Fronting insurer raises $100M in capital
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Fronting insurer Concert Group Holdings Inc. said Wednesday it has completed its targeted capital raise of $100 million.
The Chicago-based company, whose operations include Concert Insurance Co., reflects a combination of a group of captive management and insurance executives that teamed with a private equity investor and an insurance holding company, which was announced in June.
Concert Group chairman Brady Young, who is the founder and chief executive officer of a member of the group, captive management firm Strategic Risk Solutions Inc., said in a statement that favorable market conditions and pent-up demand make this an “opportune time” to introduce a fronting business.
Concert will have a highly diversified portfolio with a focus more on casualty lines and generally low-severity, high-frequency lines, a spokeswoman said in a statement.
SRS is the world’s fourth-largest captive management company, according to Business Insurance’s most recent ranking.
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US fronting insurer launched
A group of captive management and insurance executives has teamed with a private equity investor and an insurance holding company to launch fronting insurer Concert Group Holdings Inc.
