Lighthouse Management, LLC Raises $65,000,000 in New Capital
TAMPA, Fla.–(BUSINESS WIRE)–#Homeownersinsurance–Lighthouse Management, LLC (“Lighthouse”) announced that it has successfully completed a $65,000,000 senior note issuance in a private placement. The capital from this transaction will be used to refinance existing debt at the Managing General Agent (“MGA”), infuse growth capital into Lighthouse’s affiliated insurance carrier, Lighthouse Property Insurance Corporation, expand its distribution to third party carriers, and for general corporate purposes. The transaction was placed with a private capital fund based in New York.
“This senior note issuance is an important piece in our next phase of growth,” said Lighthouse Chief Executive Officer Patrick White. “This investment strengthens our capital position and allows us to continue serving our customers and our agents, while also taking advantage of the current market opportunity.”
TigerRisk Capital Markets & Advisory acted as exclusive placement agent to Lighthouse in this transaction. Foley & Lardner LLP served as legal counsel.
Established in 2008, the Lighthouse group of companies (www.lighthouse.insurance) include an MGA and two insurance carriers focused on homeowners insurance in the Southeast. Lighthouse Management, LLC is licensed to write business in Louisiana, Texas, Florida, Mississippi, South Carolina, and North Carolina. Lighthouse is expected to write ~$220mm of direct premium in 2021. Lighthouse sells and distributes its policies through an exclusive network of roughly 3,000 licensed, professional independent agencies. The carriers have been assigned Financial Stability Ratings® of A, Exceptional, from Demotech, Inc.
Contacts
Carli Saldsman, Marketing Communications Manager
[email protected]
407-901-3247
