New US fronting carrier secures $100m capital raise to fund growth
Newly-formed Concert Group Holdings has secured $100 million in capital to fund its growth as a US insurance fronting business. The company has received a rating of “A-” (Excellent) from AM Best.
The company offers insurance fronting and related services in the US through its wholly owned subsidiary Concert Insurance Company (CIC). It plans to start writing excess & surplus (E&S) lines business before the end of the year.
According to ratings agency AM Best, "On a projected basis, Concert’s level of risk-adjusted capitalisation, as measured by Best’s Capital Adequacy Ratio (BCAR), is categorised as strongest and is supportive of its planned growth initiatives and increased reinsurance utilization over the next several years."
Concert Group chairman Brady Young (pictured right), who is also the founder and CEO of Strategic Risk Solutions, believes it is an “opportune time” to launch a fronting business focused on expert risk solutions and low operating costs, citing “favorable market conditions” and client demand.
“My founding partners and Concert’s experienced management team bring an established pipeline of quality business and a track record of successfully supporting new insurance businesses. We’re delighted to be on our way to achieving a better experience for clients that need insurance fronting solutions,” said Young.
Jonathan Reiss (pictured left), Concert’s chief executive officer, added: “This is an exciting point in Concert’s development. I’m proud of the team we’ve put together, each of whom has an enviable track record in the insurance industry. We’re all energized by the possibilities that we see for Concert and share a steadfast commitment to providing first-class service to our clients.”
Concert’s other founders are Wes Duesenberg, Jr., CEO of Southern Insurance Underwriters; and Christopher Collins, CEO/founder of Corinthian Re, in partnership with Century Equity Partners and WT Holdings.
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