Velocity acquires majority stake in builder’s threat MGA

Velocity – the holding entity for Velocity Threat Underwriters, Velocity Specialty Insurance coverage, and Velocity Claims – has introduced its main acquisition of Perception Threat.

Perception Threat is a loss prevention and threat switch answer supplier for the builder’s threat market. The acquisition, accomplished on Sept. 18, underscores Velocity’s most up-to-date enlargement, and marks the corporate’s second acquisition, and its first managing normal agent (MGA) deal.

As a builder’s threat MGA, Perception Threat’s mannequin incorporates Web of Issues (IoT) water harm prevention options to cut back water harm losses and ship worth to policyholders.

“This marks one other thrilling milestone in fortifying our place as a pacesetter within the E&S property insurance coverage business by harnessing the unimaginable expertise and progressive capabilities of the Perception Threat staff,” stated Praveen Reddy, Velocity COO and head of enterprise growth. “We imagine that Perception Threat is poised for exceptional progress, and Velocity is thrilled to be part of their journey.

“The completion of this acquisition of Perception Threat will infuse progress capital and supply further capability for Perception Threat and supply Velocity with a brand new diversifying line of enterprise to its increasing specialty insurance coverage platform.”

Perception Threat president and co-founder Chad Hollingsworth additionally commented on the acquisition, saying that the corporate was based with the mission to leverage new applied sciences to cut back losses and create a greater threat administration expertise total.

“The speedy adoption of our mannequin over the previous twelve months proves that there’s large alternative and urge for food for our packages. Partnering with Velocity will supercharge our progress and permit us to scale sooner to satisfy demand for our distinctive strategy to underwriting and loss management,” Hollingsworth stated.

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