Expertise. Experience. Expectations.

Sierra Specialty Expands Team, Welcomes Vicky Dith, Construction Focused Insurance Broker & Underwriter

Sierra Specialty, program specialist, managing general agency and wholesale insurance brokerage, is pleased to announce the appointment of Vicky Dith as a Broker & Underwriter specializing in construction insurance.

Vicky will be working closely with Sierra Specialty’s commercial lines team to expand the company’s construction division. She brings over 20 years of commercial lines knowledge to her new role, with broad experience in many different areas of the insurance industry, including claims, retail, carrier and wholesale business.

Her areas of expertise include construction for all lines—casualty, excess, and professional—as well as high-hazard property insurance, garage and agricultural risks. Most recently, Dith held the position of Production Underwriter for Burns & Wilcox, where she worked tirelessly to build her book of business and focused on general liability, property, professional liability, umbrella, auto, property, inland marine, and cyber liability.

“I look forward to building a profitable portfolio for Sierra Specialty, while solidifying relationships and enhancing the current momentum the commercial lines team has built,” says Vicky.

“We’re excited to have Vicky on board,” adds Kathy Schroeder, President of Sierra Specialty. “With her broad expertise in commercial lines and specialized experience in hard-to-place construction risks, we feel she will be an invaluable resource to the agents we serve.”

Sierra Specialty welcomes Vicky to her new role and looks forward to continued success in the commercial lines market.

About Sierra Specialty, an XPT Company

Sierra Specialty is a Managing General Agency and wholesale insurance brokerage offering multiple top “A” rated markets and programs to retail insurance professionals. Their specialties include agribusiness, garage, homeowners, transportation, and P&C underwriting, as well as specialty products. For more information, please contact Vicky Dith at vickydith@sierraspecialty.com or visit sierraspecialty.com.

About XPT Partners

XPT Partners focuses on commercial P&C Brokerage, Binding and Transportation by bringing together Wholesale Broking and multiple Binding Authority platforms across many specialty lines. XPT Partners stands apart by delivering expertise, market access, new product development and exclusive service offerings to client agencies through a collaborative partnership culture. For more information, please contact Mark Smith at msmith@xptspecialty.com or visit xptspecialty.com.

Media Contact: Anita Nevins, anita@webdcmarketing.com, 707-429-0877

Transportation Expert Joins XPT Partners

February 10, 2021 – XPT Partners, a national specialty insurance distribution company, announced today the joining of excess transportation expert Alex Robles as Vice President and Senior Broker.  Alex will concentrate on excess transportation brokerage while also contributing to XPT’s National Transportation Practice Group.  Through XPT’s significant transportation platform and Alex’s expertise, nearly all commercial transportation coverages and classes of business can be provided to its retail agent & broker community.

With over 10 years of concentrated excess transportation experience, Alex began his insurance career working on a large excess transportation team.  Within 2 years Alex earned the title of broker, managing his own book of business. Alex’s most recent position was as Casualty Broker focused on the primary side of the business.  He also holds a Transportation Risk Specialist designation.

“A true transportation expert, Alex will be able to deliver unprecedented service and knowledge to clients through our in-house programs and brokerage markets.  We are committed to the growth of our brokerage team with our collaborative environment and the addition of top tier brokers while offering innovative products and a modern platform,” said Mark Smith, XPT Partners.

Alex is a Marine Corps and combat veteran who served for 4 years and was also part of Operation Iraqi Freedom.  Alex will be based in the Plano, Texas office.  Alex can be reached at 469.562.9898 or arobles@xptpartnersllc.com.

About XPT Transportation

XPT Transportation is a full-service general agency and surplus lines broker with a wide range of commercial transportation products available nationally to its retail agents through in-house binding contracts and brokerage markets. With a team of Transportation specialists now working together under the XPT flag, XPT Transportation sets itself apart with unrivaled technical knowledge, decades of experience and long-term, solid market relationships.

Contacts: Derek Brooks 336.516.9171 or derek.brooks@welove.com and Steven Vallejo 646.927.2750 or svallejo@svaunderwriting.com.  

About XPT Partners

XPT Partners focuses on commercial P&C Brokerage, Binding and Transportation by bringing together Wholesale Broking and multiple Binding Authority platforms across many specialty lines. XPT Partners stands apart by delivering expertise, market access, new product development and exclusive service offerings to client agencies through a collaborative partnership culture. www.xptspecialty.com

Contact: Mark Smith 917.843.1243 or msmith@xptspecialty.com  

WestPro Insurance Services Launches New Bars, Taverns and Restaurants Program

January 21, 2021 – WestPro Insurance Services announce today a new program partnership with Obsidian, an A.M. Best rated “A-“ hybrid fronting program carrier.  WestPro is a Managing General Underwriter and leading program administrator for bar, tavern and restaurant coverage in over a dozen states.  WestPro, a division of Platinum Specialty Underwriters, targets neighborhood bars, taverns, and restaurants with liquor sales, both with and without entertainment.  The program has an extensive history of expertise in this niche segment with unparalleled experience handling liquor liability exposure.  Aligning with Obsidian offers a multi-faceted partnership approach, bringing together deep underwriting, technical, and operational expertise of a program administrator, a “next generation” fronting carrier, and top tier reinsurance partners.

