Newly-formed insurance fronting company Concert has secured $100 million in growth capital and a rating of “A-” (Excellent) from A.M. Best.
Founded by a group of experienced insurance industry executives, Concert will provide fronting products and services, as well as options for alternative risk transfer structures.
AM Best’s rating takes into account the execution risk inherent to any “start-up” and as a result will be closely monitoring results relative to the business.
“On a projected basis, Concert’s level of risk-adjusted capitalization, as measured by Best’s Capital Adequacy Ratio (BCAR), is categorized as strongest and is supportive of its planned growth initiatives and increased reinsurance utilization over the next several years,” AM Best said.
Concert Group Chairman Brady Young added, “Favorable market conditions, as well as pent-up client demand, make this an opportune time to launch a fronting business focused, as Concert is, on superior, responsive client service; expert risk solutions; and low operating costs.
“My founding partners and Concert’s experienced management team bring an established pipeline of quality business and a track record of successfully supporting new insurance businesses. We’re delighted to be on our way to achieving a better experience for clients that need insurance fronting solutions.”
Young is the founder and Chief Executive Officer of Strategic Risk Solutions, the world’s largest independent manager of insurance companies.
Concert’s other founders are Wes Duesenberg, Jr., CEO of Southern Insurance Underwriters; and Christopher Collins, CEO/founder of Corinthian Re, in partnership with Century Equity Partners and WT Holdings, Inc.
“This is an exciting point in Concert’s development,” said Reiss. “I’m proud of the team we’ve put together, each of whom has an enviable track record in the insurance industry. We’re all energized by the possibilities that we see for Concert and share a steadfast commitment to providing first-classservice to our clients.
