We could not find any results for:
Make sure your spelling is correct or try broadening your search.
Share Name | Share Symbol | Market | Type |
---|---|---|---|
ProSight Global Inc | NYSE:PROS | NYSE | Common Stock |
Price Change | % Change | Share Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|
0.00 | 0.00% | 12.85 | 0 | 01:00:00 |
| | |
Page
|
| |||
| | | | 1 | | | |
| | | | 1 | | | |
| | | | 1 | | | |
| | | | 1 | | | |
| | | | 2 | | | |
| | | | 2 | | | |
| | | | 3 | | | |
| | | | 3 | | | |
| | | | 3 | | | |
| | | | 7 | | | |
| | | | 8 | | | |
| | | | 8 | | | |
| | | | 9 | | | |
| | | | 9 | | | |
| | | | 9 | | | |
| | | | 9 | | | |
| | | | 10 | | | |
| | | | 10 | | | |
| | | | 11 | | | |
| | | | 15 | | | |
| | | | 16 | | | |
| | | | 17 | | | |
| | | | 17 | | | |
| | | | 34 | | | |
| | | | 37 | | | |
| | | | 45 | | | |
| | | | 45 | | | |
| | | | 48 | | | |
| | | | 54 | | | |
| | | | 54 | | | |
| | | | 54 | | | |
| | | | 55 | | | |
| | | | 58 | | | |
| | | | 58 | | | |
| | | | 58 | | | |
| | | | 58 | | | |
| | | | 58 | | | |
| | | | 58 | | | |
| | | | 59 | | | |
| | | | 60 | | | |
| | | | 60 | | |
| | |
Page
|
| |||
| | | | 64 | | | |
| | | | 66 | | | |
| | | | 68 | | | |
| | | | 69 | | | |
| | | | 69 | | | |
| | | | 70 | | | |
| | | | 71 | | | |
| | | | 72 | | | |
| | | | 72 | | | |
| | | | 73 | | | |
| | | | 74 | | | |
| | | | 75 | | | |
| | | | 75 | | | |
| | | | 76 | | | |
| | | | 76 | | | |
| | | | 77 | | | |
| | | | 77 | | | |
| | | | 77 | | | |
| | | | 77 | | | |
| | | | 79 | | | |
| | | | 80 | | | |
| | | | 84 | | | |
| | | | 87 | | | |
| | | | 87 | | | |
| | | | 87 | | | |
| | | | 87 | | | |
LIST OF ANNEXES | | | | | | | |
ANNEX A:
AGREEMENT AND PLAN OF MERGER
|
| | | | | | |
ANNEX B:
STOCKHOLDER SUPPORT AGREEMENT
|
| | | | | | |
ANNEX C:
OPINION OF BARCLAYS CAPITAL INC.
|
| | |||||
ANNEX D:
SECTION 262 OF THE DELAWARE GENERAL CORPORATION LAW
|
| | | | | | |
| | |
Low
|
| |
Median
|
| |
Mean
|
| |
High
|
| ||||||||||||
P/E 2020E
|
| | | | 9.7x | | | | | | 15.1x | | | | | | 17.3x | | | | | | 32.0x | | |
P/E 2021E
|
| | | | 9.4x | | | | | | 13.0x | | | | | | 13.9x | | | | | | 24.2x | | |
P/TBVPS(1) | | | | | 0.94x | | | | | | 1.48x | | | | | | 1.40x | | | | | | 1.87x | | |
| | |
Implied Value Per Share
|
|
Based on P/E 2020E
|
| |
$9.54 – $12.72
|
|
Based on P/E 2021E
|
| |
$11.88 – $15.44
|
|
Based on P/TBVPS(1)
|
| |
$11.70 – $14.48
|
|
Date Announced
|
| |
Acquirer
|
| |
Target
|
|
August 28, 2018 | | | Apollo Global Management, LLC | | | Aspen Insurance Holdings Limited | |
August 22, 2018 | | | The Hartford Financial Services Group, Inc. | | | The Navigators Group, Inc. | |
May 2, 2017 | | | Intact Financial Corporation | | | OneBeacon Insurance Group, Ltd. | |
December 5, 2016 | | | Liberty Mutual Insurance | | | Ironshore Inc. | |
March 16, 2016 | | | The Hartford Financial Services Group, Inc. | | | Maxum Specialty Insurance Group | |
March 7, 2016 | | | American Financial Group, Inc. | | | National Interstate Corporation | |
May 3, 2015 | | | Fosun International Limited | | | Ironshore Inc. | |
December 30, 2014
|
