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Altaris Takes Trean Insurance Private, Buys Remaining 53% Stake at $316M Valuation

Altaris Takes Trean Insurance Private, Buys Remaining 53% Stake at $316M Valuation

Healthcare-focused investment firm Altaris, LLC, which already owns 47%, has struck a deal to buy the remaining 53% of specialty insurance provider Trean Insurance Group for $6.15 per share in cash, representing a 97% premium to Trean’s closing price on December 15, 2022, the last trading day prior to the announcement.

The transaction implies a total equity value of approximately $316mn and is expected to close during the first half of 2023.

Julie Baron, President and Chief Executive Officer of Trean, said, “This agreement with Altaris delivers immediate and substantial value to all stockholders of Trean while positioning the Company to continue its focus on strong partnerships, underwriting discipline and exceptional claims management to drive growth over the long term.

Baron will remain President and Chief Executive Officer of the Wayzata, Minnesota-based firm and Andrew O’Brien, founder of Trean and Executive Chairman of the Board, will continue to serve on the Board.

Bass Berry & Sims PLC is serving as legal advisor to Trean. Kirkland & Ellis LLP is serving as legal advisor to Altaris.

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Trean Insurance GroupAltaris, LLC

About Joe Palmisano

Joe Palmisano is Editorial Director for Connect Money, where he brings nearly three decades experience of market insights as a financial journalist, analyst and senior portfolio manager for leading financial publications, advisory firms, and hedge funds. In his role as Editorial Director, Joe is responsible for the selection of content and creation of daily business news covering the financial markets, including Alternative Assets, Direct Investment and Financial Advisory services. Before joining Connect Money, Joe was a financial journalist for the Wall Street Journal, regularly publishing feature stories and trend pieces on the foreign exchange, global fixed income and equity markets. Joe parlayed his experience as a financial journalist into roles as a Senior Research Analyst and Portfolio Manager, writing daily and weekly market analysis and managing a FX and US equity portfolio. Joe was also a contributing writer for industry magazines and publications, including SFO Magazine and the CMT Association. Joe earned a B.S.B.A. in Finance from The American University. He holds the Chartered Market Technician (CMT) designation and is a member of the CFA Institute.

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