TAMPA, Fla.–(BUSINESS WIRE)–The Baldwin Group, the brand name for The Baldwin Insurance Group, Inc. (“Baldwin” or the “Company”) (NASDAQ: BWIN), announced today that, in connection with the anticipated launch of its debut Baldwin-sponsored reciprocal insurance exchange, Builder Reciprocal Insurance Exchange (“BRIE”), BRIE has entered into a note purchase agreement to raise $110 million of surplus financing through the issuance of surplus debentures (the “Notes”). $95 million of the Notes will be funded by an affiliate of Gallatin Point Capital LLC (“Gallatin Point”), with the remainder funded by affiliates of Baldwin. The closing of the note purchase agreement and funding of the Notes is expected to occur in the second quarter of 2025, subject to customary closing conditions including applicable regulatory approvals.

“We are extremely excited about the signing of the note purchase agreement with Gallatin Point, a leading financial services investor, which will enable the successful launch of BRIE with $110 million in committed surplus notes,” said Trevor Baldwin, Chief Executive Officer of The Baldwin Group. “Launching BRIE represents a meaningful milestone in our continued journey to vertically integrate across the value chain and bring innovative, third-party risk capital solutions to market in support of more efficient risk transfer outcomes for our clients.”

“We are thrilled to be partnering with Baldwin on the launch of BRIE,” added Matthew Botein, Co-Founder and Managing Partner of Gallatin Point. “Baldwin’s growth over the past decade has been remarkable, and we are excited to be able to support them through our capital investment as they continue to create innovative insurance solutions for their clients and further grow their builder-sourced homeowners book of business.”

As previously disclosed, BRIE will focus on providing capacity for Baldwin’s builder-sourced homeowners book of business, enabling Baldwin’s affiliated managing general agency (“MSI”) to accelerate the transition from its existing carrier partner. At this time, MSI has fully satisfied all conditions necessary to extend the term of its existing Program Administrator Agreement with its existing carrier partner, which will continue to support the book through the transition.

Additionally, an affiliate of Baldwin will serve as the attorney-in-fact (“AIF”) of BRIE. Baldwin does not expect to consolidate BRIE’s or the AIF’s financial results. As such, the Notes would not represent additional debt of Baldwin or its affiliates.

Insurance Advisory Partners LLC acted as exclusive financial advisor to Baldwin and placement agent for the Notes. Troutman Pepper Locke LLP served as legal counsel to Baldwin, and Morgan, Lewis & Bockius LLP served as legal counsel to Gallatin Point, in connection with this transaction.

ABOUT THE BALDWIN GROUP

The Baldwin Group, the brand name for The Baldwin Insurance Group, Inc. (NASDAQ: BWIN) and its affiliates, is an independent insurance distribution firm providing indispensable expertise and insights that strive to give our clients the confidence to pursue their purpose, passion, and dreams. As a team of dedicated entrepreneurs and insurance professionals, we have come together to help protect the possible for our clients. We do this by delivering bespoke client solutions, services, and innovation through our comprehensive and tailored approach to risk management, insurance, and employee benefits. We support our clients, colleagues, insurance company partners, and communities through the deployment of vanguard resources and capital to drive our organic and inorganic growth. The Baldwin Group proudly represents more than three million clients across the United States and internationally. For more information, please visit www.baldwin.com.

ABOUT GALLATIN POINT

Gallatin Point Capital LLC is a private investment firm with a primary focus on making opportunistic investments in financial institutions, services, and assets. Gallatin Point aims to form highly collaborative partnerships with its investors and with management teams of its portfolio companies, seeking to combine the right capital with the right managerial competencies in order to maximize the outcome for all stakeholders. More information about Gallatin Point can be found at www.gallatinpoint.com.

