A long-term partnership is closed with a lender
Insurance News
Written by Terry Gangcuangco
Dallas-based E&S (excess and surplus) underwriting specialist, AM Specialty Insurance Company (ASIC) has announced a significant financial partnership with Veritex Bank.
The deal, backed by a secured loan facility, aims to strengthen ASIC's financial position, provide the insurer with additional capital to improve cash flow and drive future growth in the specialist insurance sector.
The multi-million dollar capital injection was arranged with the assistance of Stonybrook Capital, ASIC's exclusive financial advisor. The new funding will allow ASIC to expand its underwriting capabilities, pursue new insurance initiatives, and strengthen its reputation as a key player in the E&S market.
“We are excited to enter into this strategic partnership with Veritex Bank,” said Shevawn Barder (pictured), CEO of AM Specialty Insurance Group. “This partnership demonstrates our commitment to maintaining a strong and robust business model, enabling us to provide stable and predictable risk solutions for the specialty market.
“The long-term nature of this partnership means that as we continue to achieve our goals, this investment will continue to empower us to better serve the market and expand our products.”
Veritex Bank's Paul Haney, vice president and director of insurance banking, also emphasized the lender's commitment to supporting the insurance market.
“This transaction underscores our deep commitment to the insurance industry, and we look forward to supporting AM Specialty as it continues to grow and innovate,” commented Haney. “Our team provides complementary financing solutions that meet the unique needs of companies like AM Specialty, and this partnership highlights our continued focus on fostering long-term relationships in the industry.”
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