Baldwin Insurance Group (BWIN) said the company-sponsored Builder Reciprocal Insurance Exchange got $110 million in surplus financing through a note purchase agreement for issuing surplus debentures to support its launch.
An affiliate of Gallatin Point Capital will provide $95 million of the funding, while Baldwin affiliates will contribute the remainder.
The transaction is set to close in Q2, Baldwin Insurance Group said Wednesday in a statement.
A Baldwin affiliate will act as the exchange's attorney-in-fact, the company said, and Baldwin Insurance Group doesn't expect to consolidate financial results from the exchange or the attorney-in-fact, meaning the notes won't add to the debt of Baldwin or its affiliates, according to the statement.
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