NOTE REGARDING FORWARD-LOOKING STATEMENTS

This press release may contain various “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995, which represent Baldwin’s expectations or beliefs concerning future events. Forward-looking statements are statements other than historical facts and may include statements that address future operating, financial or business performance or Baldwin’s strategies or expectations. In some cases, you can identify these statements by forward-looking words such as “may,” “might,” “will,” “should,” “expects,” “plans,” “anticipates,” “believes,” “estimates,” “predicts,” “projects,” “potential,” “outlook” or “continue,” or the negative of these terms or other comparable terminology. Forward-looking statements are based on management’s current expectations and beliefs and involve significant risks and uncertainties that could cause actual results, developments and business decisions to differ materially from those contemplated by these statements.

Factors that could cause actual results or performance to differ from the expectations expressed or implied in such forward-looking statements include, but are not limited to, those described under the caption “Risk Factors” in Baldwin’s Annual Report on Form 10-K for the year ended December 31, 2024 and in Baldwin’s other filings with the SEC, which are available free of charge on the SEC’s website at: www.sec.gov, including those risks and other factors relevant to the business, financial condition and results of operations of Baldwin. Should one or more of these risks or uncertainties materialize, or should underlying assumptions prove incorrect, actual results may vary materially from those indicated. All forward-looking statements and all subsequent written and oral forward-looking statements attributable to Baldwin or to persons acting on behalf of Baldwin are expressly qualified in their entirety by reference to these risks and uncertainties. You should not place undue reliance on forward-looking statements. Forward-looking statements speak only as of the date they are made, and Baldwin does not undertake any obligation to update them in light of new information, future developments or otherwise, except as may be required under applicable law.

TEL AVIV, Jan. 20, 2025 /PRNewswire/ — Phoenix Financial Ltd., a leading Israel-based asset management, insurance, and financial group (TLV: PHOE) (“Phoenix,” the “Group,” or the “Company”), announced that former controlling shareholders Centerbridge Partners and Gallatin Point Capital completed the sale of their shares to leading international investors.

Over a period of six months from July 2024 to January 2025, top-tier international funds and Israeli institutions purchased Phoenix shares held by Centerbridge and Gallatin, totaling 31% of the shares of the Company. The remaining shares of Phoenix, representing 69% of the Company, continue to be held by a diverse group of global and local investors.

US-based private equity fund Affinity Partners acquired nearly 10% of the shares of Phoenix. Following these transactions, international investors hold over 30% of the shares of the Company in aggregate.

The completion of these transactions clears the supply of shares from the exiting former controlling shareholders, further diversifies the Company’s shareholder base and reflects Phoenix’s continuing positive business performance. In November, Phoenix Financial reported robust results for the first nine months of 2024, with significant growth in profitability across key segments. The Company remains committed to its strategic plan, targeting Comprehensive Income of NIS 2 billion and growing periodic dividend payouts based on continued growth in market share, assets under management, and profit margins.

Benjamin Gabbay (Phoenix Chairman) and Eyal Ben Simon (Phoenix CEO): “Centerbridge and Gallatin have been terrific partners and control shareholders over the last five years and we appreciate their contributions to help make Phoenix Israel’s leading financial services company. With their successful exit, Phoenix Financial has emerged stronger than ever, with a diversified ownership structure that reflects growing confidence in our company. We are proud to see one-third of our shares held by leading international investors, including pension funds, mutual funds, hedge funds, and private equity funds. Their investment underscores Phoenix’s strong performance – its pivotal role in the Israeli financial sector, and its potential for continued growth and profitability – and represents strong confidence in Phoenix and the Israeli market.”

Ben Langworthy (Centerbridge) and Lee Sachs (Gallatin Point): “Our investment in Phoenix has been an extraordinary journey, highlighting the strength of the company and the strategic vision of the board of directors and the management team. Alongside the dedicated staff, top-tier partners, and loyal customers, they have fueled significant growth and created value, reinforcing Phoenix’s status as a leader in the Israeli financial services market. When we became controlling shareholders five years ago, our goal was to leave Phoenix in a stronger position than when we arrived. Thanks to an exceptional team, Phoenix is now a much stronger company, well-prepared to serve the public for many years to come.”

