Greenlight Re-backed MGU AccuRisk acquires Great American Texas business
Greenlight Re-backed US managing general underwriter (MGU) AccuRisk Solutions has set up a new ancillary entity, and acquired the renewal rights to Great American Insurance Group’s Texas non-subscription business.
The new entity, AccuRisk Ancillary Solutions, will focus on supplemental health/GAP medical, personal accident, hospital indemnity, various episodic coverages and new proprietary products including accident dental, cosmetic procedure protection, and children’s critical illness.
AccuRisk Ancillary will be led by Joyce Segall as president. He has more than 20 years of experience in underwriting, product development, profit and loss management, and development of compliant benefit and service solutions. She has worked for AIG, Starr Indemnity and Reliance National.
“AccuRisk is proud and excited to launch our new entity, AccuRisk Ancillary Solutions, to continue our mission of bringing innovative products and risk management strategies to the market," said Daniel Boisvert, chief executive of AccuRisk. "Our Ancillary entity is unique in that we offer cutting edge products that serve a much-neglected segment of our population. We’re honored and proud to be representing them.”
Segall added: “I am so thrilled about joining the AccuRisk team and helping form AccuRisk Ancillary Solutions and look forward to reaching new and untapped markets that could greatly benefit from its products."
Commenting on the mutual agreement to acquire the rights of the Texas non-subscription business, Boisvert said: "With this acquisition, we are continuing to expand on the strong retail agent base that Great American has developed and are looking forward to providing retail brokers with new and innovative products and services that will help them grow their businesses."
Craig Lindner, chief executive of Great American Insurance Group, stated: “We are excited to join AccuRisk Solutions. Our Texas non-subscription business model aligns with AccuRisk’s with further expansion and enhancement of the non-subscriber options available to employers within Texas.”
The Chicago-based MGU has also appointed David Przesiek, 25-year veteran of the health insurance industry, as chief executive officer of Tactical Risk Solutions.
"David will be responsible for developing and executing the strategy of Tactical Risk Solutions as we look to launch products to meet the benefit needs of employers across the country,” said Boisvert. “[...] we are looking forward to see David unleash the potential of the captive model and create a profitable and sustainable company.”
Having first invested in AccuRisk back in 2017, Cayman Islands-based reinsurer Greenlight Capital Re became the largest shareholder in AccuRisk with its investment in 2019. In addition to providing capital for AccuRisk’s expansion plans, Greenlight Re, through its subsidiaries, reinsures business produced by AccuRisk.
