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Sources said the specialty underwriter retained boutique firm Insurance Advisory Partners earlier this year as an adviser. -
Sources said the Houston, Texas-headquartered program manager is now writing business on Sutton National paper.
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The start-up MGU will initially focus on real estate, hospitality and leisure, financial institutions and professional services industries.
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Inside P&C’s news team brings you all the top news from the week.
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The transaction marks Velocity’s first MGA acquisition and its second transaction after Nephila sold the cat-focused underwriter to Oaktree in late 2021 for over $107mn.
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A summary of commentary from the second day of Inside P&C New York, with insights on InsurTechs, MGAs and Vesttoo.
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Executives emphasized the importance of taking on enough risk to have "skin in the game” in the wake of Vesttoo’s bankruptcy and noted that the use of LOCs may require additional layers of risk management.
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A summary of commentary from the first day of Inside P&C New York, with insights on capital raising, E&S and reinsurance expectations.
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The fac-focused underwriter launched in South Florida earlier this year, providing general liability and PV coverage in Latin American markets.
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The capacity deal is slated for deals with 10/1 effective dates and beyond.
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Inside P&C’s morning summary of the key stories to get you up to speed fast.
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It is understood that Morgan Stanley was selected as lead underwriter in the process, with Q1 seen as the likeliest timing for a listing.
