Galanski named chairman of ProSight as take-private deal closes
Stan Galanski has been appointed chairman of ProSight Global with Jonathan Ritz as CEO following the close of the $586mn acquisition of the US insurer by private equity firms TowerBrook and Further Global Capital.
Galanski will work with a high-profile board and CEO Ritz as the carrier repositions to build out its specialty book of business as an E&S-focused company that will largely distribute its products through the wholesale channel.
Separately Enstar confirmed it has completed the previously announced legacy deal with ProSight which sees the Bermudian provide a loss portfolio transfer for $500mn of workers’ comp and excess liability reserves and a $250mn general liability adverse development cover relating to 2019 and prior years business.
Former Aspen and Validus executive Ritz said: “We are keenly focused on the expansion of ProSight’s portfolio of specialty insurance products and positioning the company for long-term profitability.
“Building upon our existing programs and quality partnerships while enhancing our capabilities through targeted investment in people and technology will enable us to accelerate growth and provide our customers with a superior experience.”
New chairman Galanski has previously served as president and CEO of The Navigators Group, where he worked for 18 years.
He has also held roles at Lindsay Goldberg, The Hartford, Intercargo Corporation, XL Capital, AIG subsidiary New Hampshire Insurance Company and Chubb.
The executive had previously been linked with his own E&S start-up.
High-profile board members appointed with the close of the deal include Michael Angelina, former chief risk and chief actuary officer for Endurance Specialty Holdings; Karin Hirtler-Garvey, former chief risk officer for Ally Financial; Andy Pinkes, former executive vice president and global head of claims and insurance operations at XL Group; and Bruce Kessler, retired senior vice president of Chubb Group and president of Ace Westchester Specialty.
Galanski said the newly constituted board is “excited” to work with TowerBrook, Further Global and the ProSight executive team in supporting the expansion of the business.
The ProSight acquisition close comes after it received regulatory approval last week from the New York State Department of Financial Services and the Arizona Department of Insurance and Financial Institutions.
TowerBrook and Further Global Capital’s take-private all cash deal was first announced in January.
Under the terms of the deal, TowerBrook has taken a majority stake in ProSight, with Further Global serving as a minority co-investor.
Having left his position as president of Aspen in May last year, Ritz is understood to have worked with TowerBrook on planning the acquisition ahead of being installed as CEO of the insurer.
Former ProSight CEO Larry Hannon will remain at the company in the role of president.
Morristown, New Jersey-based ProSight was founded in 2009. It listed on the New York Stock Exchange in 2019.