Trean And Beat Partner Up In Surplus Lines Market
Trean And Beat Partner Up In Surplus Lines Market
In the market for surplus lines insurance, Trean Insurance Group and Beat Capital Partners Americas, a long-term investor with a focus on the insurance sector, have partnered.
Trean will sell E&S products through its exclusive cooperation with Beat via its subsidiary, Benchmark Specialty, claims a statement. This will be Trean’s first engagement in the sizable non-admitted insurance underwriting sector.
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Newly created Beat-backed agencies will, in turn, have access to Trean’s claims, underwriting, and operational skills as well as Benchmark Specialty’s A.M. Best “A” rated paper.
Last December, Benchmark Specialty was established.
Trean And Beat Partner Up In Surplus Lines Market
Julie Baron, chief executive officer of Trean, said: “I am excited that Trean and Beat will work closely together as Beat grows its presence in the U.S. Given Beat’s experience establishing and running specialty programs and Trean’s long history of supporting top-quality MGAs, this partnership creates a powerful combination and will contribute to Trean’s ability to achieve its long-term goals.”
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Barron acceded to her current role earlier this month when then-CEO Andrew O’Brien joined the Board as its executive chairman.
John Cavanagh, co-founder of Beat, said, “I have known the Trean leadership team for decades and am incredibly pleased to partner with them as we accelerate Beat’s expansion in the U.S. The ability for Beat-backed U.S. businesses to exclusively access ‘A’ rated paper, provided by a proven company with an exceptionally experienced management team, is another reason I am thrilled with Beat’s offering in the U.S. for entrepreneurial underwriters.”
Last year, Trean Insurance Group reported gross written premiums (GWP) of $156.6m for the second quarter of 2021, compared to $109.6m for the same prior year period.
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