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Excess and surplus lines insurer Ategrity Specialty Insurance Co. said Wednesday it has completed the raising of $75 million in capital, led by Boston-based Sequentis Financial LLC.
Sequentis is the direct investment arm of Zimmer Partners LP, a New York-based hedge fund.
Scottsdale, Arizona-based Ategrity began operations in September 2018 with funding from Sequentis Chairman Stuart Zimmer.
Longtime excess and surplus lines insurance executive Mike Miller announced in April that he was forming a startup E&S insurer, Ategrity Specialty Insurance Co. Backed by an as-yet-unnamed investment management professional in New York, the Scottsdale, Arizona-based insurer is in the process of securing a license in Delaware and obtaining a rating from A.M. Best Co. Inc. Over the past few months, Mr. Miller, who spent 20 years at Scottsdale Insurance Co., has been recruiting staff. Key hires include former Scottsdale — now known as Nationwide Excess and Surplus — executives John Goodloe, who will be chief underwriting officer of brokerage business, and Sandy Vertuno, who will be chief underwriting officer of contract underwriting, which is business Ategrity will derive from agents with underwriting authority for the insurer. Mr. Miller recently spoke with Business Insurance Editor Gavin Souter about his plans for Ategrity. Edited excerpts follow.