Stone Point Capital and KKR & Co. LLP have agreed to recapitalize Privilege Underwriters, the holding company for the PURE Group of Insurance Companies. No financial terms were disclosed for the transaction that is being done with Privilege’s management.
As a result of the deal, Stone Point will maintain its majority stake in Privilege while KKR will acquire a minority stake. Headquartered in White Plains, New York, PURE Group of Insurance Companies is a provider of personal insurance and risk management services to high net worth individuals and families.
The agreement is subject to customary closing conditions, including receipt of regulatory approvals, and is expected to close in the third quarter. Skadden Arps Slate Meagher & Flom LLP provided legal counsel to Privilege Underwriters and Simpson Thacher & Barlett LLP provided legal counsel to KKR.
The move underscores how more dealmakers are anxiously waiting for more M&A in financial services, insurance and real estate (FIRE) in the coming year. For more, see Mergers & Acquisitions' Mid-Market Pulse.