Lumen Holdings, LLC, a technology-enabled managing general agent (MGA) headquartered in Dallas, Texas, has been acquired by the Vistria Group, LP, a middle market private investment firm.
The transaction positions Lumen as a new platform investment within Vistria’s Financial Services strategy.
This move, Vistria noted, reflects the culmination of several years of work focused on the evolving specialty MGA market, driven by the growing reliance of carriers on specialised, technology-enabled underwriting partners.
Scott Whitaker, Founder and Chief Executive Officer of Lumen, said: “I am incredibly excited to partner with Boris, Mike, and the Vistria team. Their conviction in what we are building at Lumen and the value MGAs bring to the market aligns perfectly with our strategy: to continue building a best-in-class, diversified MGA focused on strong underwriting performance and supported by cutting-edge technology. Vistria is the perfect partner to help take Lumen to the next level as we look to recruit underwriting talent and support new program launches on the KURRENT platform.”
Lumen underwrites commercial property, builders’ risk, commercial general liability, personal auto, homeowners and umbrella across more than 30 states.
Since its founding in 2019, the MGA has successfully developed a diversified, nationwide network of distribution partners, including national wholesale and retail brokers and has successfully launched and scaled several new, or de novo, programs.
Lumen’s steadfast dedication to achieving market-leading underwriting performance has secured capacity support from some of the industry’s most prominent names.
The MGA’s proprietary KURRENT platform is central to its operating model. This fully integrated digital underwriting and distribution system streamlines submission intake, underwriter communication, policy delivery, endorsement processing, renewals, and real-time portfolio analytics through a comprehensive dashboard and reporting system.
. Lumen recently expanded KURRENT with enhanced digital capabilities tailored to personal lines, modernizing infrastructure in a traditionally fragmented segment of the insurance market.
“A key part of Vistria’s Financial Services strategy is focused on partnering in essential, regulated markets where expertise and infrastructure drive performance and this investment reflects several years of work around the evolution of the specialty MGA market,” said Boris Rapoport, Senior Partner and Co-Head of Financial Services at The Vistria Group.
Adding: “We believe specialty MGAs are increasingly well-positioned as carriers seek focused underwriting partners with data-driven infrastructure and strong distribution relationships, and Lumen exemplifies that model.”
“Scott and his team have built a disciplined platform with meaningful scale and a clear runway for expansion,” said Mike Castleforte, Senior Partner and Co-Head of Financial Services at The Vistria Group. “Lumen’s proprietary technology, underwriting rigor, and diversified distribution network create a strong foundation for continued growth.”
Following the transaction, a number of executives will be added to the board, according to
the announcement.
These include: Albert Benchimol, former Chief Executive Officer of AXIS Capital and a leader in global specialty insurance; Mark Smith, former President of K2 Insurance Services, a leading private equity-backed specialty MGA; and Brian McDermott, former Chief Information Officer of Victor Insurance, a global P&C-focused MGA.
“Collectively, these advisors bring decades of underwriting, carrier, capital markets, and operating experience that informed Vistria’s investment decision and will continue to support Lumen’s growth as a scaled specialty insurance platform,” the firm stated.
Piper Sandler & Co. served as exclusive financial advisor and Choate Hall & Stewart LLP served as legal counsel to Lumen for this transaction.
Conversely, MarshBerry acted as the exclusive financial advisor to Vistria, which was represented by Winston & Strawn LLP as legal counsel.