Kyle Stevens, President of WestPro, leads the program and commented on the new partnership stating, “We are thrilled to start our joint venture with the team at Obsidian.  Together, we are well positioned to offer a highly compelling program to our wholesale broker partners to meet the evolving needs in the hospitality space.”

Jeff Heath, President of Platinum Specialty Underwriters stated, “The partnership with Obsidian will allow us to offer a premium program free of operational and distribution channel conflicts.  Our modern technology platform will meet the needs of the evolving hospitality industry.”  

William Jewett, CEO of Obsidian, commented, “We are very pleased that WestPro is among our first MGA  partners.  They are a best-in- class, specialized underwriting organization that is focused on profitable growth, and we look forward to a long-term relationship with them and our reinsurance partners.”  

Platinum Specialty Underwriters continues with its mission of investing in MGAs that supply insurance products for hard to insure risks through the Wholesale distribution channel. Platinum recently acquired International Property & Casualty Insurance of Nevada (IPC) and has been successfully operating a primary auto liability program for Mid & Large fleet trucking firms and has a number of new offerings launching in Q1 2021.

About WestPro Insurance Services 

WestPro Insurance Services has been a Program Manager for restaurants, bars and taverns General Liability and Liquor Liability coverages since 2007.  WestPro distributes the program solely through Wholesale Brokers.   WestPro manages all aspects of the program including underwriting, loss control, claims management and compliance.  WestPro is a division of Platinum Specialty Underwriters

Contact:  Kyle Stevens 469.252.7875 kstevens@wssib.com.

 

About Platinum Specialty Underwriters

Platinum Specialty Underwriters is a Managing General Underwriter platform distributing through the Wholesale channel. The platform focuses on leading service technology combined with expert underwriting, claims management, loss inspection, and actuarial analysis to assure partner insurance company’s low loss ratios. Platinum invests in underwriting teams and underwriting businesses with a collaborative entrepreneurial culture.

Contact: Jeff Heath 908.295.1763 jheath@xptspecialty.com

 

Platinum Specialty Underwriters announced today the acquisition of International Property & Casualty Insurance of Nevada, Inc.

January 12, 2021 – Platinum Specialty Underwriters announced today the acquisition of International Property & Casualty Insurance of Nevada, Inc. (IPC), a full service Managing General Agent (MGA) and Program Manager specializing in E&S business including a niche in Hired and Non-Owned Auto for the delivery industry.  IPC offers the wholesale market a variety of complete packages for the hard to place risks including cannabis, bars and taverns, vacant buildings, and mobile home parks strengthening the offerings of Platinum Specialty Underwriters diverse portfolio.

Tammy Sunderland, President and Senior Underwriter, stated, “Joining Platinum Specialty Underwriters will allow us the tools to expand our current offerings while still delivering unparalleled services through our knowledge of specialty products.”  IPC was founded by Tammy Sunderland and Chris Sunderland in 1996.

“For nearly 25 years, Tammy and Chris have worked to develop a niche identity in the E&S insurance market.  Our modern platform and collaborative culture will allow IPC to expand across the wholesale insurance industry offering brokers complete packages for tough classes of business,” said Jeff Heath, President of Platinum Specialty Underwriters.;

Platinum Specialty Underwriters continues with its mission of investing in MGAs that supply insurance products for hard to insure risks through the Wholesale distribution channel. Platinum has been successfully operating a primary auto liability program for Mid & Large fleet trucking firms and has a number of new offerings launching in Q1 2021.

The transaction closed on December 31, 2020 and IPC will continue to operate under its established brand name, so client business will not be affected. Platinum Specialty Underwriters was represented in the acquisition by TAG Financial. MarshBerry was IPC’s advisor.

About Platinum Specialty Underwriters

Platinum Specialty Underwriters is a Managing General Underwriter platform distributing through the Wholesale channel. The platform focuses on leading service technology combined with expert underwriting, claims management, loss inspection, and actuarial analysis to assure partner insurance company’s low loss ratios. Platinum invests in underwriting teams and underwriting businesses with a collaborative entrepreneurial culture.

Contact: Jeff Heath 908.295.1763 jheath@xptspecialty.com

About International Property & Casualty Insurance of Nevada, Inc.

International Property & Casualty Insurance of Nevada, Inc. (IPC) is a Managing General Agent and Program Manager that specializes in E&S business including a niche in Hired & Non-Owned Auto. IPC provides insurance products to wholesale insurance brokers providing complete packages for hard to place accounts including food delivery and cannabis.