Jared Kushner, CEO of Affinity Partners: “Investing in Phoenix in July 2024 was a decision rooted in my belief in Israel’s resiliency and the fundamentals of Phoenix’s business. Six months later, the increased value of our shares, reaffirms my conviction—both in Israel’s strength and the growing promise of Phoenix. Affinity’s limited partners are some of the most sophisticated investors from around the region, and this investment is a testament to the shared vision for a prosperous future. Together, we are building something that will endure and thrive, and I firmly believe the future of this region is incredibly bright.”

About Phoenix Financial

Phoenix Financial Ltd. is a leading Israel-based asset management, insurance, and financial group traded on the Tel Aviv Stock Exchange (TASE: PHOE). Group activities include multi-line insurance, asset management, credit, and financial product distribution, and have demonstrated strong growth and performance across the cycle. Phoenix creates value based on significant market opportunities, distinctive platforms and competitive advantages, and strong organic and inorganic growth. The company serves a significant portion of Israeli households with a broad set of activities and solutions across businesses and client segments. Managing roughly $140 billion in assets, Phoenix accesses Israel’s vibrant and innovative economic activity through a robust investment portfolio, creating value for both clients and shareholders.

About Centerbridge

Centerbridge Partners, L.P. is a private investment management firm employing a flexible approach across investment disciplines — Private Equity, Private Credit and Real Estate — in an effort to develop the most attractive opportunities for our investors. The Firm was founded in 2005 and, as of June 30, 2024, has approximately $40 billion in assets under management with offices in New York and London. Centerbridge is dedicated to partnering with world-class management teams across targeted industry sectors and geographies. For more information, visit www.centerbridge.com | LinkedIn.

About Gallatin Point

Gallatin Point Capital LLC is a private investment firm with a primary focus on making opportunistic investments in financial institutions, services and assets. The Firm seeks to identify and capitalize on opportunities arising from complexity, dislocation, or shifts in technology and regulation, targeting areas such as banking, insurance, specialty finance, real estate, consumer finance and capital markets. Founded in 2017, Gallatin Point manages approximately $5.2 billion as of September 30, 2024, with offices in Greenwich, CT. The Firm aims to form highly collaborative partnerships with its investors and the management teams of its portfolio companies, combining strategic capital with managerial expertise to drive value creation and deliver meaningful results for all stakeholders. For more information, please visit www.gallatinpoint.com.

About Affinity Partners

Affinity Partners is a global investment company headquartered in Miami, and manages assets of over $4.5 billion. Affinity Partners invests in leading growth companies globally.

SOURCE Phoenix Financial Ltd.

NEW YORK–(BUSINESS WIRE)– Bowhead Specialty Holdings Inc. (the “Company”, “Bowhead Specialty”, “we” or “our”) announced today the pricing of its upsized initial public offering of 7,529,412 shares of its common stock at a public offering price of $17.00 per share. The aggregate gross proceeds to the Company from the offering are expected to be $128.0 million before deducting underwriting discounts and commissions and estimated offering expenses. The Company has granted the underwriters a 30-day option to purchase up to an additional 1,129,411 shares of its common stock at the initial offering price, less underwriting discounts and commissions. The shares are expected to begin trading on the New York Stock Exchange on May 23, 2024, under the symbol “BOW.”

The offering is expected to close on Tuesday, May 28, 2024, subject to the satisfaction of customary closing conditions. The principal purposes of this offering are to increase the Company’s capitalization and financial flexibility, create a public market for its common stock and thereby enable access to the public equity markets for the Company and its stockholders. The Company intends to use the net proceeds received from this offering to make capital contributions to its insurance company subsidiary to grow its business and for other general corporate purposes.

