Brady’s Concert Group gets AM Best rating
Concert Group Holdings, the new US fronting business launched by industry veteran Brady Young has completed its targeted capital raise and received a rating of “A-” (Excellent) from A.M. Best, it announced on Wednesday.
Concert secured $100 million in capital to fund its growth as a US insurance fronting business.
"On a projected basis, Concert’s level of risk-adjusted capitalization, as measured by Best’s Capital Adequacy Ratio (BCAR), is categorized as strongest and is supportive of its planned growth initiatives and increased reinsurance utilization over the next several years," the rating agency reported.
Young said: “Favorable market conditions, as well as pent-up client demand, make this an opportune time to launch a fronting business focused, as Concert is, on superior, responsive client service; expert risk solutions; and low operating costs.
“My founding partners and Concert’s experienced management team bring an established pipeline of quality business and a track record of successfully supporting new insurance businesses. We’re delighted to be on our way to achieving a better experience for clients that need insurance fronting solutions.”
Young, who is founder and chief executive officer of Strategic Risk Solutions, launched Concert in June with cofounders Wes Duesenberg, CEO of Southern Insurance Underwriters and Christopher Collins, CEO and founder of Corinthian Re. It also has backing from Century Equity Partners and WT Holdings. It’s led by chief executive officer Jonathan Reiss.
He said: “This is an exciting point in Concert’s development,” said Reiss. “I’m proud of the team we’ve put together, each of whom has an enviable track record in the insurance industry. We’re all energized by the possibilities that we see for Concert and share a steadfast commitment to providing first-class service to our clients.
He also promised “more to come” in the next few months, including an excess and surplus lines platform ready to write business before the end of the year.