Alternative risk specialty insurance services and programme management firm BevCap Management has acquired Dealer Risk Services (DRS), based in Indialantic, Florida.
BevCap is a subsidiary of Beyond Risk Management, an independent alternative risk insurance company with combined expertise in property and casualty management, employee benefits and captive management.
The firm provides programme management services, distribution, underwriting and risk management services by acting as a captive programme manager and as a managing underwriter.
DRS administers alternative risk insurance solutions to the auto dealer industry, including customised captive solutions.
Commenting on the acquisition, Lance Abbott, founder and CEO of BevCap, says: “This is an exciting vertical for BevCap Management and adds an exceptional group captive programme to our team.
“Dealer Management Group has many similarities with BevCap Captive Group, which we have managed since inception. Both captives are led by family-owned, often multigenerational, business owners that have a long-term vision for their business and the captive programmes they are building”
Steve Gibson, founder and president of DRS, adds: “By joining forces with BevCap, we are able to expand our platform to deepen our offerings with expanded resources behind us. Combining our talent in the disciplines of captive insurance programme management, underwriting, claims and reinsurance with BevCap will allow us to continue to evolve the customised solutions we offer our clients and broker partners.”
He continues: “We are excited about this partnership with Lance and the BevCap team and the opportunity that the future holds being a part of BevCap and the Beyond Risk family.”
