Investment Summary

The Westaim Invests In Skyward Specialty Insurance Group

On March 11, 2014, private equity firm The Westaim invested in insurance company Skyward Specialty Insurance Group from Lightyear Capital and Trilantic North America

Investment Highlights
  • This is The Westaim’s 1st transaction in the Insurance sector.
  • This is The Westaim’s 1st transaction in the United States.
  • This is The Westaim’s 1st transaction in Texas.

Investment Summary
Date 2014-03-11
Target Skyward Specialty Insurance Group
Sector Insurance
Investor(s) The Westaim
Sellers(s) Lightyear Capital
Trilantic North America
Deal Type Stake Purchase

Target

Skyward Specialty Insurance Group

Houston, Texas, United States
Skyward Specialty is a property and casualty insurance holding company with nearly a billion dollars in premium and $2BN in assets. The company has highly respected businesses in specialty lines including management and professional liability, medical stop-loss, surety, E&S property and liability, and large commercial property, programs, as well as multi-line solutions for the energy, trucking, and construction industries. Skyward Specialty was formed in 2006 and is based in Houston, Texas.

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Investor(S) 1

Investor

The Westaim

Category Private Equity Firm
Founded 1996
Size Middle-Market
Type Sector Focused
DESCRIPTION

The Westaim Corporation is a publicly traded Canadian investment company that specializes in providing long-term capital to businesses operating primarily within the global financial services industry. Westaim invests, directly and indirectly, through acquisitions, joint ventures and other arrangements, with the objective of providing its shareholders with capital appreciation and real wealth preservation. Westaim was formed in 1996 and is based in Toronto.

DEAL STATS #
Overall 1 of 1
Sector (Insurance) 1 of 1
Type (Stake Purchase) 1 of 1
State (Texas) 1 of 1
Country (United States) 1 of 1
Year (2014) 1 of 1
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2012-05-02 Jevco Insurance

Mississauga, Ontario, Canada

Jevco Insurance Co. is a provider of specialty and niche insurance products for individuals and businesses in Canada.

Sell $530M

Seller(S) 2

SELLER

Lightyear Capital

New York, New York, United States

Investor Investor Investor Investor Investor

Category Private Equity Firm
Founded 2000
PE ASSETS 4.1B USD
Size Large
Type Sector Focused
DESCRIPTION

Lightyear Capital is a specialist private equity firm that pursues brand-name businesses in the financial services sector. Lightyear looks for companies with stable, recurring revenues that operate in growing markets. Transaction strategies include leveraged buyouts, recapitalizations, restructurings and consolidations. Lightyear Capital was formed in 2000 and is based in New York City.

DEAL STATS #
Overall 14 of 30
Sector (Insurance) 4 of 6
Type (Stake Purchase) 1 of 1
State (Texas) 3 of 4
Country (United States) 10 of 24
Year (2014) 3 of 4
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2014-02-13 Antares Holdings

Hamilton, Bermuda

Antares Holdings is a specialist insurer and reinsurer operating in the Lloyd’s market.

Sell -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2014-07-14 Yadkin Financial

Raleigh, North Carolina, United States

Yadkin Financial Corporation is the holding company for Yadkin Bank, a full-service statechartered community bank providing services in 100 branches across North Carolina and upstate South Carolina. Serving approximately 130,000 customers, Yadkin has assets of $7.5 billion. Yadkin Bank's primary business is providing banking, mortgage, investment and insurance services to residents and businesses across the Carolinas. Yadkin Bank provides mortgagelending services through its mortgage division, Yadkin Mortgage, headquartered in Winston-Salem, NC.

Buy -
SELLER

Trilantic North America

New York, New York, United States

Investor Investor Investor Investor Investor

Category Private Equity Firm
Founded 2009
PE ASSETS 9.7B USD
Size Mega
Type Sector Agnostic
DESCRIPTION

Trilantic North America is a mega-sized private equity firm focused on opportunities throughout North America. Trilantic generally invests in large businesses with 'strong market positions, unique franchises, secure and growing market niches or distinctive products and services that command premium prices'. Sectors of interest include business services, consumer, energy, and financial services. The Firm's target investment size is $50 to $300 million in companies valued up to $1 billion. Transaction situations of interest include management buyouts, recapitalizations, growth capital financings, divestitures, new platforms, and generational transfers. Trilantic North America was formed in 2009 through the spin-off of Lehman Brothers' private equity business. The Firm is based in New York City.

DEAL STATS #
Overall 10 of 23
Sector (Insurance) 1 of 1
Type (Stake Purchase) 1 of 1
State (Texas) 1 of 3
Country (United States) 10 of 22
Year (2014) 1 of 2
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2013-10-10 Antero Resources

Denver, Colorado, United States

Antero Resources is an independent oil and gas company focused on the exploration and exploitation of unconventional natural gas resources within the Rocky Mountain, Mid-Continent and Appalachia regions of the United States. Antero Resources was founded in 2002 and is based in Denver, Colorado.

Sell -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2014-07-02 Fluid Delivery Solutions

Fort Worth, Texas, United States

Fluid Delivery Solutions is providing E&P clients with the water transfer equipment necessary to help deliver high rate and high volume of fluid transfer. Fluid Delivery Solutions was founded in 2010 and is based in Fort Worth, Texas.

Buy -
Mergr

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