Featured

J.C. Flowers to Become Biggest Investor in Direct Response

Thanks! Share it with your friends!

You disliked this video. Thanks for the feedback!

Loading...
Added by admin
0 Views

Direct Response Corp., the holding company for the Response Insurance Group, has signed an agreement under which an affiliate of J.C. Flowers & Co. LLC will become the largest investor in DRC. The transaction is subject to regulatory approval.

The Response Insurance Group is a national direct-to-the-consumer auto insurer headquartered in Meriden, Conn. The company was formed in 1995 and 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. Specific terms of the transaction have not been disclosed.

The new DRC board will include Jeffrey C. Keil, president of Stoneridge Holding, as chairman, and James M. Stone, president of Plymouth Rock, as vice chairman. Stone was a founder of the company and has served generally on the board since its inception.

Source: The Response Insurance Group www.responseinsurance.com


Source
Category
Misc

Post your comment