Socius Insurance Services (Socius), a US-based wholesale insurance intermediary, has purchased the assets of Kelly Underwriting Services (Kelly).
The financial value of the deal was not disclosed.
Kelly, a New York-based managing general underwriter (MGU), is engaged in underwriting for professional liability risks.
Leveraging Kelly’s wholesale connections within the insurance sector, the Kelly team is expected to be able to expand its product portfolio both organically and by strategically acquiring companies.
Socius president & CEO Patrick Hanley said: “We are extremely excited to partner with a dedicated underwriting platform with a strong culture and solid performance. This provides us with an excellent foundation for our continued buildout of a dedicated underwriting capability.”
To support Kelly’s progress, Socius plans to offer additional corporate leadership and operational framework to the MGU.
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Kelly is claimed to have over two decades of underwriting experience and its current products include miscellaneous professional liability, insurance agents & brokers professional liability, as well as architects & engineers professional liability.
Socius EVP Chris McKechnie said: “We continue to be focused on augmenting our strong organic growth with strategic transactions in both the wholesale and MGA arena and are well positioned to support and accelerate the growth of similar collaborative models.”
Kelly president said Tom Nash said: “Socius is an exceptional partner with a great culture, widely respected reputation and resources for us to further grow our MGU business.”