Get inside Wall Street with StreetInsider Premium. Claim your 1-week free trial here.
NEW YORK, Jan. 14, 2021 (GLOBE NEWSWIRE) — Constellation Affiliated Partners (Constellation) today announced the acquisition of INSUREtrust, a specialty wholesale broker and MGA headquartered in Atlanta, Georgia. Financial terms of the transaction were not disclosed.
“INSUREtrust has a stellar reputation in the cyber risk marketplace, an experienced team of brokers and underwriters, and a commitment to the development of technology to drive their business, which were driving forces behind this new partnership,” said Bill Goldstein, CEO of Constellation. “At Constellation we strive to engage with companies that fall within our guiding principles of innovation, technology, and product excellence. The INSUREtrust brand embodies all of these elements in one, award-winning package. We look forward to integrating them into the current portfolio of companies and product offerings.”
INSUREtrust, founded by Steve Haase in 1997, is the country’s leading specialty wholesale broker and managing general agent, distributing cyber liability, technology errors & omissions and miscellaneous professional liability coverages. The INSUREtrust team is also pleased to announce the promotion of Christiaan Durdaller to President and Chief Executive Officer of INSUREtrust. Mr. Durdaller will be taking on the position from former CEO and Founder, Steve Haase, in his retirement from INSUREtrust. Mr. Durdaller will continue to oversee the strategy, company’s products, partnership and production.
“The ability to innovate and create market differentiating products and solutions is something that has separated us from the competition since our inception. This new partnership with Constellation Affiliated Partners will provide us with the opportunity to broaden our technology enabled solutions, continue to develop our risk management platform and propel us to new heights,” said Christiaan Durdaller. “Constellation offers us a unique combination of the ability to keep our management at the local level, while also bringing the industry expertise of Bill Goldstein & Brian Norman along with the support of an additional $1 billion in gross written premium. Technology, independence and distribution were the focal points for us in our search for the right partner, all of which are achieved through Constellation’s platform and we couldn’t be more excited to become a part of it.”
INSUREtrust is also pleased to announce promotions within its management team. Erin Burns has been promoted to Head of Brokerage, overseeing brokerage operations. Within this role, Ms. Burns will continue to represent INSUREtrust’s expertise at industry events and the educational resources the company provides its agents and clients inclusive of the prestigious INSUREtrust Agent Academy. Additionally, Hunter Maskill has been promoted to Managing Director. Mr. Maskill will have an increased role in the management of business operations while continuing his brokerage work and overseeing claims response & MGA products.
Marsh Berry & Co was exclusive advisor to the seller.
About Constellation Affiliated Partners
Constellation Affiliated Partners is a New York-based insurance consolidator platform that specializes in acquiring MGA, program administrator and wholesale companies in the United States and Canada. Constellation’s partners use a set of core values to evaluate and pursue strategic partnerships with companies that have demonstrated superior underwriting principles and have earned a solid industry reputation. The diverse group of companies within Constellation’s portfolio bring a vast array of insurance and re-insurance offerings to the North American marketplace. Constellation is backed by RedBird Capital Partners, a private investment firm focused on building high-growth companies with flexible, long-term capital.
About RedBird Capital Partners
RedBird Capital Partners is a private investment firm focused on building high-growth companies with flexible, long-term capital in partnership with its Entrepreneur & Family Office Network. Founded by former Goldman Sachs Partner Gerry Cardinale, RedBird today manages $4 billion of capital principally across its core industry verticals in Sports, TMT, Financial Services and Consumer. RedBird invests with an entrepreneurial, company-building mentality, with an emphasis on capital appreciation and compounding equity returns over longer holding periods. RedBird’s network of business founders and entrepreneurs is central to its investment sourcing strategy, and its highly curated group of limited partners are active co-investors who provide scalable capital support. For more information, please go to www.redbirdcap.com
INSUREtrust, located in the Atlanta metro area, is a national insurance wholesaler that seeks to simplify insurance. In April 1997, INSUREtrust was an industry leader in successfully developing, underwriting, and marketing an insurance policy covering the new commercial risks generated through the use of the Internet – such as privacy and security breaches. For the past 22 years, INSUREtrust has continued to be a leading cyber liability insurance company.
Media Contact:Dan GagnierGagnier Communications646-569-5897
Source: Constellation Affiliated Partners