One of the largest experienced underwriting managers of specialty insurance programs, The Schinnerer Group has entered into an agreement to acquire international catastrophe insurance managers, LLC (ICAT), from the Praline Group.
The managing agent for property catastrophe insurance, ICAT, has its headquarters based in Colorado, operating in all US states through agents and wholesale brokers.
The terms of the deal have not yet been disclosed, however, the transaction is estimated to finalise in the third quarter of this year, with ICAT retaining its strong relationship with Syndicate 4242 at Lloyd’s of London, its associated Special Purpose Arrangement 6123 and numerous other leading carriers.
Boulder Claims is ICAT’s claims and third party administrator and with the capabilities provided is expected to intensify the services to Schinnerer’s clients in the future.
CEO of the Shinnerer Group, Christopher Schaper has said the insurance market for catastrophe-exposed small commercial property is underserved with opportunity for expansion adding that ICAT’s highly automated and efficient underwriting platform will deliver “integrated and seamless value,” complementing Schinnerer’s existing services and solutions for middle market, small commercial and residential clients.
CEO of ICAT, Gregory Butler said; “We are excited about the strategic value for our customers and the additional opportunities for the ICAT team by joining The Schinnerer Group. The success we have achieved over the past few years reflects our passion to deliver industry-leading products and solutions to homeowners and business owners around the country.
“Not only does this focus remain unchanged, but our new relationship with Schinnerer allows us to continue providing our broker relationships with a growing suite of innovative solutions for their customers’ catastrophe needs.”
Chairman of Praline, Bruce Schnitzer, commented; “We are confident that ICAT will fit well with the Schinnerer organisation as both have a proud history of growth and disciplined underwriting that has produced excellent results for a stable group of capacity providers.
“We have the highest regard for the ICAT leadership team and staff, who have been wonderful partners with us over the seven years of our joint ownership.
“And, we are very much looking forward to continuing the long-standing strategic relationship between ICAT and our Syndicate 4242 at Lloyd’s.”