J.P. Morgan, Morgan Stanley and Keefe, Bruyette & Woods, A Stifel Company are acting as joint lead bookrunning managers of the offering and as representatives of the underwriters. Citizens JMP, RBC Capital Markets and Dowling & Partners Securities, LLC are acting as joint bookrunning managers and Siebert Williams Shank is acting as co-manager for the offering.

The offering is being made only by means of a prospectus. Copies of the final prospectus relating to the offering may be obtained from: J.P. Morgan Securities LLC, c/o Broadridge Financial Solutions, 1155 Long Island Avenue, Edgewood, NY 11717 or by email at prospectus-eq_fi@jpmchase.com and postsalemanualrequests@broadridge.com; Morgan Stanley & Co. LLC, Attention: Prospectus Department, 180 Varick Street, 2nd Floor, New York, NY 10014; or Keefe, Bruyette & Woods, Inc., Attention: Capital Markets, 787 Seventh Avenue, 4th Floor, New York, NY 10019, or by email at uscapitalmarkets@kbw.com, or by telephone at (800) 966 1559.

A registration statement relating to the offering has been filed with the SEC, and became effective on May 22, 2024. Securities may not be sold, nor may offers to buy be accepted, prior to the time the registration statement is declared effective by the SEC. This press release shall not constitute an offer to sell or the solicitation of an offer to buy securities, nor shall there be any sale of securities in any state or other jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such state or jurisdiction.

About Bowhead Specialty Holdings Inc.

Bowhead Specialty is a growing specialty insurance business providing casualty and professional liability insurance products. We were founded and are led by industry veteran Stephen Sills. The team is composed of highly experienced and respected industry veterans with decades of individual, successful underwriting and management experience. We focus on providing “craft” solutions in our specialty lines and classes of business that we believe require deep underwriting and claims expertise in order to produce attractive financial results.

We pride ourselves on the quality and experience of our people, who are committed to exceeding our partners’ expectations through excellent service and expertise. Our collaborative culture spans all functions of our business and allows us to provide a consistent, positive experience for all of our partners.

Forward-Looking Statements

This press release contains forward-looking statements. All statements other than statements of historical facts contained in press release are forward-looking statements. In some cases, forward-looking statements can be identified by terms such as “anticipates,” “believes,” “estimates,” “expects,” “intends,” “plans,” “predicts,” “projects,” “seeks,” “future,” “outlook,” “prospects” “will,” “would,” “should,” “could,” “may,” “can have” or similar words. Forward-looking statements involve risks and uncertainties that could cause actual results to differ materially from those contemplated by the forward-looking statements. These risks include those described under the caption “Risk Factors” in the Company’s registration statement on Form S-1 filed with the Securities and Exchange Commission. Forward-looking statements speak only as of the date of this press release and the Company does not undertake any obligation to update or revise any forward-looking information to reflect changes in assumptions, the occurrence of unanticipated events or otherwise.

View source version on businesswire.com: https://www.businesswire.com/news/home/20240522942517/en/

Investor Relations Contact
Shirley Yap, Head of Investor Relations
investorrelations@bowheadspecialty.com

Source: Bowhead Specialty Holdings Inc.

Released May 22, 2024

GREENWICH, Conn. & MADISON, Wis.–(BUSINESS WIRE)–Gallatin Point Capital and American Family Insurance Group are pleased to announce the successful closing of a new partnership whereby funds managed by Gallatin Point (collectively, “Gallatin Point”) will acquire a majority stake in the attorney-in-fact for Trusted Resource Underwriters Exchange (“TRUE”), a reciprocal insurer established by American Family in 2020 to serve homeowners in storm-prone regions of Florida and other parts of the country.

Gallatin Point is investing over $1.25 billion into TRUE, enabling it to not only provide underwriting capacity in Florida at a crucial time, but also allow it to strategically expand its footprint nationally. TRUE will utilize a partnership distribution model both through new and existing partnerships. American Family will remain a minority owner in the attorney-in-fact and continue providing distribution and client services such as claims handling and call center support.

