Insurance fronting business Concert Group Holdings has completed its targeted capital raise of US$100 million and received a rating of “A-” (Excellent) from A.M. Best.
Explaining the rating, A.M. Best says: “On a projected basis, Concert’s level of risk-adjusted capitalisation, as measured by Best’s Capital Adequacy Ratio, is categorised as strongest and is supportive of its planned growth initiatives and increased reinsurance utilisation over the next several years.”
The capital raise was intended for Concert’s growth as a US insurance fronting company.
Launched in June this year, Concert was founded to offer insurance fronting and related services in the US through its wholly-owned subsidiary Concert Insurance Company (CIC).
CIC aims to address the lack of long-term commitment to partnership between clients and reinsurers in the captive and programme markets through underwriting and onboarding (including due diligence and technology investment) to access both new and existing captive opportunities.
Brady Young, chairman of Concert, comments: “Favourable 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 are delighted to be on our way to achieving a better experience for clients that need insurance fronting solutions.”
Concert also named key executives who will report to CEO Jonathan Reiss: chief underwriting officer Joe Alberti; chief legal officer Matthew Wagner; chief financial officer Michael Rybak; and chief credit officer Darian Ryan.
Reiss says: “I am proud of the team we have put together, each of whom has an enviable track record in the insurance industry. We are all energised by the possibilities that we see for Concert and share a steadfast commitment to providing first-class service to our clients.”