Contact: Tammy Sunderland tammy@ipc-nv.com

XPT Expands Management Team with CFO and Director of Business Operations, EVP

XPT Partners is pleased to announce the appointment of Chris Petrucci, Chief Financial Officer and Rob Crowell, Executive Vice President and Director of Business Operations. Chris and Rob will join XPT’s existing management team assisting with the implementation of the business strategy and continued growth plan for XPT and partner companies.

Chris comes to the organization with over 25 years of experience that includes private equity-backed insurance exposure (JenCap Holdings, Crump Group, Wilton Re, and Pemaso LLC), public accounting (Ernst & Young) and investment banking (UBS). He has held various positions with increasing responsibilities in finance functions across these organizations, with his most recent role serving as Divisional CFO of JenCap Holdings. His experience covers financial reporting, treasury, auditing, and consulting. Chris helped lead JenCap Holdings, Crump Group and Wilton Re through strategic sales for their respective private equity sponsors. He has facilitated lender, rating agency and investor communications. He has hands-on experience in public debt offerings and has participated in several M&A transactions throughout his career.

Rob Crowell has over 25 years of experience in the insurance industry, including executive level roles with managing general agencies, insurance carriers, and brokers. Most recently Rob Crowell was an Executive Vice President with Innovative Coverage Concepts / RPA Insurance Services, a national wholesale MGA and retail agency. He has been involved with multiple start-up businesses and is the former Chief Operating Officer of the RVI Group, President of CNA Guaranty and Credit and Vice President of Capital Markets at Marsh McLennan Securities.

"As XPT’s family of companies continues to expand in our third full year of trading, I am thrilled to welcome both Chris and Rob to the Senior Management Team. We have acquired 7 businesses and launched 2 new MGA’s in several different product areas. The growth of our management team will enhance our capabilities in maximizing and growing our underlying business while sourcing new investment opportunities," said Tom Ruggieri, XPT Chief Executive Officer.

XPT continues to develop their expert Wholesale Insurance Broking and Managing General Agency platform through acquisitions and rapid operational growth. XPT has made seven investments including: Western Security Surplus (WSS), WE Love & Associates (WEL), SVA Underwriting (SVA), Klein & Costa (K&C), Sierra Specialty (Sierra), LP Risk, and Houston Surplus Lines (HSL).

About XPT Partners
XPT is a specialty insurance distribution company formed through a partnership of highly experienced insurance management executives. XPT brings together underwriting and wholesale brokerage firms across many specialty lines through acquisitions and new product development. XPT stands apart by delivering expertise through a collaborative partnership culture. www.xptspecialty.com

Contact: Mark Smith 917.843.1243 msmith@xptspecialty.com

WSS Announces Acquisition of Houston Surplus Lines

Western Security Surplus (WSS), part of the XPT Group, announces the acquisition of Houston Surplus Lines (HSL). This second acquisition demonstrates WSS’s commitment to the strategic growth of its specialty insurance distribution business, and the geographic expansion of their ability to deliver the best products and services possible.

HSL is an excess and surplus lines general agency founded in 1994 and is currently managed by Barbara Partlow and Carol Gardner. HSL has long-standing binding authority contracts with some of the very best A rated surplus lines carriers, along with a solid list of brokerage markets for the harder to place risks.

Barbara Partlow, President of HSL detailed, "The opportunity to team with WSS and its operations in Plano, TX and California is something we’re thrilled to share with our customers and carriers. Our inhouse underwriting experts will now be able to offer more resources including markets and products, giving our customers more solutions for their hard to place risks."

"We are excited to announce the addition of HSL to WSS. Since joining XPT Group, we have been very successful in expanding WSS on the West Coast. Adding a valuable partner like HSL demonstrates our commitment to expanding throughout Texas as well. The knowledge and responsiveness of Barbara’s team make them a perfect complement to WSS while we mutually maintain our high level of service. This is another step in strengthening our position in one of the largest E&S marketplaces in the country," said Kyle Stevens, President and CEO of WSS.

This is also the seventh acquisition by XPT, specialty insurance distribution company, preceded by LP Risk, WSS, WE Love & Associates (WEL), SVA Underwriting (SVA), Klein & Costa (K&C) and Sierra Specialty (Sierra).

About WSS

Since 1981, WSS has been providing retail brokers an increasing line of Commercial and Personal Lines products, with access to both admitted and non-admitted markets. Expanding value and expertise for clients has led to the acquisitions of Klein & Costa and Houston Surplus Lines and office expansions throughout California and Texas.