| | Fosun International Limited | | | Meadowbrook Insurance Group, Inc. | |
June 3, 2013 | | | Fairfax Financial Holdings Limited | | | American Safety Insurance Holdings, Ltd. | |
| | |
Low
|
| |
Median
|
| |
Mean
|
| |
High
|
| ||||||||||||
P/E(1) | | | | | 17.9x | | | | | | 20.2x | | | | | | 23.1x | | | | | | 31.1x | | |
P/TBVPS(2) | | | | | 0.95x | | | | | | 1.45x | | | | | | 1.42x | | | | | | 1.88x | | |
| | |
Implied Value Per Share
|
|
Based on P/E 2020E
|
| |
$13.91 – $15.90
|
|
Based on P/TBVPS
|
| |
$12.70 – $18.41
|
|
Selected Range
|
| |
$12.50 – $17.00
|
|
| | |
ProSight Management Projections
|
| |||||||||||||||||||||||||||
($mm)
|
| |
12/31/2021
|
| |
12/31/2022
|
| |
12/31/2023
|
| |
12/31/2024
|
| |
12/31/2025
|
| |||||||||||||||
Gross Written Premiums
|
| | | $ | 941.4 | | | | | $ | 1,025.1 | | | | | $ | 1,111.8 | | | | | $ | 1,196.3 | | | | | $ | 1,287.2 | | |
Net Written Premiums
|
| | | | 790.7 | | | | | | 857.0 | | | | | | 911.6 | | | | | | 969.0 | | | | | | 1,029.7 | | |
Net Premiums Earned
|
| | | | 712.0 | | | | | | 850.0 | | | | | | 884.3 | | | | | | 940.3 | | | | | | 999.4 | | |
Underwriting Income
|
| | | | 12.7 | | | | | | 42.3 | | | | | | 54.6 | | | | | | 64.5 | | | | | | 71.7 | | |
Investment Income
|
| | | | 67.3 | | | | | | 67.5 | | | | | | 69.3 | | | | | | 74.6 | | | | | | 80.4 | | |
Interest Expense
|
| | | | 10.4 | | | | | | 10.2 | | | | | | 9.9 | | | | | | 9.7 | | | | | | 9.4 | | |
Pre-tax Earnings
|
| | | $ | 64.7 | | | | | $ | 97.4 | | | | | $ | 113.9 | | | | | $ | 129.4 | | | | | $ | 142.7 | | |
Taxes | | | | | 13.9 | | | | | | 20.9 | | | | | | 24.5 | | | | | | 27.8 | | | | | | 30.7 | | |
After Tax Earnings
|
| | | $ | 50.8 | | | | | $ | 76.4 | | | | | $ | 89.4 | | | | | $ | 101.6 | | | | | $ | 112.0 | | |
Adjusted Operating Earnings
|
| | | | 54.5 | | | | | | 78.1 | | | | | | 89.4 | | | | | | 101.6 | | | | | | 112.0 | | |
Key Metrics | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Loss and LAE Expense Ratio
|
| | | | 61.0% | | | | | | 60.5% | | | | | | 60.0% | | | | | | 59.8% | | | | | | 60.0% | | |
Acquisition Expense Ratio
|
| | | | 23.7% | | | | | | 23.0% | | | | | | 22.5% | | | | | | 22.2% | | | | | | 22.2% | | |
G&A Expense Ratio
|
| | | | 13.5% | | | | | | 11.5% | | | | | | 11.4% | | | | | | 11.1% | | | | | | 10.6% | | |
Combined Ratio
|
| | | | 98.2% | | | | | | 95.0% | | | | | | 93.8% | | | | | | 93.1% | | | | | | 92.8% | | |
Dil. Shares Outstanding
|
| | | | 45.915 | | | | | | 46.455 | | | | | | 46.963 | | | | | | 47.413 | | | | | | 47.674 | | |
Dil. Earnings Per Share
|
| | | $ | 1.19 | | | | | $ | 1.68 | | | | | $ | 1.90 | | | | | $ | 2.14 | | | | | $ | 2.35 | | |
Dil. Tangible Book Value (ex. AOCI)
|
| | | $ | 565.6 | | | | | $ | 641.9 | | | | | $ | 731.4 | | | | | $ | 833.0 | | | | | $ | 945.1 | | |
Dil. Tangible BVPS (ex. AOCI)
|
| | | $ | 12.32 | | | | | $ | 13.82 | | | | | $ | 15.57 | | | | | $ | 17.57 | | | | | $ | 19.82 | | |
Adj. Operating ROATE (ex. AOCI)
|
| | |
|
10.1%(1)
|
| | | |
|
12.9%(1)
|
| | | |
|
13.0%
|
| | | |
|
13.0%
|
| | | |
|
12.6%
|
| |
($mm)
|
| |
12/31/2021
|
| |
12/31/2022
|
| |
12/31/2023
|
| |
