Vantage takes 'critical step' in US expansion strategy
Specialty re/insurance group Vantage Group Holdings has acquired an Illinois-domiciled surplus lines insurance company licensed in 47 states as it looks to further expand its operations in the US marketplace.
Greg Hendrick, chief executive officer at Vantage, said the acquisition is a "critical step" in developing Vantage’s US business operations, enabling it to underwrite through its own subsidiary.
Vantage has renamed the acquired business to Vantage Risk Specialty Insurance Company (VRS), which has secured an A- (excellent) AM Best rating, extending the current A- rating held by Vantage.
Vantage initially launched its US insurance business in May 2021 by entering into a strategic partnership with a leading property and casualty insurance carrier operating across the US. That partnership allowed Vantage to issue policies in selected lines of business with full access and authority to highly rated paper in all 50 states.
“Partnering with a nationally recognised industry leader earlier this year enabled Vantage to immediately enter the US marketplace as we built our US platform,” said Hendrick. “This acquisition, coupled with our strategic partner relationship, positions Vantage to provide US insurance protection where it is needed. These transactions continue our planned growth trajectory and reflect our commitment to underwriting business where existing capacity is shrinking, leveraging our opportunity in the Specialty Insurance marketplace.”
Vantage began writing reinsurance risk on January 1, 2021 through its Bermuda Class 4 company, Vantage Risk. It initially wrote property catastrophe and specialty reinsurance products, before expanding its offering to include financial lines, healthcare and excess casualty insurance products.
It has also launched AdVantage Retro I, a collateralised reinsurer established to allow investors to partner with Vantage Risk to access selected reinsurance risks. It has also sponsored its first catastrophe bond, issued by Bermuda special purpose insurer Vista Re.
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