WSS is a proud member of the following trade associations: CIWA, WSIA, and TSLA. WSS is headquartered in Plano, TX with employees also located in California. www.wssib.com

Contact: Chantal Nation +1.972.702.0500 cnation@wssib.com

About XPT Group

XPT is a specialty insurance distribution company formed through a partnership of highly-experienced management executives and an institutional investor who backs insurance distribution firms. XPT brings together underwriting and wholesale brokerage firms across many specialty lines through acquisitions and new product development. XPT stands apart by delivering expertise through a collaborative partnership culture. www.xptspecialty.com Contact: Mark Smith +1.917.843.1243 msmith@xptspecialty.com

LP Risk Joins XPT Specialty, Sixth investment by Specialty Lines Distribution Firm

XPT Partners, LLC announced today the acquisition of LP Risk, a full service Managing General Agency (MGA) and surplus lines broker with a wide range of commercial property and casualty coverages distributed to retail agents through in-house and brokerage markets. XPT’s transportation expertise continues to expand by partnering with this Houston, San Antonio & Dallas based company and its in-house Commercial Auto programs and brokerage markets. LP Risk also expands and compliments XPT’s current expertise and unique carrier relationships to provide coverage for General Liability, Excess/Umbrella, Property, Cargo, Equipment and more. Through LP’s brokerage markets alone, nearly any coverage and class of business can be provided to the regions retail agent & broker community. The partnership with Landon Parnell and LP Risk is a perfect fit with XPT’s existing operations and represents a significant platform for XPT’s expansion into the P&C Brokerage space.

“LP Risk has spent many years developing the technical knowledge of our underwriters and the market relationships of our brokers, while making service our main priority.  XPT’s commitment to launch innovative products while using a modern platform to access new markets will allow us to raise our service level and realize lasting growth,” detailed Landon Parnell who will continue  as President of LP Risk and take on the new role of leading XPT’s National P&C Brokerage Division.

Mark Smith, XPT Partner, stated, “The variety of product offerings Landon has cultivated with his team’s expertise make LP Risk a great complement to our growing portfolio. As we expand within the transportation industry, we are also able to share LP Risk’s extensive knowledge in environmental, construction, manufacturing, ocean marine, hospitality and oilfield and energy related exposures.  Our collaborative partnership culture will allow LP Risk to offer more products while maintaining their commitment to service.” 

“Landon brings with him an impressive track record of success and knowledge that will strengthen our executive committee. We are thrilled to have him and his team join the XPT family,” said Tom Ruggieri, XPT Partners CEO.

XPT continues to develop their expert wholesale insurance broking and Managing General Agency platform through acquisitions and rapid operational growth.  This is XPT’s sixth investment preceded by Western Security Surplus (WSS), WE Love & Associates (WEL), SVA Underwriting (SVA), Klein & Costa (K&C) and Sierra Specialty (Sierra).

The transaction closed on April 22, 2020 and LP Risk will continue to operate under its established brand name, so client business will not be affected. XPT was represented in the acquisition by TAG Financial. 

 

                                                  

 

About XPT Group

XPT is a specialty insurance distribution company formed through a partnership of highly experienced management executives and an institutional investor who backs insurance distribution firms.  XPT brings together underwriting and wholesale brokerage firms across many specialty lines through acquisitions and new product development. XPT stands apart by delivering expertise through a collaborative partnership culture. www.xptspecialty.com

Contact: Mark Smith 917-843-1243 msmith@xptspecialty.com

About LP Risk

LP Risk, Inc. is a full service managing general agency and surplus lines broker with a wide range of commercial property and casualty to retail agents through in-house and brokerage markets.  In-house markets can provide coverage for General Liability, Excess/Umbrella, Commercial Auto, Property, Cargo, Equipment and more. Through brokerage markets nearly any coverage can be provided.  Developed over many years, LP Risk is set apart with technical knowledge, experience and market relationships. 

Contact: Landon Parnell 713-939-8585 Ext 503 lparnell@lp-risk.com

XPT Group Announces Platinum Trucking Program with Watford Insurance Company

XPT Group LLC announced today the launch by its subsidiary, W.E. Love & Associates, LLC   (W.E. Love) of a new trucking program, Platinum Trucking, with Watford Insurance Company (Watford), to provide needed coverages for high-quality, experienced trucking firms that just miss being considered "prime" risks.    John Love, Transportation Practice Leader, stated, “We developed Platinum Trucking specifically for the trucking and transportation liability market where we believe the needs are underserved.  Platinum Trucking’s focus is on the best of the non-prime trucking firms, and we underwrite them with detailed analysis of drivers, losses, exposure and SMS data.” 

The Platinum Trucking program was created by XPT and Watford for primary truck liability insurance with a focus on insureds requiring special underwriting attention.  W.E. Love operates as the Program Administrator for this new Platinum Trucking program, working with its own clients as well as clients of sister companies SVA Underwriting, LLC (SVA) and Sierra Specialty Insurance Services, LLC (Sierra).

This program complements other trucking-related programs written by W.E. Love as well as XPT's other truckingrelated program administrators, SVA and Sierra.

