The Schinnerer Group has entered an agreement to acquire International Catastrophe Insurance Managers, LLC (ICAT), a managing general agent for property catastrophe insurance, from the Paraline Group.
ICAT is headquartered in Colorado and operates in all U.S. States through agents and wholesale brokers with a focus on the property catastrophe market.
The transaction is expected to close in the third-quarter of 2017, but the terms of the deal are yet to be disclosed.
ICAT’s claims and third party administrator capabilities provided through its subsidiary, Boulder Claims, are expected to enhance services to Schinnerer’s clients in the future.
Christopher Schaper, Chief Executive Officer (CEO) of The Schinnerer Group, said the insurance market for catastrophe-exposed small commercial property is underserved with opportunity for expansion.
He added that ICAT’s highly automated and efficient underwriting platform will deliver “integrated and seamless value,” complementing Schinnerer’s existing services and solutions for middle market, small commercial and residential clients.
Gregory Butler, CEO of ICAT, said; “We are excited about the strategic value for our customers and the additional opportunities for the ICAT team by joining The Schinnerer Group. The success we have achieved over the past few years reflects our passion to deliver industry-leading products and solutions to homeowners and business owners around the country.
“Not only does this focus remain unchanged, but our new relationship with Schinnerer allows us to continue providing our broker relationships with a growing suite of innovative solutions for their customers’ catastrophe needs.”
Upon completion of the transaction, ICAT will retain its strong relationship with Syndicate 4242 at Lloyd’s, its associated Special Purpose Arrangement 6123 and a number of other leading insurance carriers.
Bruce Schnitzer, Chairman of Paraline, commented; “We are confident that ICAT will fit well with the Schinnerer organization as both have a proud history of growth and disciplined underwriting that has produced excellent results for a stable group of capacity providers.
“We have the highest regard for the ICAT leadership team and staff, who have been wonderful partners with us over the seven years of our joint ownership.
“And, we are very much looking forward to continuing the long-standing strategic relationship between ICAT and our Syndicate 4242 at Lloyd’s.”