Concert Group launches E&S carrier

Concert Group, Brady Young’s  new fronting business, has launched an excess and surplus lines carrier. Domiciled in Montana, Concert Specialty Insurance joins the company’s existing subsidiary Illinois-domiciled property and casualty business Concert Insurance Company.

Both have received “A-” (Excellent) ratings from AM Best. “As the management team has extensive relationships in the reinsurance and insurance-linked securities (ILS) markets, AM Best expects CSIC’s reinsurance panel to be well-balanced between the traditionally rated market and fully collateralised reinsurance market, as well as being highly diversified,” the ratings agency noted.

Concert Specialty joins Concert Insurance Company, the group’s Illinois-domiciled property and casualty operations, as the two companies doing business under the Concert umbrella.

“We formed Concert to provide a higher level of client focus and responsiveness to captive and program clients that have been underserved,” said chief executive officer Jonathan Reiss. “With both an admitted and an E&S carrier, we now have the ability to write business on a broad basis, offering a full range of risk solutions to our clients.

“Concert Specialty nicely complements our admitted platform, Concert Insurance, and offers a targeted approach that supports the captive and program administrator marketplaces.

“Our experienced team can deliver creative, customised solutions to MGAs, program administrators, captive managers and reinsurance partners, helping them serve customers and clients with evolving, hard-to-place risks.”

Young, who is founder and chief executive officer of Strategic Risk Solutions, which has offices in Bermuda, launched Concert Group in June this year with cofounders Wes Duesenberg, CEO of Southern Insurance Underwriters and Christopher Collins, CEO and founder of Corinthian Re. In October, the group announced it had secured $100 million in capital to grow as a US insurance fronting business.