12/31/2024
|
| |
12/31/2025
|
| |||||||||||||||
Net Premiums Earned
|
| | | $ | 712.0 | | | | | $ | 850.0 | | | | | $ | 884.3 | | | | | $ | 940.3 | | | | | $ | 999.4 | | |
Adj. Operating Earnings(1) | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Base Plan
|
| | | $ | 54.5 | | | | | $ | 78.1 | | | | | $ | 89.4 | | | | | $ | 101.6 | | | | | | 112.0 | | |
+ 200bps Increase in 2022E — 2025E CR
|
| | | | 54.5 | | | | | | 64.4 | | | | | | 74.9 | | | | | | 85.8 | | | | | | 94.9 | | |
Average Tangible BV (ex. AOCI) | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Base Plan
|
| | | $ | 540.1 | | | | | $ | 603.7 | | | | | $ | 686.7 | | | | | $ | 782.2 | | | | | $ | 889.0 | | |
+ 200bps Increase in 2022E — 2025E CR
|
| | | | 540.1 | | | | | | 596.9 | | | | | | 665.7 | | | | | | 746.0 | | | | | | 836.3 | | |
Adj. Operating ROATE (ex. AOCI )(1) | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Base Plan
|
| | | | 10.1% | | | | | | 12.9% | | | | | | 13.0% | | | | | | 13.0% | | | | | | 12.6% | | |
+ 200bps Increase in 2022E — 2025E CR
|
| | | | 10.1% | | | | | | 10.8% | | | | | | 11.2% | | | | | | 11.5% | | | | | | 11.3% | | |
Name
|
| |
Company RSU Awards(1)(2)
|
| |
Company
Performance RSUs |
| |
Company
Restricted Stock Awards |
| |
Company
Performance Share Awards |
| | | | | | | ||||||||||||||||||||||||||||||||||||
| | |
Shares
(#) |
| |
Value
($) |
| |
Shares
(#) |
| |
Value
($) |
| |
Shares
(#) |
| |
Value
($) |
| |
Shares
(#) |
| |
Value
($) |
| |
Total
Value ($) |
| |||||||||||||||||||||||||||
Named Executive Officers | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Mr. Hannon
|
| | | | 304,453 | | | | | | 3,912,221 | | | | | | 17,857 | | | | | | 229,462 | | | | | | 44,664 | | | | | | 573,932 | | | | | | 44,664 | | | | | | 573,932 | | | | | | 5,289,547 | | |
Mr. Piszel
|
| | | | 146,235 | | | | | | 1,879,120 | | | | | | 16,369 | | | | | | 210,342 | | | | | | 32,220 | | | | | | 414,027 | | | | | | 32,220 | | | | | | 414,027 | | | | | | 2,917,516 | | |
Mr. Bailey
|
| | | | 281,009 | | | | | | 3,610,966 | | | | | | 7,441 | | | | | | 95,617 | | | | | | 18,657 | | | | | | 239,742 | | | | | | 18,657 | | | | | | 239,742 | | | | | | 4,186,067 | | |
Other Executive Officers | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Mr. Papalia
|
| | | | 2,792 | | | | | | 35,877 | | | | | | 4,167 | | | | | | 53,546 | | | | | | 14,925 | | | | | | 191,786 | | | | | | 14,925 | | | | | | 191,786 | | | | | | 472,995 | | |
Non-Employee Directors | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Mr. Dwyer
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
Mr. Arnold
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
Mr. Leathers
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
Mr. Carlsen
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
Mr. Schnitzer(3) | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
Mr. Schifter
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
Mr. Spriggs
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
Ms. Hooda
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
Mr. Helgason
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