This program will be available to select retail agents exclusively through W.E. Love, SVA and Sierra and is currently available in 20 states and expanding to all 50. The carrier for this program is Watford Insurance Company, a New Jersey domiciled admitted carrier (rated A- Financial Size Category XII by A.M. Best). www.watfordus.com

“XPT is committed to the continued growth of our partners which means new product development.  The creation of Platinum Trucking allows for our trucking experts at W.E. Love to not only offer better products to their retail agents, as well as those served by SVA and Sierra, but also promotes a collaborative work environment to provide the best service possible,” said Jeff Heath, XPT Partner.  As a trucking expert, Heath previously founded an MGA specializing in Excess Liability for small to medium size trucking fleets.  

Based in the Southeast, W. E. Love has been writing trucking programs for over 30 years, representing a number of leading carriers. SVA, based in New York, has specialized in Physical Damage and Cargo representing leading London and US Markets, as well as an expanding trucking liability book.  Sierra’s west coast operation rounds out XPT’s trucking footprint with solid trading relationships for all lines through distinguished markets throughout the United States.                

About XPT Group

XPT is a specialty insurance distribution company formed through a partnership of highly experienced management executives and an institutional investor who backs insurance distribution firms.  XPT brings together underwriting and wholesale brokerage firms across many specialty lines through acquisitions and new product development. XPT stands apart by delivering expertise through a collaborative partnership culture. www.xptspecialty.com

XPT recently acquired Sierra Specialty, a West Coast MGA and Wholesale Broker/Underwriter, their third transportation specialist.  As their transportation presence expands, XPT continues to be committed to developing new proprietary products for the trucking and transportation market.  

Contact: Mark Smith 917.843.1243 msmith@xptspecialty.com

About W.E. Love and Associates, LLC

Located in Burlington, North Carolina, W.E. Love and Associates, LLC. (WEL) is the oldest Certified Managing General Agency (CMGA) in the United States. Founded in 1982 by W.E. “Dub” Love, Jr., specializing in trucking risks.  For over 35 years, WEL has been keenly focused on service and technology and will continue to innovate and remain true to the traditional sense of fair play and strong work ethic. www.welove.com  

About SVA Underwriting, LLC

SVA Underwriting, LLC was formed in August 2013 in New York City by Founder and President Steven Vallejo.  SVA Underwriting is a MGA/Wholesale Agency currently representing and conducting business with retailers throughout the country for Auto Liability, Auto Physical Damage and Motor Truck Cargo placements. SVA Underwriting is an “Underwriting House” that is a turnkey operation with the ability to underwrite, issue policies and endorsements and arrange for quality engineering and loss control.  www.svaunderwriting.com     

About Sierra Specialty Insurance Services, LLC

Sierra Specialty Insurance Services, LLC was founded in 2005 by Kathy Schroeder and Mark Schroeder.  Sierra Specialty provides retail insurance professionals with underwriting and brokerage services. As an MGA Sierra

Specialty writes many lines of business; General Liability, Property, Packages, Professional Liability, EPLI, Cyber, Commercial Auto, Trucking & Cargo, Inland Marine, Garage, Agriculture and Farm & Ranch. Our Specialty Programs are designed for specific industries and classes.  Sierra Specialty is committed to serving the retail insurance professionals by providing the best possible service, price ahttp://xptspecialty.com/wp-admin/post.php?post=23&action=edit#nd products.  www.sierraspecialty.com

B.P. Marsh & Partners Plc Investee Company Update

B.P. Marsh & Partners Plc (AIM: BPM), the specialist investor in early stage financial services businesses, is pleased to announce that XPT Group LLC (“XPT”), the U.S. based specialty lines insurance distribution company, has successfully completed a fund-raising exercise and complementary acquisition.

Fundraising

XPT has secured $40 million in aggregate financing from Madison Capital Funding LLC (“Madison”).

Madison, founded in 2001, is a market leader in providing middle market companies with debt solutions. Since inception Madison has invested $4 billion in 1,193 transactions with 305 different private equity sponsors. Madison is a leader in financing the insurance distribution segment.

As part of the transaction, Madison will take an equity interest in the business which values XPT at an enterprise valuation of circa $54m. 

The financing provides XPT with an opportunity to make further acquisitions and enter the next phase of its growth. Upon completion with Madison, XPT will draw down $18m. This draw down will be to finance the acquisition detailed below and to repay an existing debt facility. 

A further $22m finance facility is in place to support growth. 

Acquisition

Simultaneously to the completion of the fundraising, XPT have acquired 100% of Sierra Specialty Insurance Services Inc. (“Sierra”). Sierra is an MGA and wholesale broker based in Fresno, California, and specializes in the provision of insurance to independent retail agents. 

Sierra is led by President, Kathy Schroeder together with COO, Mark Schroeder. Both Mark and Kathy Schroeder have many decades of experience in underwriting, broking and management. Kathy has also served on the American Association of Managing General Agents Board, one of the two predecessors to Wholesale Specialty Insurance Association (WSIA). Both Kathy and Mark Schroeder will remain at Sierra post acquisition. 

