Connecticut’s top insurance regulator has signed off on a deal that makes private equity firm J.C. Flowers & Co the largest investor in Meriden-based Direct Response Corp.
DRC is the holding company for The Response Insurance Group, a national direct-to–consumer auto insurer, which currently has customers in 42 states and Washington D.C.
Under terms of the agreement, Metalmark Capital LLC, on behalf of Morgan Stanley Capital Partners, III LP, and other related investors, will sell just under half of its shares to JCF. Morgan Stanley Capital Partners III and its related investors will retain a sizable portion of their shares.
Terms of the deal have not been disclosed.