Velocity Risk

Ryan Specialty has agreed to acquire managing general underwriter (MGU) Velocity Risk Underwriters, LLC from its current owner, funds managed by Oaktree Capital Management, L.P. for $525 million, while insurer FM is set to acquire the MGU’s excess and surplus (E&S) lines carrier.

Velocity, the catastrophe exposed property insurance specialist managing general agency (MGA) and holding company operation, has now launched its new E&S carrier Velocity Specialty Insurance Company after securing an A- (Excellent) rating from AM Best.

Velocity Risk Underwriters, the catastrophe exposed property insurance specialist managing general agency (MGA) operation, is set to exit the homeowners insurance marketplace, Artemis has learned.

Velocity Risk Underwriters, a catastrophe exposed property insurance specialist managing general agency (MGA) operation that was originally set up by ILS manager Nephila Capital is set to acquire one of the fronting carriers from State National that had previously been a source of paper for underwritten business that was channelled to Nephila’s funds.

Markel’s sale of the two managing general agent (MGA) platforms that its ILS investment manager Nephila Capital had created and had ownership stakes in has unlocked significant value related to its acquisition of the manager, Co-CEO Richie Whitt explained recently.