Following the investment by Madison in XPT and the acquisition of Sierra by XPT, B. P. Marsh will have a revised shareholding of 32.2% in XPT. 

XPT continues to explore additional M&A opportunities in the U.S. that complement and enhance XPT’s product and distribution offering. 

XPT’s Chief Executive Officer Thomas Ruggieri has stated that “XPT is fortunate to have quickly assembled a Partnership nucleus of expert specialists in Specialty Distribution financially backed by the two most experienced financiers supporting Insurance Distribution in BP Marsh and Madison Capital Funding. We look forward to continuing our industry leading organic growth by supporting our partners with new product, resources and customer service to attract the brightest client focused producers to our partnership.” He also noted “Kathy and Mark’s leadership in the industry and in central California will greatly enhance our partnership. Sierra Specialty reinforces XPT’s collaboration as they will partner in our existing product segments in general authority underwriting, transportation and hospitality, while moving us into agri-business.”   

Commenting on the recent activity, the Group’s Chief Investment Officer and Nominee Director in XPT, Daniel Topping, said “The fundraising with Madison is a tremendous milestone in XPT’s development. Since XPT’s first investment in November 2017, XPT has grown to Gross Written Premium approaching $200m, inclusive of the Sierra acquisition. This is an outstanding achievement by the XPT team, and we look forward to further supporting their growth.”

About B.P. Marsh & Partners Plc

B.P. Marsh’s current portfolio contains nineteen companies. More detailed descriptions of the portfolio can be found at www.bpmarsh.co.uk.

Since formation over 25 years ago, the Company has assembled a management team with considerable experience both in the financial services sector and in managing private equity investments. Many of the directors have worked with each other in previous roles, and all have worked with each other for at least five years.

Prior to Brian Marsh’s involvement in the Company, he spent many years in insurance broking and underwriting in Lloyd’s as well as the London and overseas market. He has over 30 years’ experience in building, buying and selling financial services businesses, particularly in the insurance sector.

Alice Foulk joined B.P. Marsh in September 2011 having started her career at a leading Life Assurance company. In 2014 she took over as Executive Assistant to the Chairman, running the Chairman’s Office and established herself as a central part of the management team.

In February 2015 she was appointed as a Director of B.P. Marsh and a member of the Investment Committee. In January 2016 Alice was appointed Managing Director of B.P. Marsh.

In her position as Managing Director, Alice is responsible for the overall performance of the Company and monitoring the Company’s overall progress towards achieving the objectives and goals of the Company, as set by the Board.

Dan Topping is the Chief Investment Officer of B.P. Marsh, with over a decade of experience in the financial services sector. Dan graduated from the University of Durham in 2005 and is a member of the Securities and Investment Institute and the Institute of Chartered Secretaries and Administrators. Having spent two years at an independent London accountancy practice, he joined the company in 2007. He was appointed as a Director in 2011 and promoted to his current role in 2015. 

Dan is a standing member of the B.P. Marsh Investment and Valuation Committees and currently serves as a Board Director across the portfolio.

Jonathan Newman is a Chartered Management Accountant and is the Group Director of Finance and has over 20 years’ experience in the financial services industry. Jon graduated from the University of Sheffield with an honours degree in Business Studies and joined the Group in November 1999, following two years at Euler Trade Indemnity and two years at a Chartered Accountants. Jon is a Member of the Chartered Global Management Accountants, the Chartered Management Accountants and the Chartered Institute of Securities and Investment.

Jon was appointed a Director of B.P. Marsh & Company Limited in September 2001, and Group Finance Director in December 2003 and was instrumental in the admission of the Group to AIM in February 2006. Jon is a member of the B.P. Marsh Investment and Valuation Committees and currently serves as a Nominee Director on the Boards of three Investee Companies, and provides senior financial support and advice to all companies within the Group’s portfolio as well as evaluating new investment opportunities.

XPT Group partners with Sierra Specialty

Fifth investment by Specialty Lines Distribution Firm XPT

XPT Group LLC announced today the acquisition of Sierra Specialty, a Managing General Agency (MGA) and wholesale insurance underwriter/broker representing multiple top “A” rated markets and specialty programs.   XPT’s west coast presence continues to expand with this.

Clovis / Fresno based company specializing in a variety of products including Agribusiness, P&C Brokerage, General Authority Underwriting, Transportation and Garage, which compliments the other offerings within XPT’s platform.  Led by industry powerhouses Kathy Schroeder and Mark Schroeder who have a proven ability to operate and grow a specialty business while also executing on infrastructure and product development.

“Mark and I are continuously focused on delivering high service to the small and medium marketplaces and it was clear XPT’s team of partners are focused on this market segment and were the perfect experts to help us expand our product offerings and achieve sustained growth,” stated Kathy Schroeder who will continue to serve as President of Sierra Specialty.

