HGS, a subsidiary of HDI Global (HDI), has acquired Griffin Highline Capital’s shares in Falcon Risk Holdings.
This move grants HDI a majority stake in the managing general agency (MGA) Falcon, which is anticipated to be a growth driver for HGS in the US financial lines sector.
Falcon was created in June 2021 through a partnership between HGS, Craig Landi and investor Griffin Highline to establish HGS’ presence in the US financial lines market.
Financial details regarding the transaction were not revealed.
Falcon operates exclusively for HGS and is already actively underwriting policies in directors and officers liability, professional indemnity and cyber insurance.
The MGA specialises in both admitted and non-admitted company insurers, providing full-service underwriting and claims management.
How well do you really know your competitors?
Access the most comprehensive Company Profiles on the market, powered by GlobalData. Save hours of research. Gain competitive edge.
Your download email will arrive shortly
Not ready to buy yet? Download a free sample
We are confident about the unique quality of our Company Profiles. However, we want you to make the most beneficial decision for your business, so we offer a free sample that you can download by submitting the below formBy GlobalData
In a related development, HDI Global Insurance Company has completed the acquisition of Indiana Lumbermens Mutual Insurance Company, a shell company with insurance licenes and a treasury listing.
These acquisitions are part of a broader strategy by HDI, the parent company of HDI Global Insurance Company too, to quickly enter the surety and fidelity insurance business in the US, as well as to explore other future opportunities.
HDI Global Specialty CEO Ralph Beutter said: “The increased shareholding in Falcon and the acquisition of Indiana Lumbermens align perfectly with our ambitions at HDI Global to expand our presence and deliver superior insurance solutions to clients in the US. We want to drive significant growth in the US specialty market, attract top-tier underwriting talent and generate profitable organic growth.
“The recent increase of our stake in Falcon underlines the importance of the agency for these plans in the US and creates the necessary conditions to take advantage of attractive growth opportunities in a fast-growing market.”