US fronting insurer launched
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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.
Brady Young, CEO of captive management firm Strategic Risk Solutions Inc., Wes Duesenberg Jr., CEO of managing general agent Southern Insurance Underwriters Inc. and Christopher Collins, CEO of Corinthian Re, a Cayman Islands-based reinsurer managed by SRS, partnered with Century Equity Partners and WT Holdings Inc. on the deal, according to a statement by Chicago-based Concert.
Concert, which bought and renamed CEM Insurance Co., a specialty insurer that started as a syndicate on the defunct Illinois Insurance Exchange, will offer access to the U.S. insurance market for traditional and alternative risk transfer structures, the statement said.
Century Equity is a Boston-based private equity firm and WT Holdings is a privately owned insurance holding company in Memphis.
SRS is the world’s fourth largest captive management company, according to Business Insurance’s most recent ranking.
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