Socius Insurance Services, a wholesale insurance broker with a specialized focus on management, professional and cyber liability, and property and casualty insurance, has announced that it has acquired the assets of Kelly Underwriting Services, a New York-based managing general underwriter. . Terms of the transaction were not disclosed.
Kelly provides underwriting for professional liability risks and currently manages insurance product programs including:
- Miscellaneous professional responsibility
- Professional liability of insurance agents and brokers
- Architects and Engineers: Environmental Liability, Pollution Liability, Technology, Computer Network Security, and Breach of Privacy
Led by Chairman Tom Nash, Kelly will operate its subscription platform independently from Socius.
“Socius is an exceptional partner with a great culture, widely respected reputation and resources for us to further grow our MGU business,” said Nash.
Socius will provide corporate leadership and operational infrastructure to Kelly.
“We are very excited to partner with a dedicated subscription platform with a strong culture and strong performance,” said Patrick Hanley, Socius President and CEO. “This provides us with an excellent foundation for our continued building of dedicated subscription capacity.”
Read below: Revealed: The 2022 IBA Professional Responsibility 5-Star Winners
“We remain focused on building on our strong organic growth with strategic transactions in both the wholesale and MGA markets and are well positioned to support and accelerate the growth of similar collaborative models,” said Chris McKechnie, executive vice president of Socius.
Socius, founded in 1997, is one of the top 10 wholesale insurance brokers in the US. It was named one of the IBA’s Top Insurance Employers for 2022.
Do you have something to say about this story? Let us know in the comments below.
