Tradesman Program Managers Secures $75mm Credit Facility from Citizens

Transaction Overview

On May 16, 2022, Tradesman Program Managers, LLC (“Tradesman”) secured a $75mm Senior Credit Facility with Citizens Financial Group, Inc. (NYSE: CFG, “Citizens”)

Tradesman is a leading full-service MGA for general contractors’ general liability insurance

  • Founded in 2016 by Dan Hickey, Tradesman has grown premiums to over $250mm
    • Established itself as the leading solution for New York and New Jersey artisan contractors’ general liability and workers’ compensation coverage
  • Tradesman writes business on behalf of many different reinsurance partners
    • Including Roosevelt Road Re (“RRRe”), an affiliated reinsurer owned by Tradesman management
  • The Company is owned by management along with minority shareholder Randall & Quilter (“R&Q”)

Citizens is one of the nation’s oldest and largest financial institutions

  • Headquartered in Providence, Rhode Island with ~$192bn in assets as of March 31, 2022
  • Offers a broad range of retail and commercial banking products and services to individuals, small businesses, middle-market companies, large corporations, and institutions

Proceeds will be used to further capitalize RRRe and fund a dividend to shareholders

TigerRisk Capital Markets & Advisory Role

TCMA acted as exclusive placement agent to Tradesman, leading key transaction steps including:

  • Assisting in developing the financial projections for Tradesman
  • Assisting management in assessing various capital solutions for Tradesman
  • Marketing the transaction to a broad set of potential debt investors
  • Managing and organizing an efficient due diligence process
  • Assisting management in the structuring of the offering
  • Offering insights around and assisting in the negotiation of transaction terms and conditions
  • Providing objective advice and acting as a confidant to Tradesman throughout the process