Integrated Specialty Coverages (ISC) has acquired California-based Safebuilt Insurance Services and all of its affiliates (SIS) for an undisclosed price.
Image: Safebuilt Insurance Services acquired by Integrated Specialty Coverages. Photo: courtesy of rawpixel/Pixabay.
Located in Carlsbad, Safebuilt Insurance is a managing general agent (MGA), which is licensed in all the 50 US states. The company is said to use an intelligent distribution channel to offer insurance products, across the areas of contractor general liability, commercial auto, excess liability, licensing and performance bonds, workers compensation, builders risk, and inland marine.
Safebuilt Insurance, which trades as Wholesale Insurance Services, was established in 2005. In 2006, Safebuilt Insurance launched the Preferred Contractors Insurance Company Risk Retention Group (PCIC), which is engaged in the contractors’ general liability sector.
The PCIC programme, which currently covers 33 states, is claimed to have more than 50,000 members.
Integrated Specialty Coverages CEO Matt Grossberg said: “We are excited by the recent acquisition of SIS as this further positions ISC for diversification and growth within the sizeable contractors’ market.
“We look forward to partnering with the leadership team at SIS to build a world class MGA with a diverse suite of offerings that will produce low loss ratio portfolios for all of our carrier and reinsurance partners.”
Based in New York, Integrated Specialty Coverages is an MGA that builds end-to-end insurance products by connecting its network of insurance markets and retail/wholesale distribution channels. The company is sponsored by an investment vehicle managed by Sightway Capital, a Two Sigma company, engaged in making private equity investments.
Integrated Specialty Coverages focuses on using artificial intelligence and machine learning across the underwriting spectrum to generate low loss business for its carrier and reinsurance partners.
The MGA claims that it uses the best-in-class insurance data & analytics and technology to transform how complex programs are underwritten and operated. The company provides products in habitational, contractors, and hospitality, and other classes of business.
In April 2019, Integrated Specialty Coverages acquired Paramount General Agency and Paramount Acceptance Corporation (Paramount) for an undisclosed price. Paramount is a licensed MGA, which offers commercial auto liability, cargo, and physical damage coverage, mainly in the northeast and southeast regions in Texas.