Velocity, a US-based insurance holding company, has purchased a majority stake in managing general agent (MGA) Insight Risk Technologies (Insight Risk).

The financial terms of the transaction were not made public.

Insight Risk is engaged in offering one-stop loss prevention and risk transfer solutions for the builders’ risk market.

The deal is said to expand Velocity’s operations, representing its first MGA acquisition and second successful acquisition.

Technology-focused Insight Risk operates on both an admitted and non-admitted basis and provides integrated technology and insurance solutions.

The MGA’s model comprises Internet of Things (IoT) water damage prevention solutions, a sound underwriting process and proactive risk management to minimise damage from water losses and generate value for policyholders.

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Insight Risk will use Velocity’s investment to expand its presence in the market.

Currently, Insight Risk is supported by Munich Re Specialty Insurance, Lancashire and Intact.

Insight Risk president and co-founder Chad Hollingsworth said: “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 12 months proves that there is tremendous opportunity and appetite for our programmes. 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.”

Velocity CEO & head of business development Praveen Reddy said: “This marks another exciting milestone in fortifying our position as a leader in the E&S [excess and surplus lines] property insurance industry by harnessing the incredible talent and innovative capabilities of the Insight Risk team.

“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 speciality insurance platform.”

Companies operating under Velocity include Velocity Risk Underwriters, Velocity Specialty Insurance Company and Velocity Claims.