Commercial property insurer, FM has announced its acquisition of excess and surplus insurance provider Velocity Specialty Insurance Company.
With the increasing frequency and severity of secondary perils and other emerging risks, businesses are seeking E&S coverage for risks that traditional insurance is less likely to cover.
Commenting on the transaction, Malcolm Roberts, chairman and chief executive officer of FM, said: “VSIC’s focus on property insurance and expertise in understanding the new risk landscape that many businesses face align perfectly with FM’s mission.
“Moreover, this transaction may eventually allow us to provide our clients with an even broader suite of products and solutions to meet risks today and in the future. We are excited to welcome VSIC to the FM family.”
VSIC was formerly part of the Velocity Risk group, which also included Velocity Risk Underwriters – separately acquired by Ryan Specialty.
The deal is expected to close in the first half of 2025, subject to regulatory approvals. Financial details of the transaction were not disclosed.
Pictured: A lab at FM's Research Campus
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