Sierra Specialty was founded in 2005 by Kathy Schroeder and Mark Schroeder.  Kathy previously was a top broker with S L Alexander / ESLIB and with Swett & Crawford in Woodland Hills before being promoted to Branch Manager of Swett’s Fresno operation.  Kathy also has a passion for the insurance community currently holding the positions of Vice President of California Insurance Wholesalers Association (CIWA), Board of Directors member for The Surplus Lines Association of California (SLA), and various advisory boards for companies.   She also served 5 years on the board for AAMGA and was the vice president on the inaugural board of WSIA and on the executive committee after AAMGA and NAPSLO merged to form WSIA.

Mark’s experience has been primarily on the underwriting and program manager side with multiple carriers including Transamerica Insurance Group, Crum & Forester and AEON Insurance Group. He has always had a strong focus on establishing and managing national programs such as Accountants Professional Liability, Medical Malpractice, Miscellaneous E &O, Kidnap & Ransom, Auto Dealers & Repair Shops, Tow Trucks/Garage and other Transportation lines. Mark will continue his role with Sierra Specialty of Chief Operating Officer. He will also be partnering to develop programs at XPT and create product integration between Sierra and XPT.

Tom Ruggieri said, “Kathy and Mark’s leadership in the industry and in central California will greatly enhance our partnership. Sierra Specialty reinforces XPT’s collaboration as they will partner in our existing product segments in general authority underwriting, transportation and hospitality, while moving us into agri-business.   Kathy will bring great industry expertise and personnel development acumen to our executive committee.”

XPT continues to develop their expert wholesale insurance broking and Managing General Agency platform through acquisitions and rapid operational growth.  This is XPT’s fifth investment preceded by Western Security Surplus (WSS), WE Love & Associates (WEL), SVA Underwriting (SVA) and Klein & Costa (K&C).

The transaction closed on September 13, 2019 and Sierra Specialty will continue to operate under its established brand name, so client business will not be affected. XPT was represented in the acquisition by TAG Financial.

About XPT Group

XPT is a specialty insurance distribution company formed through a partnership of highly experienced management executives and an institutional investor who backs insurance distribution firms.  XPT brings together underwriting and wholesale brokerage firms across many specialty lines through acquisitions and new product development. XPT stands apart by delivering expertise through a collaborative partnership culture. www.xptspecialty.com

Contact: Mark Smith 917.843.1243 msmith@xptspecialty.com

About Sierra Specialty

Sierra Specialty was founded in 2005 by Kathy Schroeder and Mark Schroeder.  Sierra Specialty provides retail insurance professionals with underwriting and brokerage services. As an MGA Sierra Specialty writes many lines of business; General Liability, Property, Packages, Professional Liability, EPLI, Cyber, Commercial Auto, Trucking & Cargo, Inland Marine, Garage, Agriculture and Farm & Ranch. Our Specialty Programs are designed for specific industries and classes.  Sierra Specialty is committed to serving the retail insurance professionals by providing the best possible service, price and products.

Contact: Kathy Schroeder 559.256.6910 KathySchroeder@sierraspecialty.com

WSS Announces Acquisition of Klein & Costa Insurance Services

Western Security Surplus (WSS), part of the XPT Group, a specialty insurance distribution company, announces the acquisition of Klein & Costa Insurance Services (K&C).  This acquisition continues to demonstrate WSS’s commitment to strategic growth to deliver the best products and services possible.     

K&C was founded in Santa Ana, California in 1990 by Clarence Costa and Jim Klein.  K&C’s primary focus is on small to medium specialty property & casualty risks within Southern California.  Costa will continue to lead the office and this expansion of WSS into Orange County.

Clarence Costa, President of Klein & Costa stated, “We are thrilled to be joining the successful management teams of both WSS and XPT that have led to the impressive growth of WSS.  By joining WSS, we will be able to offer significantly more resources including a stable of markets and products to solve the challenges of our retail brokers and agencies.”

Kyle Stevens, President and CEO of WSS added, “We are thrilled to add Clarence and his team to our expanding west coast operations.  K&C’s impeccable reputation fits perfectly with Mark Kaufman’s Sherman Oaks team.  This is another step in strengthening our position in the largest E&S marketplace in the country.”

Contact: Mark Smith 917.843.1243 msmith@xptspecialty.com

WSS Announces Hiring of Dan Rieden and Matt Rieden and the Launch of a Newly Formed Workers’ Compensation Division

Western Security Surplus (WSS), part of the XPT Group, a specialty insurance distribution company, announces the hiring of industry experts Dan Rieden and Matt Rieden and the launch of a newly formed Workers’ Compensation Division.  Dan Rieden will serve as Executive Vice President and Practice Leader of the workers’ compensation division, and Matt Rieden will serve as Senior Underwriter for specialty niches within the division.

