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