Velocity, a US-based insurance coverage holding firm, has bought a majority stake in managing normal agent (MGA) Perception Threat Applied sciences (Perception Threat).
The monetary phrases of the transaction weren’t made public.
Perception Threat is engaged in providing one-stop loss prevention and danger switch options for the builders’ danger market.
The deal is alleged to broaden Velocity’s operations, representing its first MGA acquisition and second profitable acquisition.
Know-how-focused Perception Threat operates on each an admitted and non-admitted foundation and supplies built-in know-how and insurance coverage options.
The MGA’s mannequin contains Web of Issues (IoT) water injury prevention options, a sound underwriting course of and proactive danger administration to minimise injury from water losses and generate worth for policyholders.
Perception Threat will use Velocity’s funding to broaden its presence out there.
At present, Perception Threat is supported by Munich Re Specialty Insurance coverage, Lancashire and Intact.
Perception Threat president and co-founder Chad Hollingsworth mentioned: “Perception Threat was based with the mission to leverage new applied sciences and datasets to cut back losses and create a greater danger administration expertise for all of our stakeholders.
“The speedy adoption of our mannequin over the previous 12 months proves that there’s large alternative and urge for food for our programmes. Partnering with Velocity will supercharge our development and permit us to scale sooner to satisfy demand for our distinctive strategy to underwriting and loss management.”
Velocity CEO & head of enterprise improvement Praveen Reddy mentioned: “This marks one other thrilling milestone in fortifying our place as a pacesetter within the E&S [excess and surplus lines] property insurance coverage trade by harnessing the unbelievable expertise and modern capabilities of the Perception Threat staff.
“The completion of this acquisition of Perception Threat will infuse development capital and supply further capability for Perception Threat and supply Velocity with a brand new diversifying line of enterprise to its increasing speciality insurance coverage platform.”
Firms working underneath Velocity embrace Velocity Threat Underwriters, Velocity Specialty Insurance coverage Firm and Velocity Claims.