Greenlight Re becomes largest shareholder in US MGA AccuRisk
Cayman Islands-based reinsurer Greenlight Capital Re has become the largest shareholder in US managing general agent (MGA) AccuRisk following its latest investment in the company.
Greenlight Re made an initial investment in AccuRisk in 2017. In addition to providing capital for AccuRisk’s expansion plans, Greenlight Re, through its subsidiaries, reinsures business produced by AccuRisk.
Chicago-based AccuRisk said it is targeting expansion with a series of strategic acquisitions in North America.
Founded in February 2017, AccuRisk provides healthcare and employee benefits to a range of insurance partners. It has annual premium of around $70 million.
“We are delighted to partner with a technology-driven and fast-growing MGU which is focused in a market where we see real growth opportunities," said Greenlight Re CEO Simon Burton. "AccuRisk has a strong pipeline of acquisition targets, and we look forward to supporting them in their strategic growth plans.”
AccuRisk CEO Daniel Boisvert, added: “Greenlight Re has been a valued strategic and reinsurance partner since our inception and we are pleased to have them increase their equity position in the company and provide our next tranche of growth capital. There are numerous opportunities in the healthcare space for acquisitions and to implement innovative technologies and this capital infusion will allow us to execute with respect to both.”
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