MGA firm TPM has secured $75 million in bank financing.
The firm announced that this had been done through a syndicated facility led by Citizens Financial Group, along with Regions Bank, Wintrust Financial, and Bank of Hope. The proceeds from the transaction will be used to support the firm’s growth.
Daniel Hickey, CEO of TPM and Roosevelt, said in a statement: “Our team has exceptional opportunities to grow in our incumbent core markets of New York and New Jersey. More importantly we can now add additional lines of business on a national scale.”
He added: “This capital infusion is a vote of confidence in TPM’s business model and reaffirms our long-term commitment to the Casualty market. We thank both our new financing partners and TigerRisk for their continued and ongoing dynamic support.
“Our team will now scale our businesses across the group, including Roosevelt, our affiliated Bermuda reinsurer which is ‘ramping up’ to grow significantly in 2022/23 through the potential introduction of third-party casualty business, an AM Best rating process and a significant capital raise commencing in Q3.”
TigerRisk Capital Markets & Advisory acted as exclusive placement agent to TPM on the transaction. Meister Seelig & Fein LLP and Jones Day acted as legal advisors to TPM and the lender group, respectively.
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