CIVC Completes GWC Warranty Corporation Sale

CIVC Partners, a middle market private equity firm focused on investments in the financial services and business services sectors, has sold GWC Warranty Corporation to Stone Point Capital. Headquartered in Wilkes-Barre, PA, GWC is a marketer, administrator, and underwriter of vehicle service contracts sold through automobile dealers.

Markel Inks $3.13 Bln Buy of Alterra

Markel Corp. said Wednesday that it has agreed to buy Alterra Capital Holdings for about $3.13 billion. Each Alterra common share will be converted into the right to receive 0.04315 Markel common shares plus $10 million in cash. The deal is expected to close in the first half of 2013. Markel will end up owning 69% of the combined company wile Alterra will have about 31%. Alterra, a reinsurer, is backed by Stone Point Capital. Citigroup advised Markel while BofA Merrill Lynch provided financial advice to Alterra.

Alterra Boost Capital Committed to New Point V To $247 Mln

Alterra Capital Holdings, which is backed by Stone Point Capital, said it has increased the total capital committed to New Point V to $247 million. Previously, Alterra had commited $210 million to the sidecar. New Point V also has funding from Stone Point, the manager of Trident Funds.

Slideshow: Hurricane Sandy Could Be Positive for PE-backed Reinsurers (CORRECTED)

It’s been a week since Hurricane Sandy devastated the East Coast and damages could reach as much as $50 billion, according to the New York Times. Losses due to Sandy are still being worked out. If they are $10 billion or less, primary insurers, like Chubb or Allstate or State Farm, will likely pay the brunt of claims, PE sources say. As damages increase, payment will “disproportionately” fall on reinsurers.

Pierpoint Completes Buy of Cortview Capital

Pierpont Securities Holdings, which is backed by Stone Point Capital and General Atlantic, has closed its buy of Cortview Capital Holdings after receiving FINRA approval. The two companies will continue to operate as separate broker-dealers until first quarter when the two firms will combine into a single entity called Pierpont Securities. Cortview, a Richmond, Va.-based broker-dealer, was launched in 2010 with a $125 million investment from Warburg Pincus.

Stone Point and KKR Form KKR – SPC Merchant Advisors

Stone Point Capital and KKR have formed a partnership to establish a new company, KKR – SPC Merchant Advisors LLC. The newly formed company will provide principal and agency-based capital markets services to mid-market and sponsor-backed companies as well as make certain principal investments to support client needs. PRESS RELEASE Stone Point Capital (“Stone Point”), […]

Alterra Forms Another Sidecar, New Point V

Alterra Capital Holdings, which is backed by Stone Point Capital, has formed another sidecar. New Point V, which also has funding from Stone Point, has raised about $210 million to invest in the property catastrophe collateralized reinsurance marketplace. Stone Point is the manager of Trident Funds. PRESS RELEASE Alterra Capital Holdings Limited (“Alterra”) (NASDAQ: ALTE; […]

Access Point Financial Secures Stone Point Investment, Wells Fargo Capital Facility

Access Point Financial has closed on a senior secured credit facility with Wells Fargo Capital Finance, part of Wells Fargo & Co. Stone Point Capital, a Greenwich, Conn. PE firm, has also made a “substantial” equity investment in Access Point, according to a statement. Access Point, formed by APF management and Stone Point, is a lender and advisory company focused on the hospitality industry.

Preferred Concepts Promotes Horn

Preferred Concepts, which is backed by Stone Point Capital, has promoted Larry Horn to oversee all Client Services activities for the firm. Preferred Concepts, of New York, is a national insurance program administrator and specialty broker.

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PE Deals Surged in 2010 While Fundraising Still Sucks

Private equity deals may have rebounded in 2010 but fundraising certainly didn’t.

According to Preqin, 484 PE funds achieved a final close in 2010 and raised just $225 billion, the lowest amount since 2004. Fundraising was supposed to improve in fourth quarter but that didn’t work out. Only 92 funds reached a final close in the time period, raising just $32 billion, Preqin says. This is down from the 195 funds in fourth quarter 2009 that raised $59.6 billion.

Stone Point Capital Raises $3.5 Bln With Fifth Fund

Stone Point Capital said late Wednesday that it had closed its fifth PE fund at $3.5 billion. Trident V LP exceeded Stone Point’s target of $2.25 billion, a statement said. Greenwich, Conn.-based Stone Point is a PE firm focused on financial services.

Stone Point Capital, Fiserv Acquire Progressive Medical

Progressive Enterprises, a holding company owned by private equity firm Stone Point Capital and publicly traded Fiserv Inc., has acquired pharmacy benefit manager Progressive Medical. Financial terms of the deal were not released. Progressive Medical is based in Westerville, Ohio, and focuses on the workers’ compensation and auto no-fault markets. Progressive Enterprises was formed by Stone Point and Fiserv as a holding company for a portfolio of insurance services businesses. Stone Point is based in Greenwich, Conn.

NXT Capital Adds $75 Million For Middle-Market Financing

Middle-market commercial finance company NXT Capital has added $50 million from private equity firm Stone Point Capital, and $25 million from an undisclosed U.S. corporate pension fund, bringing its total capitalization to roughly $530 million. Chicago-based NXT Capital was formed earlier this year by the Greenwich, Conn.-based Stone Point Capital, and by former principals of Merrill Lynch Capital.

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