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 Management, secured an A- (Excellent) rating from global ratings agency AM Best.
This milestone marks Velocity Risk’s commitment to expanding its presence in the specialty insurance market.
In addition, this new carrier is the one that Velocity Risk purchased from State National in May. The Markel owned program previously used the company for certain catastrophe exposed programs.
Now, by securing an AM Best A- rating, Velocity Specialty is very well-positioned to deliver innovative and reliable insurance products and solutions.
Leveraging Velocity Risk’s industry expertise, the carrier will provide tailored solutions to meet the unique needs of customers and distribution sources across a variety of commercial market specialty segments.
At the same time, this strategic move reflects Velocity Risk’s expansion in offerings of best-in-class insurance solutions to the specialty property insurance industry. It also unlocks value for the Velocity enterprise and demonstrates clear alignment of interest with risk bearing partners.
It is also worth highlighting that by operating as an MGA-carrier hybrid, this will empower Velocity Risk with greater control over underwriting, policy forms and pricing, and claims management while benefiting from carrier advantages.
This model allows for Velocity Risk to concentrate on its high values, which are increased flexibility, speed, and customization in underwriting.
