Vantage acquires US-based surplus lines insurer to expand US presence
Vantage Group Holdings, the specialty re/insurance group that launched in 2020, has acquired an Illinois-domiciled domestic surplus lines insurance company that is licensed in 47 states.
Vantage has renamed the acquired business to Vantage Risk Specialty Insurance Company (VRS). VRS has secured an A- (excellent) AM Best rating, extending the current A- rating held by Vantage.
Vantage initially launched its US insurance business in May 2021 by entering into a strategic partnership with a leading property and casualty insurance carrier operating across the US. That partnership allowed Vantage to issue policies in selected lines of business with full access and authority to highly rated paper in all 50 states.
Greg Hendrick, chief executive officer at Vantage, said the acquisition is a critical step in developing Vantage’s US business operations, enabling it to underwrite through its own subsidiary.
“Partnering with a nationally recognised industry leader earlier this year enabled Vantage to immediately enter the US marketplace as we built our US platform,” he said. “This acquisition, coupled with our strategic partner relationship, positions Vantage to provide US insurance protection where it is needed. These transactions continue our planned growth trajectory and reflect our commitment to underwriting business where existing capacity is shrinking, leveraging our opportunity in the Specialty Insurance marketplace.”
Vantage began writing reinsurance risk on January 1, 2021 through its Bermuda Class 4 company, Vantage Risk. It initially wrote property catastrophe and specialty reinsurance products, before expanded its offering to include financial lines, healthcare and excess casualty insurance products.
It has also launched AdVantage Retro I, a collateralised reinsurer established to allow investors to partner with Vantage Risk to access selected reinsurance risks. It has also sponsored its first catastrophe bond, issued by Bermuda special purpose insurer Vista Re.