Trean Insurance Group to be Acquired by Altaris

We are representing Trean Insurance Group, Inc. (Nasdaq: TIG), a leading provider of products and services to the specialty insurance market, in connection with its agreement to be taken private by Altaris, LLC, a healthcare-focused private equity firm. Altaris currently owns approximately 47% of Trean’s outstanding common stock. Under the terms of the merger agreement governing the transaction, Altaris will acquire all of the common stock that it does not currently own for $6.15 in cash per share, representing a 97% premium to Trean’s closing price on December 15, 2022, the last trading day prior to the announcement of the transaction and a 133% premium to the 30-day volume-weighted average price per share of $2.64 as of December 15, 2022.

The deal is expected to close in the first half of 2023.  Trean’s common stock will cease trading and will no longer be listed on Nasdaq upon completion of the transaction.  Trean is the parent company of American Liberty Insurance, Benchmark Insurance and Westcap Insurance Service, among others.

The team is led by Bass, Berry & Sims attorneys Scott Bell and Page Davidson and included corporate attorneys Tyler Huseman, Whitney Burnley and Annie Batcheller; debt finance attorney Leslie Ford; insurance attorneys Steve Taylor and Nick Bessette; tax attorney Bryan Metcalf; executive compensation attorney Curtis Fisher; and labor and employment attorney Lymari Cromwell.

“Bass, Berry & Sims is grateful for the opportunity to represent Trean Insurance in this transformative transaction and partner with the Trean team shortly after they became a public company in 2020. This builds upon our firm’s long-standing history of representing public companies in going-private transactions with private equity partners, and we are honored for the opportunity to support Trean’s continued growth and success,” said Bell.

The transaction was highlighted in several media outlets, including:

Trean Insurance Valued At $316M In Takeover By Altaris,” Law360 (December 16, 2022)                          “Trean Insurance Group Announces Definitive Agreement to be Acquired by Altaris,” Insurance NewsNet (December 16, 2022)                                                                                                                                                     “Trean Insurance Group Announces Definitive Agreement to be Acquired by Altaris,” InsiderTracking (December 16, 2022)

Trean Insurance Group, Inc. (Nasdaq: TIG) provides products and services to the specialty insurance market. Trean underwrites specialty casualty insurance products both through its program partners and its own managing general agencies. Trean also provides its program partners with a variety of services including issuing carrier services, claims administration and reinsurance brokerage. Trean is licensed to write business across 49 states and the District of Columbia.

Bass, Berry & Sims has significant experience representing buyers and sellers in both public and private company strategic transactions, as well as extensive familiarity in structuring private equity acquisitions and financings. We have served as counsel to national, major middle-market private equity funds and portfolio companies in more than 100 transactions across a myriad of industries in the last two years. Our work has earned the firm honors in national industry outlets, including being named Law Firm of the Year in 2021 by The M&A Advisor. We’ve consistently been recognized by The M&A Advisor for our deal work, most recently winning the M&A Deal of the Year (Between $1B-$5B) in 2022. In addition, the firm has been listed in leading league tables, including being ranked as #9 Most Active in U.S. Private Equity and #3 Most Active in Healthcare PE (PitchBook Q2 2022). To learn more about our team, industry experience and value-add, click here.