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The Crane industry, as highlighted in ProSight Specialty Insurance's recent survey, identifies a lack of qualified talent as a major safety risk, surpassing COVID-19 concerns. Conducted among over 150 industry professionals, 27% cited talent shortages as the top safety issue, while 26% pointed to COVID as the primary challenge. As the industry recovers from pandemic impacts, concerns over talent availability could hinder growth and safety. ProSight urges immediate action to fortify the talent pipeline, emphasizing the need for enhanced recruitment and training efforts for crane operators.
TowerBrook Capital Partners and Further Global Capital Management are set to acquire ProSight Global (NYSE: PROS) in an all-cash deal valued at approximately $586 million. Shareholders will receive $12.85 per share, reflecting a 42% premium over the last closing price before acquisition talks. The acquisition, approved by ProSight's Board, is expected to close in Q3 2021, pending regulatory approvals. The deal aims to enhance ProSight's growth and strategic positioning in specialty insurance, with Jonathan Ritz appointed as CEO post-acquisition.
ProSight Global, NYSE: PROS, reported its Q3 2020 results with a fully diluted book value per share of $13.34, marking an increase of 3.9% from the previous quarter. Net investment income rose by 19.6% to $20.3 million, but the net income decreased to $1.5 million, down from $8.4 million in Q3 2019. A significant pre-tax impact of catastrophes reached $22.0 million. The combined ratio deteriorated to 108.3% compared to 98.3% YoY, with an underwriting loss of $14.2 million. Despite challenges, strong expense management resulted in an 11.5% reduction in general and administrative expenses.
ProSight Global, Inc. (NYSE: PROS) will release its 2020 third quarter earnings on November 9, 2020, after market close. A conference call hosted by senior management is scheduled for November 10, 2020, at 10:00 a.m. EST to discuss the financial results. Investors can access the call via webcast or by dialing designated numbers. The replay will be available shortly after the call and can be accessed for one week. ProSight specializes in unique insurance solutions, rated "A-" by A.M. Best.
ProSight Global, Inc. (NYSE: PROS) reported strong Q2 2020 results, with net income of $17.3 million, or $0.39 per diluted share, compared to $8.7 million in Q2 2019. The company achieved an annualized return on equity of 12.9% and a record diluted book value per share of $12.84. Despite a 19.9% decline in gross written premiums to $184.2 million due to COVID-19, ProSight maintained a combined ratio of 99.6%, marking the tenth consecutive underwriting profit. The outlook for the remainder of 2020 shows improved visibility, with expected gross written premiums to decline by 5-10% from 2019.
ProSight Global, Inc. (NYSE: PROS) announced it will release its 2020 second quarter earnings on August 10, 2020, after market close. A conference call will follow on August 11, 2020, at 10:00 a.m. EDT to discuss the results. Investors can access the call via webcast and a replay will be available post-call. ProSight is known for offering innovative property and casualty insurance tailored to niche industries, with an 'A-' rating from A.M. Best.
ProSight Global, Inc. (NYSE: PROS) announced the closure of a $65 million revolving credit facility, enhancing financial flexibility for growth. This follows a $165 million delayed draw term loan intended to refinance existing debt maturing in November 2020. The three-year facility features interest rates tied to LIBOR, with a current rate of LIBOR +300bps and a 75bp LIBOR floor. This agreement reflects ProSight's commitment to supporting its operations and growth strategy as highlighted by CEO Larry Hannon.
ProSight Global, Inc. (NYSE: PROS) announced the closing of a $165 million delayed draw term loan aimed at refinancing existing debt.
This new facility will lower ProSight's cost of funds and is set to replace current 7.35% coupon private placement notes due in November 2020.
CEO Larry Hannon expressed optimism over this transaction, highlighting its importance during volatile market conditions. The refinancing terms are linked to LIBOR rates, with a three-year maturity.
