Insurance industry veterans launch new fronting carrier
Concert Group Holding Inc, a newly formed business dedicated to insurance fronting, has announced that it has secured agreement to raise additional capital from its founders.
One of the founders is Brady Young, founder and chief executive officer of Strategic Risk Solutions, a global independent insurance company manager that has offices in Bermuda.
The other founders of Concert are Wes Duesenberg Jr, CEO of Southern Insurance Underwriters, and Christopher Collins, CEO and founder of Corinthian Re, in partnership with Century Equity Partners and WT Holdings Inc.
Concert will provide access to the US insurance market for both traditional products and alternative risk transfer structures. It offers insurance fronting and related services.
Concert has completed the acquisition of CEM Insurance Company, which will serve as one of the growth platforms for its operations. CEM Insurance Company has been renamed Concert Insurance Company and is a licensed admitted insurer domiciled in Illinois.
Oppenheimer & Co served as exclusive financial adviser to Concert. Morris, Manning & Martin, LLP was legal adviser to Concert, and Foley & Lardner LLP acted as lead counsel to the investors.