Market Overview

NewStar Leads Financing for World Insurance Associates


Supports Expansion Strategy for Specialty Insurance Brokerage

NewStar Financial Inc. ("NewStar"), the alternative credit group of
First Eagle Investment Management ("First Eagle"), announced today that
it served as lead arranger and administrative agent for senior credit
facilities provided to World Insurance Associates LLC ("World Insurance"
or the "Company"), a leading specialty insurance broker focused on
mid-sized businesses and high net worth individuals. The credit
facilities consisted of a revolving line of credit, which was undrawn at
closing, and a combination of funded and delayed draw term loans. The
transaction also included an accordion feature, which could
significantly increase the size of the facilities at the Company's
request subject to lender approval.

The initial proceeds from the financing were used to fund several small
acquisitions and refinance existing debt, leaving significant undrawn
borrowing capacity available to support the Company's future funding
needs related to its growth strategy.

World Insurance co-founders Rich Eknoian and Phil Nisbet stated, "We are
excited to complete this financing with NewStar as they have the right
capabilities to support our business plan based on a deep understanding
of the insurance brokerage sector." They added, "The ongoing
relationship with NewStar ensures that we have ready access to the
resources needed to deliver on a growth strategy that includes an
expanded geographic footprint and the addition of new products."

Headquartered in Tinton Falls, NJ, World Insurance is a leading
privately-owned, full-service insurance agency offering commercial and
personal property and casualty insurance, as well as employee benefits.
The company was founded in 2011 by its current partners to acquire
independent insurance agencies, and has completed 31 acquisitions since
then. World Insurance currently employs a staff of 171 and serves over
30,000 customers across 46 states through 17 offices.

"We are excited by the opportunity to back another independent insurance
brokerage firm focused on a successful strategic growth plan," said
Jason Wendorf, a senior banker at NewStar. "Rich, Phil and their team
have built one of the leading independent insurance agencies in the
United States. We are thrilled to partner with them on this important
transaction, which provides significant financial flexibility and access
to additional capital to support planned growth generated organically
and through acquisitions." The NewStar deal team for the transaction
included Robert Milordi, Marty Loew, Luke Psyhojos and Robert Allan.

About NewStar

NewStar Financial Inc. is the alternative credit group of First Eagle.
Founded in 2004 and acquired by First Eagle in 2017, NewStar is an
established credit investment platform with approximately $4.7 billion
of assets under management and $1.9 billion in assets under
administration (as of June 30, 2018) across a series of funds employing
direct lending and liquid credit investment strategies. The group
leverages its direct lending and credit management capabilities to offer
a range of investment strategies focused on middle market loans and
liquid, tradeable credit. As a direct lender focused on the middle
market, NewStar is a leading provider of flexible financing options to
private equity-backed companies. The group offers a complete range of
financing alternatives used to fund acquisitions, working capital,
growth strategies and recapitalizations. Since its inception, NewStar
has worked with more than 250 different private equity firms on more
than 600 transactions totaling over $13 billion of financing
commitments. For more information, please visit

About First Eagle

First Eagle Investment Management is an independent, privately-owned
investment management firm headquartered in New York with approximately
$113 billion* in assets under management (as of June 30, 2018).
Dedicated to providing prudent stewardship of client assets, the firm
focuses on active, fundamental and benchmark-agnostic investing, with a
strong emphasis on downside protection. Over a long history dating back
to 1864, First Eagle has helped its clients avoid permanent impairment
of capital and earn attractive returns through widely varied economic
cycles—a tradition that is central to its mission today. The firm's
investment capabilities include equity, fixed income, alternative
credit, and multi-asset strategies. For more information, please visit

*Includes approximately $5 billion in AUM from its affiliate NewStar

About World Insurance

World Insurance Associates LLC is an independent insurance agency
headquartered in Tinton Falls, NJ. It offers extensive, cost-effective personal
and business
insurance solutions
in 46 states. The company specializes in transportation,
self-storage facilities, construction (surety), manufacturers,
and law
. World Insurance Associates also provides group
and property and casualty insurance to companies of all
sizes in a variety of industries in addition to insurance services for
individuals, focusing on coastal properties and high net worth clients.
World Insurance Associates began business in 2012 and serves its
customers from 17 offices in NJ, PA, NY, CT, RI, ME, OH and FL. It has
completed 31 acquisitions and has a current run rate revenue over $30
million. The company is ranked #20 on the list of New Jersey's 2017 50
Fastest Growing Companies and #6 in New Jersey's Top Insurance
Brokerages. For more information, please visit

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