The Schinnerer Group has entered into an agreement to acquire International Catastrophe Insurance Managers (ICAT) from the Paraline Group.
ICAT is an MGA offering property catastrophe insurance to both businesses and homeowners in the US.
Terms of the transaction were not disclosed.
According to a release from Schinnerer, the acquisition is expected to close in the third quarter of 2017. Following the acquisition, ICAT will retain its strategic relationship with Syndicate 4242 at Lloyd’s.
The same release also said that: “ICAT complements Schinnerer’s existing services and solutions for middle market, small commercial and residential clients.” ICAT’s claims and third party administrator capabilities, offered through its subsidiary Boulder Claims, are also expected to improve Schinnerer’s services.
“The insurance market for catastrophe-exposed small commercial property is underserved with opportunity for expansion,” said Schinnerer Group CEO Christopher Schaper. “ICAT delivers integrated and seamless value to clients through a highly automated and efficient underwriting platform with proven capabilities.”
“We are excited about the strategic value for our customers and the additional opportunities for the ICAT team by joining The Schinnerer Group,” commented ICAT CEO Gregory Butler. “The success we have achieved over the past few years reflects our passion to deliver industry-leading products and solutions to homeowners and business owners around the country. Not only does this focus remain unchanged, but our new relationship with Schinnerer allows us to continue providing our broker relationships with a growing suite of innovative solutions for their customers’ catastrophe needs.”
“We are confident that ICAT will fit well with the Schinnerer organization as both have a proud history of growth and disciplined underwriting that have produced excellent results for a stable group of capacity providers,” added Paraline chairman Bruce Schnitzer. “We have the highest regard for the ICAT leadership team and staff, who have been wonderful partners with us over the seven years of our joint ownership. And, we are very much looking forward to continuing the long-standing strategic relationship between ICAT and our Syndicate 4242 at Lloyd’s.”
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