US private investment firm the Vistria Group (Vistria) has acquired Dallas-based managing general agent (MGA) Lumen Holdings.
The acquisition, the financial terms of which were not disclosed, creates a new platform within Vistria’s Financial Services strategy.
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Founded in 2019, Lumen underwrites builders’ risk, commercial general liability, commercial property, homeowners, personal auto and umbrella products across more than 30 US states.
The company works through a nationwide network of wholesale and retail broker partners and has launched multiple de novo programmes.
At the core of Lumen’s operations is its proprietary KURRENT platform, a digital underwriting and distribution system.
It supports endorsements, policy issuance, real-time portfolio analytics, renewals, submission intake and underwriter communication.
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By GlobalDataThe platform has recently been extended with additional digital functionality for personal lines.
Lumen founder and CEO Scott Whitaker 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.”
Following the transaction, Albert Benchimol, former CEO of AXIS Capital; Mark Smith, former president of K2 Insurance Services; and Brian McDermott, former chief information officer at Victor Insurance, will join Lumen’s board.
Vistria said the acquisition follows several years of work examining changes in the specialty MGA market, as insurers increasingly turn to specialised, technology-enabled underwriting partners.
Vistria Group financial services senior partner and co-head Boris Rapoport added: “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.”
