Reinsurance News
Velocity Risk Underwriters
Velocity completes sale of VSIC to FM
6th May 2025
FM, a property mutual insurance company, has completed the previously announced acquisition of Velocity Specialty Insurance Company (VSIC) from Velocity HoldCo, LLC (Velocity), the former parent company of VSIC and Velocity Risk Underwriters, LLC (VRU). The transaction follows the earlier sale of VRU to Ryan Specialty, which together represents ... Read the full article
Ryan Specialty completes Velocity Risk acquisition
4th February 2025
Ryan Specialty has completed its previously announced acquisition of Nashville, Tennessee-domiciled Velocity Risk Underwriters, LLC for $525 million from funds managed by Oaktree Capital Management, L.P. The acquisition aims to expand Ryan Specialty’s property catastrophe portfolio as Velocity, a provider of first-party insurance for catastrophe-exposed properties joins the buyer’s Ryan ... Read the full article
Velocity Risk and LSU launch advanced Gulf hurricane forecast model
26th June 2024
Velocity Risk Underwriters has partnered with Louisiana State University (LSU) to develop the "Velocity Risk LSU Gulf Hurricane Outlook" model, the first of its kind to use daily data to predict US hurricane seasonal activity. The model utilises comprehensive daily data, aggregated into whole-season forecasts, and employs a sophisticated Random Forest ... Read the full article
Velocity acquires majority stake in MGA Insight Risk Technologies
2nd October 2023
Velocity HoldCo, LLC, and Insight Risk Technologies LLC have reached an agreement for Velocity to acquire a majority stake in Insight Risk, a one-stop loss prevention and risk transfer solution provider for the Builder's Risk market. The acquisition closed on September 18th as part of Velocity's strategic expansion and represents the ... Read the full article
Velocity Risk accelerates MGA-carrier hybrid strategy, secures AM Best A- Rating
5th July 2023
Velocity HoldCo., LLC, the holding company for Velocity Risk Underwriters, and Velocity Claims LLC, is expanding its business to now include a rated E&S insurance carrier in all 50 US states. The new carrier, Velocity Specialty, which is led by Phil Bowie and Jake Rothfuss, along with majority shareholder Oaktree Capital ... Read the full article
Velocity Risk stops writing all homeowners business
2nd June 2023
Velocity Risk Underwriters, the catastrophe-exposed property insurance specialist managing general agency (MGA) operation, is set to exit the homeowners insurance marketplace. Effective May 26th, Velocity Risk Underwriters has ceased writing new homeowners insurance business and has begun the process of exiting all of its homeowner programs, our sister publication Artemis ... Read the full article
Markel’s State National selling insurer front ISIC to Velocity Risk
30th May 2023
State National, the Markel owned program and fronting specialist is selling one of the shell insurance companies it has used for certain catastrophe exposed programs to managing general agent (MGA) and cat underwriting specialist Velocity Risk. Velocity Risk was already writing most of its business via an AM Best non-admitted and ... Read the full article
Velocity Risk MGA majority stake sold to Oaktree by Nephila
28th December 2021
Nephila Capital, the Markel-owned and largest insurance-linked securities (ILS) fund manager in the market today, has sold a majority shareholding in its managing general agency (MGA) Velocity Risk to private equity and alternatives investor Oaktree Capital Management. Funds under Oaktree's management have acquired the majority of the MGA, leaving Nephila Capital ... Read the full article
Velocity Risk Underwriters expands offering to North Carolina & New York
3rd April 2019
Coastal-focused property insurer, Velocity Risk Underwriters, LLC, recently announced the expansion of its home insurance offerings to provide homeowners policies in both North Carolina and New York. The firm is licenced in 50 states as a general agency and underwrites property programs via A rated carriers. In the aftermath of hurricane Harvey and ... Read the full article
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