Vistria buys Dallas-based MGA Lumen Holdings

US backstage concern steadfast the Vistria Group (Vistria) has acquired Dallas-based managing wide cause (MGA) Lumen Holdings.

The acquisition, the fiscal presumption of which were not disclosed, creates a caller level wrong Vistria’s Financial Services strategy.

Founded successful 2019, Lumen underwrites builders’ risk, commercialized wide liability, commercialized property, homeowners, idiosyncratic car and umbrella products crossed much than 30 US states.

The institution works done a nationwide web of wholesale and retail broker partners and has launched aggregate de novo programmes.

At the halfway of Lumen’s operations is its proprietary KURRENT platform, a integer underwriting and organisation system.

It supports endorsements, argumentation issuance, real-time portfolio analytics, renewals, submission intake and underwriter communication.

The level has precocious been extended with further integer functionality for idiosyncratic lines.

Lumen laminitis and CEO Scott Whitaker said: “I americium incredibly excited to spouse with Boris, Mike and the Vistria team. Their condemnation successful what we are gathering astatine Lumen and the worth MGAs bring to the marketplace aligns perfectly with our strategy: to proceed gathering a best-in-class, diversified MGA focused connected beardown underwriting show and supported by cutting-edge technology.”

Following the transaction, Albert Benchimol, erstwhile CEO of AXIS Capital; Mark Smith, erstwhile president of K2 Insurance Services; and Brian McDermott, erstwhile main accusation serviceman astatine Victor Insurance, volition articulation Lumen’s board.

Vistria said the acquisition follows respective years of enactment examining changes successful the specialty MGA market, arsenic insurers progressively crook to specialised, technology-enabled underwriting partners.

Vistria Group fiscal services elder spouse and co-head Boris Rapoport added: “A cardinal portion of Vistria's Financial Services strategy is focused connected partnering successful essential, regulated markets wherever expertise and infrastructure thrust performance, and this concern reflects respective years of enactment astir the improvement of the specialty MGA market.”

"Vistria buys Dallas-based MGA Lumen Holdings" was primitively created and published by Life Insurance International, a GlobalData owned brand.

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