“We are excited to be part of TRUE’s journey as it enters a new phase of growth, and we believe that our investment aligns perfectly with TRUE’s long-term vision and Gallatin Point’s commitment to the insurance sector,” commented Matthew Botein, Co-Founder and Managing Partner of Gallatin Point. “The regulatory changes in Florida present a unique opportunity for us to contribute to the stability of the market and provide crucial support to homeowners in the region. With TRUE’s leadership team, combined with the strength of American Family’s industry expertise and our capital investment, we are confident in the prospect of TRUE supporting homeowners as a fully national insurance company over time.”

To lead TRUE, Gallatin Point has assembled a seasoned team of insurance industry executives, including Fabian Fondriest, former American Family Direct President, and former Chairman and CEO of Homesite Insurance, as TRUE’s Executive Chairman, and Tony Scavongelli, former Head of Partnerships at American Family, as TRUE’s incoming CEO.

“I am honored to lead TRUE in this exciting phase of growth,” said Tony Scavongelli. “The support from Gallatin Point and their investors is a testament to the confidence in our collective vision and capabilities. We are focused on delivering reliable protection to homeowners and expanding our footprint nationally.”

“This partnership reflects American Family’s commitment to providing high quality insurance options for homeowners nationwide,” said Michael Lorion, President of American Family Direct and Homesite. “The ongoing relationship between American Family and TRUE will enable us to serve more customers in catastrophe exposed regions.”

The transaction closed December 31, 2023. Post-transaction transitions are expected to be seamless for current TRUE customers and employees.

Howden Tiger Capital Markets & Advisory served as financial advisor and Kirkland & Ellis LLP served as legal counsel to Gallatin Point. Willkie Farr and Gallagher LLP served as legal counsel to American Family.

About Gallatin Point

Gallatin Point Capital LLC is a private investment firm with a primary focus on making opportunistic investments in financial institutions, services, and assets. Gallatin Point aims to form highly collaborative partnerships with its investors and with management teams of its portfolio companies, seeking to combine the right capital with the right managerial competencies in order to maximize the outcome for all stakeholders. More information about Gallatin Point can be found at www.gallatinpoint.com.

About American Family Insurance Group

Based in Madison, Wisconsin, American Family Insurance has been serving customers since 1927. We inspire, protect, and restore dreams through our insurance products, exceptional service from our agency owners and employees, community investment, and creative partnerships to address societal challenges. We act on our belief in diversity and inclusion by constantly evolving to meet customer needs and preferences. American Family Insurance Group is the nation’s 12th-largest property/casualty insurance group, ranking No. 301 on the Fortune 500 list. The group sells American Family-brand products, primarily through exclusive agency owners in 19 states. The American Family Insurance Group also includes CONNECT, powered by American Family Insurance, The General, Homesite, and Main Street America Insurance. Across these companies the group has nearly 12,500 employees nationwide.

Contacts

TRUE Media Contact: Tony Scavongelli, ascavongelli3@trueins.com

Gallatin Point Media Contact: Bridget Cole, bcole@gallatinpoint.com; 203-742-0209

American Family Media Contact: Erin Johansen, ejohanse@amfam.com; 608-242-4100 ext. 30310

Victor Insurance Managers LLC (Victor), a leading global managing general underwriter, announced today the launch of Victor Insurance Exchange (Victor Exchange), a reciprocal insurance exchange, to deliver additional US property catastrophe capacity to existing and new policyholders of Victor’s subsidiary, International Catastrophe Insurance Managers LLC (ICAT).

The reciprocal insurance exchange is owned by its policyholders and capitalized by a combination of surplus notes, member surplus contributions, and any retained future profits.

Initial capitalization for Victor Exchange will be in the form of a surplus note wholly provided by Gallatin Point Capital LLC, a leading financial services oriented private investment firm.

