Independent managing general agency and program manager, Tangram Insurance Services, Inc., has acquired Preferred Reinsurance Intermediaries, marking its expansion into the reinsurance brokerage market.
Founded in 1983, Preferred Re is a reinsurance broker and consultant working with companies of all sizes. The company has three main practice areas: traditional reinsurance placements, specialty insurance program development for MGAs and MGUs, and sourcing capacity for alternative risk entities.
Rekha Skantharaja, President and Chief Executive Officer, Tangram Insurance Services, commented on the acquisition: “This was an important and exciting platform acquisition for Tangram. With the addition of the Preferred Re team, we have significant talent and credibility in the reinsurance arena.
“Preferred Re will support the placement of Tangrams’ programs and continue to partner with other independent program administrators to build and place specialty insurance programs.”
Preferred Re’s trading partners include a variety of domestic, Bermudian, and European carriers.
Bob Sanders, who has over five decades of industry experience and currently serves as the President of Preferred Re, will continue to lead the reinsurance operations for Tangram.
Sanders added: “I was unsure how a change of ownership would affect our group after being together for over 40 years. But from the beginning, the Tangram team seemed like family and as a result we received many more introductions and opportunities before we even consummated the deal. We are excited about the next chapter in working alongside this highly knowledgeable and professional team.”
