Nashville, TN, July 05, 2023 (GLOBE NEWSWIRE) -- Velocity HoldCo., LLC, (“Velocity”), the holding company for Velocity Risk Underwriters, LLC ("Velocity Risk"), a tech-enabled E&S specialty property insurance managing general agent (“MGA”) and Velocity Claims LLC (“Velocity Claims”), a leading claims management service, is expanding its business to now include a rated E&S insurance carrier licensed in all 50 states. Velocity, led by Phil Bowie and Jake Rothfuss, along with majority shareholder Oaktree Capital Management, proudly announce its achievement of an A- (Excellent) rating from AM Best, a globally renowned insurance rating agency, for its new insurance carrier, Velocity Specialty Insurance Company (“Velocity Specialty”). This milestone marks Velocity Risk's commitment to expanding its presence in the specialty insurance market.
With an AM Best A- rating, Velocity Specialty is 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 various commercial market specialty segments.
This strategic move reflects Velocity Risk’s expansion in offerings of best-in-class-insurance solutions to the specialty property insurance industry, unlocks significant value for the Velocity enterprise, and demonstrates clear alignment of interest with risk bearing partners. Velocity Specialty facilitates the connection of customers to all forms of global risk capital.
The prestigious rating validates Velocity Risk's underwriting excellence, and Velocity Claims’ outstanding claims service. Operating as an MGA-carrier hybrid empowers Velocity Risk with greater control over underwriting, policy forms and pricing, and claims management while benefiting from carrier advantages. This model allows for what Velocity Risk highly values: increased flexibility, speed, and customization in underwriting.
Velocity Risk solidifies its position as a trusted and reliable capital partner in the property risk marketplace. The firm's technology-driven platform, disciplined underwriting, and superior claims management ensure a seamless experience for policyholders and capital providers. Velocity Specialty has already commenced operations and begun issuing policies.
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About Velocity
Velocity HoldCo., LLC, is the holding company for Velocity Risk Underwriters, LLC, a tech-enabled E&S specialty property insurance managing general agent, Velocity Specialty Insurance Company, a rated E&S insurance carrier licensed in all 50 states, and Velocity Claims LLC, a leading claims management service. The firm has over 140 employees across four U.S. locations: Nashville (headquarters), Atlanta, Birmingham, and Chicago. Velocity’s strategic ownership structure includes majority shareholder, Oaktree Capital Management, and minority shareholders Markel Corporation and Velocity Risks’s management. For more information visit www.velocityrisk.com.
