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Sources said the MGA secured support from MS Transverse, Axis, AmTrust and Summit for TL business. -
The program will offer limits up to $5mn.
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Regilio will lead a sales team to “expand market share and forge strategic partnerships”.
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The homeowners’ MGA CEO said the wildfires could spur a re-evaluation of models.
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Sources said that the new paper is replacing PartnerRe capacity that was backing the MGA.
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The company will now focus on growing its E&S and InsurSec offerings.
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The review follows Velocity’s acquisition by FM Group.
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Flatt will remain on the company’s board of directors.
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The deal comes around three years after Markel sold a controlling interest in Velocity for $181.3mn.
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Former COO Jack Falvey’s appointment as CEO was reported last August.
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The transaction comes after Kestrel explored a deal last quarter to raise ~$150mn of capital.
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The MGA will become part of binding authority unit Amwins Access.
