Publications

On May 8, 2025, Optio, a leading international specialty MGA group, announced the acquisition of UK-based MGA Custodian Management Ltd, a highly respected professional indemnity and management liability specialist.

On May 1, 2025, CRC Group announced its acquisition of ARC Excess & Surplus, LLC from certain funds managed by Stone Point Capital LLC. ARC meaningfully strengthens CRC’s specialty capabilities, placing over $1bn in annual premium, focused on management and professional liability.

On April 15th, 2025, Patriot Select Property & Casualty Insurance Company (“Patriot”) announced that it is entering the residential property insurance market in Florida and has raised capital in the form of promissory notes and surplus notes (collectively, the “Notes”) from a consortium of institutional investors, individual investors and strategic partners. Additionally, Patriot expects to obtain a financial strength rating acceptable to all mortgage markets in Q2 2025.

On March 26th, 2025, The Baldwin Insurance Group, Inc. (“Baldwin”) announced that, in connection with the anticipated launch of its debut Baldwin-sponsored reciprocal insurance exchange, Builder Reciprocal Insurance Exchange (“BRIE”), BRIE has entered into a note purchase agreement to raise $110 million of surplus financing through the issuance of surplus note debentures (the “Notes”). $95 million of the Notes will be funded by an affiliate of Gallatin Point Capital LLC (“Gallatin Point”), with the remainder funded by affiliates of Baldwin.

On March 3, 2025, Optio Group, an independent specialty MGA, announced the acquisition of Norwegian-based MGA S Insurance AS.
The transaction is a further strategically significant step for Optio in creating a diversified buy-and-build platform through the acquisition of high-quality, niche speciality MGAs across Europe. It follows Optio’s acquisitions of Netherlands and-Brussels based MGA Den Hartigh and Luxembourg-based Circles Group and its strategic investment in Italian MGA, Heca S.r.l.

On January 7th, 2025, Ryan Specialty (“Ryan”) announced it signed definitive agreements to acquire Velocity Risk Underwriters, LLC (“VRU”). VRU is a leading managing general underwriter, founded in 2015 and based in Nashville, TN, that provides first-party insurance coverage for catastrophe exposed properties (named storm, earthquake, and tornado and hail). Ryan has an implied market capitalization of ~$16.2bn (as of January 6th, 2025) and acts as a wholesale broker and a managing underwriter with delegated authority from carriers. VRU is to be acquired by Ryan for an upfront cash consideration of $525m.

On December 30, 2024, Maiden Holdings, Ltd. (“Maiden”), a Bermuda-based leader specializing in legacy services and finality solutions for the insurance and financial services industries, announced the combination with Kestrel Group LLC (“Kestrel”), a Dallas and Austin, TX, based strategic entity created to service program managers, MGAs, reinsurers and reinsurance brokers.

On December 12th, 2024, ATRI Insurance Services, LLC (“ATRI”), an MGA specializing in management and professional liability programs, completed the sale of its business to Platinum Specialty Underwriters, LLC.

On October 30, 2024, Ryan Specialty, a leading international specialty insurance services firm, announced the intent to acquire Innovisk Capital Partners, an international organization with a diverse, non-correlated portfolio of seven highly regarded specialty MGUs.