Ms. Waleski
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
Name
|
| |
Cash
($)(1) |
| |
Equity
($)(2) |
| |
Total
($) |
| |||||||||
Mr. Hannon
|
| | | | 1,906,027 | | | | | | 5,289,548 | | | | | | 7,195,575 | | |
Mr. Piszel
|
| | | | 1,164,795 | | | | | | 2,917,515 | | | | | | 4,082,310 | | |
Mr. Bailey
|
| | | | 919,178 | | | | | | 4,186,067 | | | | | | 5,105,245 | | |
Officer
|
| |
Salary
($) |
| |
Target
Bonus ($) |
| |
Pro Rata
Target Bonus ($) |
| |
Total
($) |
| ||||||||||||
Mr. Hannon
|
| | | | 900,000 | | | | | | 900,000 | | | | | | 106,027 | | | | | | 1,906,027 | | |
Mr. Piszel
|
| | | | 550,000 | | | | | | 550,000 | | | | | | 64,795 | | | | | | 1,164,795 | | |
Mr. Bailey
|
| | | | 500,000 | | | | | | 375,000 | | | | | | 44,178 | | | | | | 919,178 | | |
| | |
High
|
| |
Low
|
| ||||||
Fiscal Year Ended December 31, 2019 | | | | | | | | | | | | | |
Third Quarter (from July 26, 2019)
|
| | | $ | 21.00 | | | | | $ | 15.82 | | |
Fourth Quarter
|
| | | | 19.65 | | | | | | 15.02 | | |
Fiscal Year Ended December 31, 2020 | | | | | | | | | | | | | |
First Quarter
|
| | | | 17.10 | | | | | | 8.52 | | |
Second Quarter
|
| | | | 14.22 | | | | | | 7.26 | | |
Third Quarter
|
| | | | 11.36 | | | | | | 7.75 | | |
Fourth Quarter
|
| | | | 13.86 | | | | | | 8.55 | | |
Fiscal Year Ended December 31, 2021 | | | | | | | | | | | | | |
First Quarter (through February 12, 2021)
|
| | | | 14.25 | | | | | | 12.40 | | |
Name of Beneficial Owner
|
| |
Number of
Shares Beneficially Owned |
| |
Percentage
Beneficially Owned |
| ||||||
5% Owners | | | | | | | | | | | | | |
Investment funds affiliated with Goldman Sachs(1)(4)(6)
|
| | | | 17,025,242 | | | | | | 39.0% | | |
Investment funds affiliated with TPG(2)
|
| | | | 16,361,109 | | | | | | 37.5% | | |
Officers and Directors
|
| | | | | | | | | | | | |
Lawrence Hannon(3)
|
| | | | 236,053 | | | | | | * | | |
Anthony Arnold(1)(4)
|
| | | | 11,043 | | | | | | * | | |
Eric W. Leathers(5)
|
| | | | 11,043 | | | | | | * | | |
Magnus Helgason(1)(6)
|
| | | | 9,183 | | | | | | * | | |
Richard P. Schifter(7)
|
| | | | 11,043 | | | | | | * | | |
Robert Bailey(8)
|
| | | | 124,380 | | | | | | * | | |
Steven Carlsen(9)
|
| | | | 99,521 | | | | | | * | | |
Clement S. Dwyer. Jr.(10)
|
| | | | 111,730 | | | | | | * | | |
Sheila Hooda(11)
|
| | | | 17,311 | | | | | | * | | |
Frank D. Papalia(12)
|
| | | | 226,512 | | | | | | * | | |
Anthony S. Piszel(13)
|
| | | | 127,434 | | | | | | * | | |
Bruce W. Schnitzer(14)
|
| | | | 87,672 | | | | | | * | | |
Otha T. Spriggs, III(15)
|
| | | | 26,429 | | | | | | * | | |
Anne Waleski (16)
|
| | | | 13,947 | | | | | | * | | |
Directors and executive officers as a group (14 persons)
|
| | | | 1,113,301 | | | | | | 2.5% | | |
ProSight Global, Inc. Filings:
|
| |
Periods:
|
|
Annual Report on Form 10-K | | | Fiscal Year ended December 31, 2019 | |
Quarterly Report on Form 10-Q | | | Quarterly period ended March 31, 2020 | |
Quarterly Report on Form 10-Q | | | Quarterly period ended June 30, 2020 | |
Quarterly Report on Form 10-Q | | | Quarterly period ended September 30, 2020 | |
