Specialty re/insurer Vantage Group Holdings Ltd. has taken over an Illinois-based domestic surplus lines insurer licensed in 47 states and renamed it Vantage Risk Specialty Insurance Company, expanding its US business operations.
Throughout Q2, Vantage made numerous senior underwriting appointments within financial lines, healthcare, excess casualty and political risk & credit.
The company launched its US insurance business in May of this year via a strategic partnership with a leading property and casualty insurance carrier which operates across the US.
According to Vantage, that partnership enabled its experienced underwriting teams to issue policies in selected lines of business with full access and authority to highly rated paper in all 50 states.
As we wrote last week, the renamed Vantage Risk Specialty Insurance Company, which builds on its parent’s efforts in the US, has secured an A- (Excellent) AM Best Rating, extending the current A- rating held by Vantage.
On these developments, Vantage’s Chief Executive Officer (CEO), Greg Hendrick, said: “This acquisition is a critical step in developing our U.S. business operations, enabling our teams to underwrite through our own subsidiary. We are very pleased to have our current A- (Excellent) AM Best rating extended to this new Vantage entity. Partnering with a nationally recognized industry leader earlier this year enabled Vantage to immediately enter the U.S. marketplace as we built our U.S. platform.
“This acquisition, coupled with our strategic partner relationship, positions Vantage to provide U.S. insurance protection where it is needed. These transactions continue our planned growth trajectory and reflect our commitment to underwriting business where existing capacity is shrinking, leveraging our opportunity in the Specialty Insurance marketplace.”