Dallas-based E&S (excess and surplus) lines specialist AM Specialty Insurance Company (ASIC) has announced a significant capital partnership with Veritex Bank.
The agreement, backed by a senior secured loan facility, aims to strengthen ASIC’s financial standing, providing the insurer with additional capital to enhance its surplus and drive future growth in the specialty insurance sector.
The multimillion-dollar capital infusion was structured with the assistance of Stonybrook Capital, ASIC’s exclusive financial advisor. The new funding will allow ASIC to broaden its underwriting capabilities, pursue new insurance programs, and further cement its reputation as a key player in the E&S market.
“We are excited to enter into this strategic relationship with Veritex Bank,” said Shevawn Barder (pictured), chief executive of AM Specialty Insurance Group. “This partnership reflects our commitment to maintaining a strong and resilient business model, enabling us to offer even more stable and predictable risk solutions for the specialty market.
“The longer-term nature of this partnership means that as we continue to achieve our targets, this capital infusion will continue to empower us to better serve the market and expand our product offerings.”
Veritex Bank’s Paul Haney, executive vice president and managing director of insurance banking, also emphasized the lender’s dedication to supporting the insurance market.
“This transaction underscores our deep commitment to the insurance industry, and we look forward to supporting AM Specialty as they continue to grow and innovate,” Haney commented. “Our team provides tailored financial solutions that meet the unique needs of companies like AM Specialty, and this partnership highlights our ongoing focus on fostering long-term relationships within the sector.”
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