Trean Insurance Group and Beat Capital Partners Americas, a long duration investor specialising in the insurance industry, are partnering up in the surplus lines insurance market.
According to a statement, Trean will will offer E&S products through its exclusive relationship with Beat via its subsidiary form Benchmark Specialty, giving Trean its first partnership in the large non-admitted insurance underwriting market.
In turn, newly established Beat-backed agencies will have access to Benchmark Specialty’s A.M. Best ‘A’ rated paper, as well as Trean’s claims, underwriting, and operational expertise. Benchmark Specialty was formed in December last year.
Julie Baron, chief executive officer of Trean, said: “I am excited that Trean and Beat will work closely together as Beat grows its presence in the U.S. Given Beat’s experience establishing and running specialty programs and Trean’s long history of supporting top-quality MGAs, this partnership creates a powerful combination and will contribute to Trean’s ability to achieve its long-term goals.”
Barron acceded to her current role earlier this month when then-CEO Andrew O’Brien joined the Board as its executive chairman.
John Cavanagh, co-founder of Beat, said, “I have known the Trean leadership team for decades and am incredibly pleased to partner with them as we accelerate Beat’s expansion in the U.S. The ability for Beat-backed U.S. businesses to exclusively access ‘A’ rated paper, provided by a proven company with an exceptionally experienced management team, is another reason I am thrilled with Beat’s offering in the U.S. for entrepreneurial underwriters.”
Last year, Trean Insurance Group reported gross written premiums (GWP) of $156.6m for the second quarter of 2021, compared to $109.6m for the same prior year period.
