Venbrook buys construction risks MGA to expand specialty underwriting
Insurance brokerage Venbrook Group has acquired a US-based managing general agent (MGA) serving the excess & surplus (E&S) wholesale market to expand its portfolio of specialty underwriting programmes.
Venbrook has purchased Georgia-based Alpharetta Underwriters, which provides tailored E&S solutions to the construction industry.
The acquisition will bolster Venbrook’s growing portfolio of E&S programmes, which currently includes MGAs ComStar General Insurance Solutions and REAPA (commercial real estate) and Cardigan General (commercial transportation).
Jason Turner, Venbrook founder and chief executive officer, said: “Peter Bishop and the Alpharetta team have established a truly exceptional franchise in just a few years since the company’s exception. They have built an outstanding reputation in the E&S wholesale market as the underwriters of choice for complex and challenging construction and contractor’s risks. They provide responsive, creative, and effective risk solutions that are second to none in an increasingly complex and risky business environment. We could not be more excited to partner with Alpharetta in the years to come.”
Bishop, president and chief executive officer of Alpharetta, said: “We’re thrilled to join Jason and the outstanding team at Venbrook. We are impressed with the unique and growing platform that Venbrook has built around specialty underwriting programmes as well as their retail, wholesale and claims service operations. They are the perfect partners to help us take Alpharetta to the next level in this next phase of our growth. Meanwhile, we look forward to continuing to provide the targeted, high-quality insurance solutions and client-centric service that our insured clients and wholesale partners have come to appreciate and expect from us.”
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