| | |
Page
|
| |||
| | | | A-1 | | | |
| | | | A-1 | | | |
| | | | A-2 | | | |
| | | | A-2 | | | |
| | | | A-2 | | | |
| | | | A-2 | | | |
| | | | A-2 | | | |
| | | | A-2 | | | |
| | | | A-2 | | | |
| | | | A-2 | | | |
| | | | A-3 | | | |
| | | | A-5 | | | |
| | | | A-6 | | | |
| | | | A-6 | | | |
| | | | A-7 | | | |
| | | | A-7 | | | |
| | | | A-8 | | | |
| | | | A-9 | | | |
| | | | A-9 | | | |
| | | | A-9 | | | |
| | | | A-10 | | | |
| | | | A-10 | | | |
| | | | A-10 | | | |
| | | | A-12 | | | |
| | | | A-12 | | | |
| | | | A-13 | | | |
| | | | A-13 | | | |
| | | | A-14 | | | |
| | | | A-14 | | | |
| | | | A-15 | | | |
| | | | A-16 | | | |
| | | | A-16 | | | |
| | | | A-16 | | | |
| | | | A-17 | | | |
| | | | A-18 | | | |
| | | | A-18 | | | |
| | | | A-18 | | | |
| | | | A-20 | | | |
| | | | A-21 | | | |
| | | | A-22 | | |
| | |
Page
|
| |||
| | | | A-22 | | | |
| | | | A-22 | | | |
| | | | A-22 | | | |
| | | | A-22 | | | |
| | | | A-22 | | | |
| | | | A-23 | | | |
| | | | A-23 | | | |
| | | | A-23 | | | |
| | | | A-24 | | | |
| | | | A-24 | | | |
| | | | A-24 | | | |
| | | | A-25 | | | |
| | | | A-25 | | | |
| | | | A-26 | | | |
| | | | A-26 | | | |
| | | | A-26 | | | |
| | | | A-26 | | | |
| | | | A-26 | | | |
| | | | A-26 | | | |
| | | | A-26 | | | |
| | | | A-29 | | | |
| | | | A-30 | | | |
| | | | A-32 | | | |
| | | | A-33 | | | |
| | | | A-34 | | | |
| | | | A-37 | | | |
| | | | A-37 | | | |
| | | | A-37 | | | |
| | | | A-39 | | | |
| | | | A-39 | | | |
| | | | A-42 | | | |
| | | | A-42 | | | |
| | | | A-43 | | | |
| | | | A-43 | | | |
| | | | A-43 | | | |
| | | | A-43 | | | |
| | | | A-44 | | | |
| | | | A-44 | | |
| | |
Page
|
| |||
| | | | A-45 | | | |
| | | | A-45 | | | |
| | | | A-46 | | | |
| | | | A-46 | | | |
| | | | A-47 | | | |
| | | | A-47 | | | |
| | | | A-47 | | | |
| | | | A-47 | | | |
| | | | A-48 | | | |
| | | | A-48 | | | |
| | | | A-49 | | | |
| | | | A-49 | | | |
| | | | A-50 | | | |
| | | | A-50 | | | |
| | | | A-50 | | | |
| | | | A-50 | | | |
| | | | A-51 | | | |
| | | | A-51 | | | |
| | | | A-51 | | | |
| | | | A-52 | | | |
SCHEDULES | | | | | | | |
Company Disclosure Schedules | | | | | | | |
Parent Disclosure Schedules | | | | | | | |
Schedule 5.12 – Captive Term Sheet | | | | | | | |
Schedule 5.14(b) – Additional Pre-Closing Actions | | | | | | | |
ANNEXES | | | | | | | |
Annex I – Debt Commitment Letter | | | | | | | |
EXHIBITS | | | | | | | |
Exhibit A Form of Joint Stockholder Consent | | | | | | | |
Exhibit B Bylaws of Surviving Corporation | | | | | | | |
Exhibit C Loss Portfolio Binder | | | | | | | |
Exhibit D Stockholder Support Agreement | | | | | | | |
Exhibit E Certificate of Incorporation of Surviving Corporation | | | | | | | |
|
|
| |
745 Seventh Avenue
New York, NY 10019 United States |
|
1 Year ProSight Global Chart |
1 Month ProSight Global Chart |
It looks like you are not logged in. Click the button below to log in and keep track of your recent history.
Support: +44 (0) 203 8794 460 | support@advfn.com
By accessing the services available at ADVFN you are agreeing to be bound by ADVFN's Terms & Conditions