Transverse Insurance Group, a leading program carrier, has announced that its E&S carrier, Transverse Specialty Insurance Company, has received a Financial Strength Rating (FSR) of A- (Excellent) from global financial services ratings agency, A.M. Best.
The company acquired its E&S carrier in January of this year, which followed its takeover of Financial American Property and Casualty Insurance Company.
The A- rating of Transverse Specialty Insurance compliments the A- rating of Transverse Insurance Company, and means that the company is now able to offer A- rated paper to their MGA and program partners for admitted and non-admitted business.
Erik Matson, Co-Founder and Chief Executive Officer (CEO) of Transverse, commented: “We have put in the hard work to build the ideal solution for sophisticated, innovative MGAs and Program Administrators – as well as a conservative and supportive partner for the global reinsurance market. We will continue to expand the capabilities of Transverse so that we can meet the needs of any program, in any line of business, in any geography.”
David Paulsson, Co-Founder and President, added: “Transverse is actively signing program agreements despite the uncertain environment. We continue to see high quality and differentiated program partners across most lines of business, and expect to ramp up premiums in line with our long-term targets.”
Established in 2018, Transverse is backed by Virgo Investment Group and partner investors, and operates as a hybrid fronting carrier serving the program, MGA and reinsurance markets with offices in New York, New Jersey, and Texas.
