Protecdiv, CAC Speciality reveal major placement deal in tough market
US-based property/casualty re/insurance broker Protecdiv has completed a procurement and placement deal in partnership with fellow brokerage CAC Speciality.
Under the deal, the two brokers led the procurement and placement of Maquia Capital's directors’ & officers’ (D&O) business. They helped Maquia navigate a toughening market for Special purpose acquisition companies (SPACs) and were able to procure coverage placed focused on D&O, fiduciary, crime, kidnap & ransom, and cyber.
In December 2020, Maquia, a Miami-based financial group, announced plans to launch a SPAC for the acquisition of growth-oriented technology companies, capitalising on its position in the country's investment market.
The project was a part of Protecdiv and CAC Specialty's co-brokering partnership, which was first launched in May 2020.
Kael Coleman, founder and chief executive officer of Protecdiv, said: “It is great to announce Protecdiv’s third deal in as many months with established market leader Maquia Capital. The SPAC market is undergoing challenging market conditions and it was important that Maquia Capital had the confidence in its brokers to support it as the company launched its SPAC.”
Jeff Ransdell, chief executive officer of Maquia Capital, commented: “ Protecdiv and their team were instrumental in helping us navigate a tough time for a SPAC launch, I was impressed by their organisation and their mission to create a more modern and responsive broker. Supplier diversity is an important to us at Maquia Capital working with Protecdiv has enabled us to turn words into actions, while working with a highly experienced and knowledgeable team.”
Guillermo Cruz, chief operating officer of Maquia Capital, added: “Working with Protecdiv and CAC Specialty was a seamless experience, and they provided my team with expert advice on navigating a tough market. They were with us every step of the way offering advice and insights with the breadth of market understanding needed to place such an important line of business.
“The team was able to navigate the current difficult markets conditions effortlessly and bring the entire project in under budget. Working with Protecdiv helped us to be in front of the changing market and provided a much-needed fresh perspective to the industry.”
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