TPM welcomes new strategic financial relationships to support ambitious ‘ramp-up’ growth targets for the group, including Roosevelt Road Reinsurance Ltd. (“Roosevelt”).
16 May 2022
New York, NY: TPM, a leading full-service Managing General Agency (“MGA”) has announced that it successfully secured USD 75 Million in bank financing via a syndicated facility led by Citizens (NYSE: CFG) and includes Regions Bank, Wintrust Financial, and Bank of Hope.
Proceeds from the transaction will be used to support growth across the TPM platform.
“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,” said TPM and Roosevelt CEO, Daniel Hickey.
TPM has grown premiums written to over USD 250 Million in 2022 and has established itself as the leading solution for New York and New Jersey General Contractors’ General Liability, Habitational Real Estate, and Workers’ Compensation insurance coverage, with Event and Assisted Living to join the portfolio in 2022/23.
“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 A.M. Best rating process and a significant capital raise commencing in Q3.