Concert Group raises $100m
A newly formed business dedicated to insurance fronting, Concert Group Holdings, Inc, has completed its targeted capital raise and received a rating of “A-” (excellent) from AM Best.
Concert has secured $100 million in capital to fund its growth as a US insurance fronting business.
AM Best said: "On a projected basis, Concert’s level of risk-adjusted capitalisation, as measured by Best’s Capital Adequacy Ratio, is categorised as strongest and is supportive of its planned growth initiatives and increased reinsurance utilisation over the next several years."
Concert Group chairman Brady Young said: “Favourable market conditions, as well as pent-up client demand, make this an opportune time to launch a fronting business focused, as Concert is, on superior, responsive client service; expert risk solutions; and low operating costs.
“My founding partners and Concert’s experienced management team bring an established pipeline of quality business and a track record of successfully supporting new insurance businesses. We’re delighted to be on our way to achieving a better experience for clients that need insurance fronting solutions.”
Young is the founder and chief executive officer of Strategic Risk Solutions, the world’s largest independent manager of insurance companies.
Concert’s other founders are Wes Duesenberg Jr, CEO of Southern Insurance Underwriters, and Christopher Collins, CEO/founder of Corinthian Re, in partnership with Century Equity Partners and WT Holdings, Inc.
Concert also unveiled key executives who report to CEO Jonathan Reiss. They are Joe Alberti, chief underwriting officer; Matthew Wagner, chief legal officer; Michael Rybak, chief financial officer; and Darian Ryan, chief credit officer.
Also joining Concert in key management roles are Raymond J. Rocchio Jr, senior vice-president, underwriting; Christopher M. DuCharme, CIC chief operating officer; and Scott Stosek, CIC vice-president and controller.
“This is an exciting point in Concert’s development,” said Mr Reiss. “I’m proud of the team we’ve put together, each of whom has an enviable track record in the insurance industry. We’re all energised by the possibilities that we see for Concert and share a steadfast commitment to providing first-class service to our clients.
“There’s more to come over the next few months, so stay tuned. This includes an E&S platform that will be ready to write business before the end of the year.
“In the meantime, we invite anyone interested in learning more about Concert to visit our website at www.concertgroup.com.”