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Underwriting Manager The Schinnerer Group to Acquire Property Managing General Agent ICAT
Friday 11 August 2017

11 August 2017 - US-based underwriting manager The Schinnerer Group has entered into an agreement to acquire International Catastrophe Insurance Managers, LLC, from the Paraline Group, the company said.

ICAT is a managing general agent providing property catastrophe insurance to businesses and homeowners across the United States.

Terms of the transaction were not disclosed. The acquisition is expected to close in 3Q17.

With a focus on the sizable and fast-growing property catastrophe market in the US, ICAT complements Schinnerer's existing services and solutions for middle market, small commercial and residential clients, the company said.

ICAT's claims and third party administrator capabilities provided through its wholly-owned subsidiary, Boulder Claims, are expected to provide enhanced services to Schinnerer's clients in the future.

Founded in 1998, ICAT operates in all US states that are immediately proximate to the Gulf Coast, Atlantic Coast and Hawaii and offers coverage in all states that carry a material exposure to earthquake events.

Working through retail agents and wholesale brokers, ICAT is headquartered in Broomfield, Colorado. On completion, ICAT will retain its strong relationship with Syndicate 4242 at Lloyd's, its associated Special Purpose Arrangement 6123 and a number of other leading insurance carriers.
Details
Date Published: 11/08/2017
Target: International Catastrophe Insurance Managers
Country: USA
Sector: Insurance
Type: Corporate acquisition
Financing:
Status: Agreed
Vendor: Paraline Group
Buyer: The Schinnerer Group
Comment:
Terms of the deal were not disclosed

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