Victor Exchange is licensed as a domestic surplus lines insurer in Delaware and has been assigned a preliminary credit assessment financial strength rating of A-.pca (Excellent) by AM Best*. ICAT will be the exclusive managing general agency and through its subsidiary, Boulder Claims, act as the third-party claims administrator.

Victor Exchange joins ICAT’s existing carrier panel offering small commercial property catastrophe coverage in the 42 states in which ICAT operates. In addition, ICAT will immediately launch a coastal homeowners program serving policyholders in states along the Gulf and Atlantic coasts.

Commenting on the formation of Victor Exchange, Brian Hanuschak, CEO of Victor, said: “The impacts of increasingly frequent and severe storm activity has led to significant strain on property catastrophe insurance capacity globally and, in particular, the US. By forming Victor Insurance Exchange, Victor and ICAT are creating a new source of capacity for agents and brokers while providing more long-term stability for our small commercial and residential policyholders.”

GC Securities** served as the exclusive financial advisor on structuring Victor Exchange and raising capital for Victor Exchange. Victor’s Legal Advisor was Greenberg Traurig, LLP and Gallatin Point’s Legal Advisor was Morgan Lewis.

Neither Victor nor any of its affiliates are making any capital contributions or have any direct exposure to underwriting loss in Victor Exchange.

*For the latest Best’s Credit Rating, access www.ambest.com.
**GC Securities is a division of MMC Securities LLC, a US registered broker-dealer and member FINRA/NFA/SIPC.

 

About Victor

Victor is a leading global managing general underwriter (MGU) with locations in the US, Canada, UK, Netherlands, Germany, Italy, and Australia. It handles more than $3.6 billion in premium on behalf of numerous insurance and reinsurance relationships, through a large network of more than 20,000 active insurance agents and brokers. With deep, specialized underwriting expertise, the company provides a wide range of insurance solutions – from specialty property and casualty and professional liability insurance to group and retiree benefits. Victor is committed to building on 65-plus years of experience to develop products that address risk in new and evolving areas. For more information, visit www.victorinsurance.com.

About ICAT, a Victor company

International Catastrophe Insurance Managers LLC – more commonly known as ICAT – is Victor’s catastrophe insurance managing general underwriter, based in Broomfield, Colorado, and serving small to mid-size businesses and homeowners in catastrophe-exposed regions of the United States. ICAT was founded in 1998 with the goal of helping homeowners and business owners in hurricane- and earthquake-prone regions of the United States recover from natural disasters. Business is produced in tandem with select retail agents and wholesale brokers.

The company underwrites on behalf of pre-eminent US carrier partners and Syndicates at Lloyd’s of London. Boulder Claims, a subsidiary of ICAT, has successfully managed more than 23,000 catastrophe claims since its founding in 2005. For more information, visit www.icat.com.

About Gallatin Point

Gallatin Point Capital LLC is a private investment firm with a primary focus on making opportunistic investments in financial institutions, services and assets. Gallatin Point aims to form highly collaborative partnerships with its investors and with management teams of its portfolio companies, seeking to combine the right capital with the right managerial competencies in order to maximize the outcome for all stakeholders. More information about Gallatin Point can be found at www.gallatinpoint.com

CYPRESS, Texas, April 11, 2023 /PRNewswire/ — Scott Hanson, President and Chief Executive Officer of CrossCover Insurance Services, LLC (CrossCover) announced today the next stage in the development of CrossCover. In concert with private equity company Gallatin Point Capital, CrossCover is now majority owned by management and Gallatin Point.

Building on long-standing relationships, CrossCover has developed into a profitable and stable full-service MGU. With Gallatin Point, CrossCover expects accelerated growth in its existing middle-market E&S business and through additional products that will be introduced to the market in the near future.

Scott Hanson commented, “Our mission has never changed, it is to leverage CAT capacity to write E&S risks around the country. This lowers our carriers’ volatility associated with catastrophe perils, reducing their reinsurance costs, while attaining top-tier returns. We achieve alignment of interests for all participants by offering equity to talented and confident underwriters, then tying CrossCover’s bottom line to the results we deliver to our panel of insurers and reinsurers.

