Houston-based property-focused MGU CrossCover has announced that it has completed a management buy-out with support from private equity firm, Gallatin Point.
Following the buy-out, CrossCover stated that it expects to see accelerated growth within its existing middle-market E&S business, as well as through additional products that will be introduced to the market in the future.
Scott Hanson, President and Chief Executive Officer of CrossCover, said: “Our mission has never changed, it is to leverage CAT capacity to write E&S risks around the country. This lowers our carriers’ volatility associated with catastrophe perils, reducing their reinsurance costs, while attaining top-tier returns. We achieve alignment of interests for all participants by offering equity to talented and confident underwriters, then tying CrossCover’s bottom line to the results we deliver to our panel of insurers and reinsurers.
“The transaction that we’ve just completed, along with the expanding relationship with our carriers and producers, demonstrates the strength of the model. We thank Gallatin Point for their investment into the future of CrossCover.”
Matthew Botein, Co-founder and Managing Partner of Gallatin Point, commented: “We were attracted to CrossCover by the unique combination of entrepreneurial approach along with deep underwriting experience and commitment. We’re very happy to partner with Scott Hanson and the CrossCover team.”
CrossCover was launched in 2020 in partnership with Orchid Underwriters Agency.
