As part of its exclusive relationship with Beat, Trean will offer Excess & Surplus (E&S) offerings through its recently launched subsidiary Benchmark Specialty Insurance Company.
The partnership also enables newly set up Beat-backed agencies to tap Trean’s claims, underwriting, and operational capabilities as well as Benchmark Specialty’s A.M. Best “A” rated paper.
Commenting on the development, Beat co-founder John Cavanagh said: “I have known the Trean leadership team for decades and am incredibly pleased to partner with them as we accelerate Beat’s expansion in the US.
“The ability for Beat-backed US businesses to exclusively access ‘A’ rated paper, provided by a proven company with an exceptionally experienced management team, is another reason I am thrilled with Beat’s offering in the US for entrepreneurial underwriters.”
Trean underwrites speciality casualty insurance offerings both through its programme partners and its own managing general agencies (MGAs). It offers a range of services including issuing carrier services, claims administration and reinsurance brokerage to its programme partners.
The latest partnership marks the firm’s first in evolving non-admitted insurance underwriting market.
Trean CEO Julie Baron said: “I am excited that Trean and Beat will work closely together as Beat grows its presence in the US.
“Given Beat’s experience establishing and running speciality programmes and Trean’s long history of supporting top-quality MGAs, this partnership creates a powerful combination and will contribute to Trean’s ability to achieve its long-term goals.”