Investment firm launches MGA Tango Specialty
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Private investment firm Pelican Ventures LLC has announced the creation of managing general agency Tango Specialty, and named a former Ascot Group Ltd. CEO as its president and chairman.
Greg Wolyniec, who most recently served as president and CEO of Ascot Specialty Insurance Co., a subsidiary of Ascot Group Ltd., has been tapped to lead the commercial lines MGA. Bob Deutsch, chairman of Pelican Ventures, will serve as Tango’s chairman. Other Tango board members include Jim Stanard, co-founder of Pelican, and Allan Cohen and Win Hotchkiss, both managing directors at the investment firm.
Tango has also acquired Newtown, Pennsylvania-based V3 Insurance Partners LLC, a specialty workers compensation and commercial property MGA. V3 will continue to operate its divisions under the Tango brand.
Pelican, which focuses on investing in the property/casualty sector, purchased reinsurer Ariel Re Property & Casualty from Argo Group International Holdings Ltd. in November.
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