Jonathan Reiss, Brady Young, Concert Group Holdings
Concert Group has launched an excess and surplus lines carrier, Concert Specialty Insurance, domiciled in Montana. It joins the group’s other subsidiary Concert Insurance Company, an Illinois-domiciled property and casualty business.
Concert Group was set up by cofounders including Brady Young, founder and chief executive officer of Strategic Risk Solutions. It aims to cater for captives and programmes underserved by traditional players.
Both the subsidiaries have received “A-” (Excellent) ratings from AM Best. “As the management team has extensive relationships in the reinsurance and insurance-linked securities (ILS) markets, AM Best expects CSIC’s reinsurance panel to be well-balanced between the traditionally rated market and fully collateralized reinsurance market, as well as being highly diversified,” the ratings agency noted.
“With both an admitted and an E&S carrier, we now have the ability to write business on a broad basis, offering a full range of risk solutions to our clients,” said chief executive officer Jonathan Reiss.
“Concert Specialty nicely complements our admitted platform, Concert Insurance, and offers a targeted approach that supports the captive and program administrator marketplaces.
“Our experienced team can deliver creative, customized solutions to MGAs, program administrators, captive managers and reinsurance partners, helping them serve customers and clients with evolving, hard-to-place risks.”
The launch follows the group’s announcement in October that it had secured $100 million in capital to fund its growth as a US insurance fronting business.
Young and cofounders Wes Duesenberg, CEO of Southern Insurance Underwriters and Christopher Collins, CEO and founder of Corinthian Re, launched Concert Group in June.
Concert Group Holdings, Investment & Funds, E&S, Insurance, Reinsurance, Jonathan Reiss, North America