Nashville, TN, Feb. 01, 2022 (GLOBE NEWSWIRE) -- Velocity Risk Underwriters, LLC (“Velocity Risk”), a catastrophe-focused property and specialty insurance risks managing general agent (“MGA”), has closed the previously announced acquisition by funds managed by Oaktree Capital Management, L.P. (“Oaktree”), a leading global investment manager specializing in alternative investments. The transaction was finalized on February 1. Details of the agreement will not be disclosed.
For a copy of the previous news release click here.
Evercore served as sole financial adviser to Velocity Risk and Willkie Farr & Gallagher LLP served as legal counsel to Velocity Risk. TigerRisk Capital Markets & Advisory served as exclusive financial advisor to Oaktree and Debevoise & Plimpton LLP served as legal counsel to Oaktree.
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About Velocity Risk Underwriters, LLC
Velocity Risk is committed to coastal customers, offering property coverage to homes and businesses most at risk from severe storms and other catastrophes. Velocity Risk is licensed in 50 states as a general agency and underwrites property programs through A.M. Best “A” rated carriers. Some products may only be available in certain states, and some products may only be available from surplus lines insurers. For more information visit www.velocityrisk.com.
About Oaktree
Oaktree is a leader among global investment managers specializing in alternative investments, with $166 billion in assets under management as of December 31, 2021. The firm emphasizes an opportunistic, value-oriented and risk-controlled approach to investments in credit, private equity, real assets and listed equities. The firm has over 1,000 employees and offices in 19 cities worldwide. For additional information, please visit Oaktree’s website at http://www.oaktreecapital.com/.
