Santa Ana, CA, June 08, 2021 (GLOBE NEWSWIRE) -- Scottish American announced today that it acquired Fastcomp of Boston Heights, OH on June 1, 2021. Terms of the transaction were not disclosed.
Fastcomp was created in 1998 by an experienced team of insurance underwriting professionals to provide Independent Agents with the opportunity to unbundle and place monoline workers’ compensation coverage profitably. They conceived a process that could bring Independent Agents together with major carriers in a mutually profitable way—by matching exposures to carriers interested in writing those risks. Fastcomp created a proprietary platform to streamline the selection and processing of many risks and transform Agent efficiency. Today’s Fastcomp is the ultimate expression of that process, giving Agents a singular competitive advantage in writing monoline workers’ comp.
“Fastcomp has fundamentally changed the way Agents write and renew workers’ comp,” says John Valko, Fastcomp Founder and CEO. “Since its founding, Fastcomp has focused exclusively on online work comp for Independent Agents.”
“We are pleased that Fastcomp has joined Scottish American, “ says Paul Thomson, Founder, Scottish American. “As the workers’ comp market has evolved, so too has Fastcomp—using technology that makes Agents more efficient, and I am confident they will be a good addition to our team.”
Giordano, Halleran & Ciesla provided legal counsel to Scottish American. Alvarez & Marsal provided financial diligence, and Filament AI provided technological diligence. Stark & Knoll Co. provided legal counsel to Fastcomp and MarshBerry advised them on the transaction. No other advisors, diligence firms or legal counsel were disclosed.
About Scottish American
Scottish American was founded in 2009 by Scotsman Paul Thomson. It grew out of an investment fund focused on acquiring and managing insurance distribution businesses. The company takes pride in its unconventional, producer-led culture. Teamwork is exemplified by lack of official titles and and entirely flat organizational structure. Responsibility isn’t delegated, it’s taken. Scottish American works with a long list of carriers in both admitted and non-admitted markets on the East and West Coasts, as well as in Texas. For more information, please visit www.scottishamerican.com.