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Kilter Finance Announces Its Investment of $40 Million Into Best Practices Medical Partners LLC
Rhea-AI Impact
(Neutral)
Rhea-AI Sentiment
(Very Positive)
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Rhea-AI Summary
Kilter Finance has announced a $40 million investment in Best Practices Medical Partners LLC (BPMP). This capital will primarily enhance BPMP's risk retention group, Applied Medico-Legal Solutions Risk Retention Group, Inc. (AMS RRG), which recently received an A- rating from AM Best. The funding aims to increase AMS RRG's surplus and support strategic initiatives in their medical professional liability insurance business. Kilter Finance, backed by KKR, has previously committed $200 million to various businesses across the UK and USA.
Positive
Kilter Finance invests $40 million in BPMP to enhance growth in medical liability insurance.
AMS RRG received an A- (Excellent) rating from AM Best, indicating strong financial health.
The investment will increase AMS RRG's statutory surplus to support business acceleration.
Negative
None.
LONDON--(BUSINESS WIRE)--
Kilter Finance is pleased to announce that it has entered into a binding agreement to invest $40 million into Best Practices Medical Partners LLC ("BPMP").
BPMP will use a significant amount of this investment to make a planned capital contribution to its risk retention group, Applied Medico-Legal Solutions Risk Retention Group, Inc. ("AMS RRG"), which has recently been assigned a Financial Strength Rating of A- (Excellent) and a Long-Term Issuer Credit Rating of “a-” (Excellent) by AM Best.
The investment proceeds will be used by BPMP to increase the statutory surplus of AMS RRG, as well as to accelerate the growth of its best-in-class medical professional liability insurance business and enable it to execute upon other critical strategic initiatives.
Richard Welch, Co-Founder and CEO of BPMP said, "We are excited about the investment from Kilter Finance, who have demonstrated their insurance expertise and speed of execution through this process, and believe Kilter Finance’s insights and flexibility make them a perfect partner for us as we continue to grow."
Dan Knipe, Chief Investment Officer of Kilter Finance, said, "We are delighted to be partnering with the BPMP management team for an exciting stage in their corporate development. We are deeply impressed by the group’s success and the quality of their existing financial partners, some of whom have supported the business for well over a decade."
Charles Lens, Managing Director of Kilter Finance, commented, "We have carefully structured our investment to provide the company with the flexibility it needs to grow, while satisfying the requirements of all of its key stakeholders, in particular its regulator, the ratings agencies and its management team."
BMS Capital Advisory served as exclusive financial advisor to BPMP and Troutman Pepper served as legal counsel to BPMP. Debevoise & Plimpton LLP served as legal counsel to Kilter Finance.
ABOUT KILTER FINANCE
Kilter Finance is a KKR-backed, insurance-focused specialty finance group. As of January 31, 2022, Kilter Finance has made commitments totalling approximately $200 million to four businesses in both the United Kingdom and United States of America.
As a permanent capital vehicle, Kilter Finance is first and foremost a solutions-led business, providing flexible, bespoke capital solutions to its clients. It is collateral, structure, territory, currency and tenor agnostic. The Kilter Finance management team are specialists in the insurance and asset management sectors. For additional details, please visit www.kilterfinance.com.
KKR, with $459 billion of assets under management as of September 30, 2021, is a leading global investment firm that manages multiple alternative asset classes, including private equity, credit and real assets, with strategic partners that manage hedge funds. For additional information about KKR & Co. Inc. (NYSE: KKR), please visit KKR's website at www.kkr.com and on Twitter @KKR_Co.
ABOUT BEST PRACTICES MEDICAL PARTNERS LLC
Best Practices Medical Partners LLC, the holding company for AMS RRG and affiliated subsidiaries, operates to provide superior clinical risk management services to the organizations nationwide at risk for medical liability.
Domiciled in Arizona as a domestic casualty insurance company since 2003, AMS RRG provides high value medical liability insurance and enterprise risk management solutions, with unparalleled service to members located throughout the United States. AMS RRG’s risk management contributes to its success by offering a unique program that engages member physicians in initiatives focused on reducing errors and risks, with key objectives of overall claims reduction and improved operating profitability. Comprised of experienced and trusted healthcare executives, medical leaders, and insurance professionals, the Company’s executive offices are located in Florida, New Jersey, Texas, New York and Connecticut. AMS RRG is rated A- (Excellent) by AM Best, and A’ (A Prime), Unsurpassed by Demotech.
