Nashville, TN, Sept. 28, 2023 (GLOBE NEWSWIRE) -- Velocity HoldCo, LLC (“Velocity”), the holding company for Velocity Risk Underwriters, LLC, Velocity Specialty Insurance Company, and Velocity Claims LLC, and Insight Risk Technologies LLC ("Insight Risk") together announce Velocity’s acquisition of a majority stake in Insight Risk, a leading one-stop loss prevention and risk transfer solution provider for the Builder's Risk market. The acquisition, which closed on September 18th, continues Velocity's strategic expansion and represents their second successful acquisition and first Managing General Agent (“MGA”) acquisition. It also represents a significant advancement for Insight Risk as they work towards expanding their market presence.
“This marks another exciting milestone in fortifying our position as a leader in the E&S property insurance industry by harnessing the incredible talent and innovative capabilities of the Insight Risk team”, said Praveen Reddy, Velocity’s Chief Operating Officer & Head of Business Development. “We believe that Insight Risk is poised for remarkable growth, and Velocity is thrilled to be a part of their journey. The completion of this acquisition of Insight Risk will infuse growth capital and provide additional capacity for Insight Risk and provide Velocity with a new diversifying line of business to its expanding specialty insurance platform."
Insight Risk, a technology-focused Builder's Risk MGA, offers integrated technology and insurance solutions for the Builder's Risk market, operating on both an admitted and non-admitted basis. Insight Risk's pioneering model incorporates Internet of Things (IoT) water damage prevention solutions, sound underwriting practices, and proactive risk management to substantially reduce water damage losses and create value for policyholders.
Chad Hollingsworth, President and Co-Founder of Insight Risk, said, "Insight Risk was founded with the mission to leverage new technologies and datasets to reduce losses and create a better risk management experience for all of our stakeholders. The rapid adoption of our model over the past twelve months proves that there is tremendous opportunity and appetite for our programs. Partnering with Velocity will supercharge our growth and allow us to scale faster to meet demand for our unique approach to underwriting and loss control."
Effective risk management provides critical benefits to the construction industry where property owners, contractors, and developers prioritize safeguarding their investments. Insight Risk offers an innovative model to mitigate and control jobsite risk by complimenting underwriting expertise with deep understanding of construction technology solutions such as a proven means of reducing water damage losses by up to 90% on vertical building projects. Efficient risk transfer and risk mitigation are key hallmarks of both Velocity and Insight Risk’s business operations.
John D. Dempsey, CEO and Co-Founder of Insight Risk, said, "We are thrilled to join the Velocity team and look forward to the many benefits Velocity’s platform will provide as we scale Insight Risk’s Builder’s Risk offerings across the US. The era of technology-enabled risk management has arrived and is here to stay, creating win-win-win opportunities for carriers, brokers, and most importantly, the clients we all serve.”
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About Velocity
Velocity HoldCo., LLC is the holding company for Velocity Risk Underwriters, LLC, a tech-enabled E&S specialty property insurance managing general agent, Velocity Specialty Insurance Company (“VSIC”), a rated E&S insurance carrier licensed in all 50 states, and Velocity Claims LLC, a leading claims management service. The firm has over 140 employees across four U.S. locations: Nashville (headquarters), Atlanta, Birmingham, and Chicago. Velocity adopts a strategic ownership structure, with funds managed by Oaktree Capital Management, L.P. as its majority shareholder, and Markel Corporation and Velocity’s management as its minority shareholders. For more information visit velocityrisk.com.
About Insight Risk
Organized in 2021, Insight Risk currently manages a bundled Builder’s Risk/technology program directed at US middle market Superior construction projects. Currently supported by Munich Re Specialty Insurance and Lancashire (E&S program), and Intact (admitted program) with distribution through MMA, American Global, NFP, AJ Gallagher, Holmes- Murphy, Lockton, and IMA Parker Smith Feek, the company is quoting lead and quota share participations in non-combustible new building and renovation projects ranging in size from $25 million to $400 million. For more information visit insightrisktec.com.
