Insight Risk Technologies is renowned as a comprehensive provider of loss prevention and risk transfer solutions catering to the Builder’s Risk market.
The acquisition marks Velocity’s second successful venture in expansion, closed on September 18th. It stands out as the company’s maiden acquisition in the realm of Managing General Agent (MGA), underscoring Velocity’s commitment to strategic growth and diversification in the industry.
According to reports, the acquisition marks a notable milestone for Insight Risk in its ambitious journey to broaden its footprint in the market. As it works towards enhancing its market presence, the move aligns with Insight Risk’s commitment to growth and innovation.
Additionally, the role of Velocity HoldCo, LLC, is serving as the overarching holding entity for Velocity Risk Underwriters, LLC, Velocity Specialty Insurance Company, and Velocity Claims LLC. The acquisition underscores Velocity’s diversified portfolio and strategic approach in the insurance landscape.
Insight Risk, positioned as a technology-focused Managing General Agent (MGA) in the Builder’s Risk sector, distinguishes itself by providing integrated technology and insurance solutions. Operating on both admitted and non-admitted bases, Insight Risk is at the forefront of leveraging technology for a comprehensive approach to addressing the unique needs of the Builder’s Risk market.
Speaking about the news, Praveen Reddy, Velocity’s Chief Operating Officer & Head of Business Development, said, “This marks another exciting milestone in fortifying our position as a leader in the E&S property insurance industry by harnessing the incredible talent and innovative capabilities of the Insight Risk team.
“We believe that Insight Risk is poised for remarkable growth, and Velocity is thrilled to be a part of their journey. The completion of this acquisition of Insight Risk will infuse growth capital and provide additional capacity for Insight Risk and provide Velocity with a new diversifying line of business to its expanding specialty insurance platform.”
Chad Hollingsworth, President and Co-Founder of Insight Risk, also commented, saying: “Insight Risk was founded with the mission to leverage new technologies and datasets to reduce losses and create a better risk management experience for all of our stakeholders. The rapid adoption of our model over the past twelve months proves that there is tremendous opportunity and appetite for our programs. Partnering with Velocity will supercharge our growth and allow us to scale faster to meet demand for our unique approach to underwriting and loss control.”
John D. Dempsey, CEO and Co-Founder of Insight Risk, concluded: “We are thrilled to join the Velocity team and look forward to the many benefits Velocity’s platform will provide as we scale Insight Risk’s Builder’s Risk offerings across the US.”
He added: “The era of technology-enabled risk management has arrived and is here to stay, creating win-win-win opportunities for carriers, brokers, and most importantly, the clients we all serve.”