The transaction that we’ve just completed, along with the expanding relationship with our carriers and producers, demonstrates the strength of the model. We thank Gallatin Point for their investment into the future of CrossCover.”

Matthew Botein, Co-founder and Managing Partner of Gallatin Point added, “We were attracted to CrossCover by the unique combination of entrepreneurial approach along with deep underwriting experience and commitment. We’re very happy to partner with Scott Hanson and the CrossCover team.”

For more information:
CrossCover Insurance Services, LLC
17302 House & Hahl, Suite 200
Cypress, TX 77433
713-804-9571

SOURCE CrossCover Insurance

NEW YORK–(BUSINESS WIRE)–Centerbridge Partners and Gallatin Point Capital, which hold 33.44% of The Phoenix Group, are in advanced negotiations with Emirate funds, led by ADQ, to enter Phoenix’s controlling stake. The Emirate funds are expected to buy 25-30%, partnering with Gallatin Point, who will remain a joint control shareholder and continue its participation on the Phoenix Board of Directors. Phoenix’s key management members are also expected to buy an increased share of the company’s stock (1-2%) on the same terms, expressing their confidence in the company’s future.

The term sheet signed today is an important step for Phoenix’s continued position as Israel’s leading financial services group. Over the last three years, the company has benefitted from Centerbridge and Gallatin’s joint control as well as the leadership of CEO Eyal Ben Simon and the Chairman Benny Gabbay. The contemplated transaction ensures the continuity of a current control shareholder and the long-term economic alignment of management. In addition, it creates new capabilities and opportunities from first-rate international investors. Taken together, the combination of continuity and opportunity is exciting for all of Phoenix’s stakeholders, including shareholders, clients and the Israeli public at large.

The transaction will be subject to regulatory approvals, which will include a control permit from the Capital Market, Insurance and Savings Authority. Initial advance notice regarding the term sheet was given to the regulator. The consortium will submit its application to the regulator in due time and expects the application will be subject to the legally mandated examination procedure.

Centerbridge and Gallatin Point said today that they are excited to bring in like-minded sophisticated investors to help further develop and grow The Phoenix Group both regionally and internationally. “This transaction represents a vote of confidence in the company, the Israeli market, and the long-term potential and outlook of the industry. Together with the new investors and local board members we will continue to work in full cooperation with Phoenix’s management to help Phoenix retain and expand its role as the industry leader and to help it attain even greater success in the future.”

Established in 2018, ADQ is an Abu Dhabi-based investment and holding company with a broad portfolio of major enterprises. Its investments span key sectors of the UAE’s diversified economy including energy and utilities, food and agriculture, financial services, healthcare and life sciences, and mobility and logistics, amongst others. As a strategic partner of Abu Dhabi’s government, ADQ is committed to accelerating the transformation of the Emirate into a globally competitive and knowledge-based economy.

About Centerbridge:

Centerbridge Partners, L.P. is a private investment management firm employing a flexible approach across investment disciplines—private equity, private credit and real estate—in an effort to develop the most attractive opportunities for our investors. The firm was founded in 2005 and, as of September 30, 2022, has approximately $36 billion in capital under management with offices in New York and London. Centerbridge is dedicated to partnering with world-class management teams across targeted industry sectors and geographies. For more information, please visit centerbridge.com.

About Gallatin Point:

Gallatin Point Capital LLC is a private investment firm with a primary focus is on making opportunistic investments in financial institutions, services and assets. Gallatin Point aims to form highly collaborative partnerships with its investors and with management teams of its portfolio companies, seeking to combine the right capital with the right managerial competencies in order to maximize the outcome for all stakeholders. More information about Gallatin Point can be found at www.gallatinpoint.com.

Contacts

robert@roseandco.com