American Family Insurance Group has agreed to sell a majority stake in Trusted Resource Underwriters Exchange, a reciprocal insurer established to provide homeowners insurance in catastrophe exposed areas, to funds managed by Gallatin Point Capital for approximately $1.25 billion. The transaction, announced Jan. 2, closed on Dec. 31, 2023. Madison, Wisconsin-based American Family was represented by a Willkie Farr & Gallagher team. Gallatin Point, based in Greenwich, Connecticut, was advised by a Kirkland & Ellis team led by corporate partners Rajab Abbassi and Frances Dales.
Insurance
January 03, 2024, 8:47 AM