US personal funding agency the Vistria Group (Vistria) has acquired Dallas-based managing common agent (MGA) Lumen Holdings.
The acquisition, the monetary phrases of which weren’t disclosed, creates a brand new platform inside Vistria’s Monetary Companies technique.
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Based in 2019, Lumen underwrites builders’ danger, industrial common legal responsibility, industrial property, owners, private auto and umbrella merchandise throughout greater than 30 US states.
The corporate works by means of a nationwide community of wholesale and retail dealer companions and has launched a number of de novo programmes.
On the core of Lumen’s operations is its proprietary KURRENT platform, a digital underwriting and distribution system.
It helps endorsements, coverage issuance, real-time portfolio analytics, renewals, submission consumption and underwriter communication.
The platform has just lately been prolonged with further digital performance for private strains.
Lumen founder and CEO Scott Whitaker mentioned: “I’m extremely excited to accomplice with Boris, Mike and the Vistria workforce. Their conviction in what we’re constructing at Lumen and the worth MGAs carry to the market aligns completely with our technique: to proceed constructing a best-in-class, diversified MGA targeted on sturdy underwriting efficiency and supported by cutting-edge know-how.”
Following the transaction, Albert Benchimol, former CEO of AXIS Capital; Mark Smith, former president of K2 Insurance coverage Companies; and Brian McDermott, former chief data officer at Victor Insurance coverage, will be a part of Lumen’s board.
Vistria mentioned the acquisition follows a number of years of labor analyzing modifications within the specialty MGA market, as insurers more and more flip to specialised, technology-enabled underwriting companions.
Vistria Group monetary companies senior accomplice and co-head Boris Rapoport added: “A key a part of Vistria’s Monetary Companies technique is concentrated on partnering in important, regulated markets the place experience and infrastructure drive efficiency, and this funding displays a number of years of labor across the evolution of the specialty MGA market.”
