New fronting company launches E&S carrier after $100m capital raise

Concert Group Holdings, a  newly formed business dedicated to insurance fronting, has launched an excess and surplus (E&S) lines carrier after it had secured $100 million in capital to fund its growth in the US.

Based in Montana, Concert Specialty Insurance Company (CSIC) joins Concert Insurance Company, the group’s Illinois-domiciled property and casualty operations, with the two companies operating under the Concert umbrella.

Both have received an “A-” (Excellent) rating from AM Best, which noted in a press release on Tuesday, December 14 that “as the management team has extensive relationships in the reinsurance and insurance-linked securities (ILS) markets, AM Best expects CSIC’s reinsurance panel to be well-balanced between the traditionally rated market and fully collateralised reinsurance market, as well as being highly diversified.”

Concert Group chief executive officer Jonathan Reiss (pictured), said: “We formed Concert to provide a higher level of client focus and responsiveness to captive and programme clients that have been underserved. With both an admitted and an E&S carrier, we now have the ability to write business on a broad basis, offering a full range of risk solutions to our clients.

“ Concert Specialty nicely complements our admitted platform, Concert Insurance, and offers a targeted approach that supports the captive and program administrator marketplaces. Our experienced team can deliver creative, customised solutions to MGAs, programme administrators, captive managers and reinsurance partners, helping them serve customers and clients with evolving, hard-to-place risks.”

Did you get value from this story?  Sign up to our free daily newsletters and get stories like this sent straight to your inbox.