quarter of 2023.
