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Trean Insurance Group has successfully completed its acquisition by funds managed by Altaris for $6.15 per share. Announced on April 21, 2023, the deal had received stockholder approval just days earlier on April 18, 2023. Following this acquisition, Trean's common stock will cease trading on Nasdaq. Julie Baron, who will continue as President and CEO, expressed excitement about enhancing partnerships and growth. Andrew O’Brien, the founder of Trean, will remain as Executive Chairman. The acquisition aims to leverage Altaris's healthcare expertise to drive Trean's transformation into a leading provider in specialty insurance services, including workers' compensation.
Trean Insurance Group Approves Merger with Altaris
Trean Insurance Group, Inc. (Nasdaq: TIG) has announced that its stockholders approved the Merger Agreement with affiliates of Altaris. The vote during the Special Meeting of Stockholders revealed strong support, with 87.3% of total shares and 71.4% of unaffiliated shares in favor. The transaction, anticipated to close in April 2023, aims to enhance Trean's position in the specialty insurance market. Trean Insurance specializes in underwriting specialty casualty products and offers various services to program partners.
Altaris, focused on healthcare investments, manages approximately $5 billion in equity capital. The merger is expected to facilitate growth opportunities and improve operational efficiencies.
Trean Insurance Group (Nasdaq: TIG) reported Q4 and full-year 2022 results, showcasing a significant rise in gross written premiums by 13.2% to $173.5 million. However, the company faced a net loss of $91.4 million for Q4, primarily due to a $76.1 million noncash goodwill impairment. Adjusted net loss was $11.4 million, contrasting with an adjusted net income of $2.0 million in Q4 2021. The combined ratio worsened to 121.8%, indicating increased underwriting losses. Total stockholders' equity dropped to $315 million from $421.9 million a year prior. A merger with Altaris is expected to finalize in H1 2023, pending shareholder and regulatory approvals.
Trean Insurance Group has announced a definitive merger agreement with Altaris, under which Altaris will acquire all outstanding common stock for $6.15 per share. This acquisition offers a significant 97% premium over Trean’s closing price before the announcement and a 133% premium to the 30-day average price. The deal, valued at approximately $316 million, is expected to close in the first half of 2023. Upon completion, Trean will transition to a private company. Key executives are expected to remain in their roles post-merger.
Trean Insurance Group (TIG) reported a net income of $7.6 million and diluted earnings per share of $0.15 for Q3 2022. Gross written premiums dropped by 8.7% to $162.2 million, while net earned premiums increased significantly by 37.4% to $71.4 million. Adjusted net income fell to $5.5 million, with a combined ratio of 96.5%. The company issued $50 million in surplus notes to strengthen its balance sheet. Trean updated its full-year outlook, projecting gross written premiums between $620 million and $630 million, reflecting a slight year-over-year decrease, but expects net earned premiums to grow substantially.
Trean Insurance Group (Nasdaq: TIG) announced that it will release its Q3 2022 results after market close on November 2, 2022. A webcast and conference call to discuss the results will begin at 5:00 p.m. ET on the same day. Interested parties can access the audio webcast via the investor relations section of Trean's website. The dial-in numbers for the conference call are (877) 407-3982 (toll-free) and (201) 493-6780 (international), with conference ID# 13732954. A webcast replay will be available for one year on Trean's website.
Trean Insurance Group (Nasdaq: TIG) announced that A.M. Best has affirmed the financial strength rating of “A” (Excellent) for its Benchmark Insurance Group, reflecting strong balance sheet strength and operating performance. This rating has been held since May 2019. Moreover, A.M. Best affirmed the Long-Term Issuer Credit Rating of “bbb” (Good) for Trean, maintaining a stable outlook. CEO Julie Baron emphasized that the affirmation showcases the company’s underwriting discipline and stability in the specialty insurance market.
AM Best has affirmed the Financial Strength Rating of A (Excellent) and Long-Term Issuer Credit Rating of 'a' (Excellent) for Benchmark Insurance Group and its subsidiaries. Concurrently, it has affirmed Trean Insurance Group's Long-Term ICR of 'bbb' (Good), with a stable outlook. The group's balance sheet strength is assessed as very strong, with a diversified portfolio but significant reinsurance dependence. After unusual underwriting losses in 2021, the group rebounded with $12.6 million in operating income in H1 2022 and an improved 89.5% combined ratio. Overall, Trean's financial metrics remain solid.
Trean Insurance Group (Nasdaq: TIG) announced a successful private offering of $50 million in 6.75% Surplus Notes due August 2042, aimed at enhancing the surplus of its subsidiary, Benchmark Insurance Company. This move is seen as a strategic step towards achieving Trean's long-term financial objectives. The notes are unsecured, subordinated debt that requires approval from the Kansas Commissioner of Insurance for any payments. The offering was made to qualified institutional buyers under Rule 144A, exempting it from standard registration requirements.
Trean Insurance Group, Inc. (NASDAQ: TIG) reported its Q2 2022 results, showing a net income of $5.5 million or $0.11 per diluted share, significantly up from $2.1 million or $0.04 in Q2 2021. Despite a 1.5% decrease in gross written premiums to $154.2 million, net earned premiums surged by 37.7% to $66.0 million. The combined ratio improved slightly to 94.7%. The firm updated its full-year outlook, projecting gross written premiums between $615 million and $630 million, reflecting ongoing competitive pressures.
