SeaBright Insurance

In 2003, a group of executives from Eagle Pacific Insurance Company, led by John G. Pasqualetto, partnered with private equity firm Summit Partners to form SeaBright Insurance Holdings. This new entity was created through a management buyout of Eagle Pacific, a provider of workers' compensation for maritime employees. The company established itself as a specialty underwriter of workers' compensation insurance, focusing on the maritime industry and alternative dispute resolution markets. This strategic focus allowed them to build a specialized business in niche insurance sectors. Just two years later, in 2005, SeaBright went public with an initial public offering on the Nasdaq, raising $78.75 million. The capital from the IPO was intended to fuel geographic expansion and increase business in its core markets. Following the IPO, SeaBright continued to grow by acquiring related businesses, such as PointSure Insurance Services and Total HealthCare Management. In a move to reflect its diversifying services beyond pure insurance, the holding company was renamed SeaBright Holdings, Inc. in 2010. A significant chapter in the company's story came in 2012 when it agreed to be acquired by Enstar Group Ltd., a Bermuda-based company that specializes in acquiring and managing insurance companies. The all-cash deal was valued at approximately $252 million. The acquisition was completed in February 2013, with SeaBright becoming a wholly-owned subsidiary of Enstar, which planned to operate SeaBright's insurance operations in run-off.