Reinsurance News

KKR to buy majority stake in Integrated Specialty Coverages

8th March 2021 - Author: Charlie Wood

Multi-line insurance distributor Integrated Specialty Coverages (ISC) is set to be acquired by global investment firm KKR, following Sightway Capital’s decision to sell its majority position in the company.

Sightway Capital, a Two Sigma private equity business, will continue holding a stake in the company as a minority shareholder. Financial terms of the transaction were not disclosed.

Matt Grossberg will continue in his role as Chief Executive Officer and the ISC management team will also remain in place.

ISC was founded in 2017 to connect a growing network of insurance markets and retail/wholesale distribution channels through artificial intelligence, proprietary technology and data analytics to deliver customized insurance programs for agents, brokers, carriers and reinsurers.

The Company partnered with Sightway Capital in 2018 to further scale its technology platform and expand its suite of end-to-end insurance products.

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ISC currently writes around $300 million of specialty premium annually across a number of industries, including property, construction, transportation, and hospitality.

“The insurance model is expanding and evolving. Speed, flexibility and technology are rapidly becoming ‘must-have’ capabilities,” said Grossberg.

“ISC combines those attributes with the tried-and-true traditional areas of focus such as personal relationships, solid underwriting and loyal dedication to our partners.

“Our team is glad to be a contributor to the ongoing technology evolution in the insurance industry and is proud of the success our platform and our industry partners have experienced.

“We are thankful for the close partnership with Sightway Capital and look forward to our next phase of growth with KKR as we continue to build great insurance products and bring our technology to bear across new verticals.”

“ISC stands out within the specialty insurance market because of its innovative technology platform, thoughtful product design and deep relationships across the value chain,” said Chris Harrington, KKR Partner who leads KKR’s Financial Services investment team.

“We are thrilled to be working with Matt and ISC’s talented team as they continue to build on their mission of delivering technology-enabled insurance solutions to more customers and new end markets.”

“Just a few years ago, we partnered with Matt and the ISC team with the goal of building a market-leading insurtech business and we are incredibly proud of the success the Company has achieved in a short period of time,” said Michael Gross, Co-Head of Investments at Sightway Capital.

“ISC is an investment consistent with our defined strategy of identifying promising businesses that have the potential to succeed through the creation and implementation of differentiated technology and data insights. ISC is well-positioned in the evolving insurtech industry. We continue to believe in the business and its growth prospects and look forward to the Company’s future success.”

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