Wholesaler buys New York-based MGU

Wholesaler Socius Insurance Services Inc. on Wednesday said it has acquired managing general underwriter Kelly Underwriting Services LLC.

Terms of the transaction were not disclosed.

Farmingdale, New York-based Kelly provides underwriting for professional liability risks and manages four insurance product programs, a statement said.

The MGU will continue to be led by founding Principal and President Tom Nash and will operate its dedicated underwriting platform independently of Socius, the statement said. Its website shows four employees.

Headquartered in San Francisco, Socius was founded in 1997 and has more than 100 employees. It is privately held with financial backing by Abry Partners LLC in Boston.