Dan Rieden has over 30 years of experience in the insurance industry with much of his focus on the creation and development of workers’ compensation underwriting platforms.  He has built successful teams that have generated more than $250 million in written premiums for small to medium sized businesses. Matt Rieden also has an extensive workers’ compensation background with a focus on specialty classes of business – in particular that of franchised auto dealerships in the western United States.

WSS’s new workers’ compensation division is now available in most states through various A-rated carriers.  In addition to being able to write standard classes of business, WSS can write specialty classes including franchised auto dealers, artisan contractors, bars & taverns, cannabis, PEO’s, transportation, and much more.  

“The strength of their experience and determination to achieve strategic growth objectives align perfectly with our vision.  Dan and Matt’s depth of knowledge and involvement in the workers’ compensation sector make them the ideal team to lead this new division,” stated Tom Ruggieri, XPT CEO.  

Kyle Stevens, WSS CEO added, “With over 45 years combined workers’ compensation experience, we are confident in their abilities to develop this business segment for WSS and achieve our goal of delivering the best products and services possible.”

 

 

About WSS

Since 1981, WSS has been providing retail brokers an extensive line of Commercial and Personal Lines products, with access to both admitted and non-admitted markets. WSS continues to expand their reach and now writes in most of the Sun Belt states. West-Pro, a division of WSS, writes bars & taverns with exclusive markets and coverage forms for wholesale brokers in over a dozen states.

WSS is a proud member of the following trade associations: CIWA, WSIA, and TSLA. WSS is headquartered in Plano, TX with employees also located in California.  www.wssib.com

Contact: Chantal Nation +1.972.702.0500 cnation@wssib.com

About XPT Group

XPT is a specialty insurance distribution company formed through a partnership of highly-experienced management executives and an institutional investor who backs insurance distribution firms.  XPT brings together underwriting and wholesale brokerage firms across many specialty lines through acquisitions and new product development. XPT stands apart by delivering expertise through a collaborative partnership culture. www.xptspecialty.com

Contact: Mark Smith 917.843.1243 msmith@xptspecialty.com

Top 3 Reasons WSS Opened New Southern California Office

Wholesaler WSS, part of XPT a specialty insurance distribution company, announces the opening of a new office location in Sherman Oaks, CA.  The new office is led by Mark Kaufman, Chief Operating Officer, who joined WSS in May of 2018 and is at the helm of WSS’s rapid growth in southern California. 

Why did they open a new office?  Here are the top 3 reasons:

• 1. Industry-Leading Organic Growth

Throughout the last year, WSS has rapidly expanded its southern California presence with eight new client executives who have made WSS their home.  The new client executives joined WSS’s pre-existing, highly-skilled Sherman Oaks team that originated in 1981.

• 2. Teamwork

Mark Kaufman, Chief Operating Officer, said “Our new office really allows all our team members to network and brainstorm daily to solve the challenges of our retail brokers and agencies.  We are able to work more effectively as a team to deliver the industry-leading service to our retailers through our expert industry product knowledge…and have a good time while doing it.”

• 3. Location, Location, Location

Kyle Stevens, President & CEO, said, “We’re thrilled to be opening a new office in the heart of the San Fernando Valley in southern California.  Our new location is a fantastic place for our team to call home that allows us faster access to our retail brokers and agencies throughout the greater Los Angeles area.”  

Visit their website or contact them today to learn more about WSS, their services, product offerings, and rapid growth.

 

XPT Group Makes Third Investment with SVA, Strengthening Trucking Portfolio

Established Trucking Physical Damage & Cargo MGA; Third Investment by Specialty Lines Distribution Firm XPT

XPT Group LLC announced today the acquisition of SVA Underwriting Services, Inc. (SVA Underwriting), a leading trucking and transportation MGA and Lloyd’s Coverholder. SVA Underwriting specializes in Physical Damage and Cargo cover with the ability to underwrite, issue policies and endorsements and arrange for quality engineering and loss control.   Founded in 2013 by industry veteran Steven Vallejo, SVA Underwriting is a New York City based company.

“Getting to know XPT’s partners and seeing how they have added operational expertise, additional markets, new products and new brokers & underwriters to organically grow WSS and WE Love made this partnership very appealing to me and SVA Underwriting.  Aligning SVA Underwriting’s near and long-term goals with XPT will allow us to provide more products to our very loyal retail clients and significantly expand our carrier relationships. We are looking forward to being part of XPT and experiencing this growth and product expansion for ourselves,” said Steven Vallejo, President of SVA Underwriting.

XPT continues to develop their expert wholesale insurance broking and Managing General Agency platform through acquisitions and rapid operational growth.  This is XPT’s third investment preceded by Western Security Surplus (WSS) and WE Love & Associates (WEL).  SVA Underwriting and WEL will leverage their unique trucking and transportation strengths to build new products while opening new markets to better serve their extensive retail network.

Jeff Heath, XPT Founding Partner, commented, “This acquisition and Steven’s prior Commercial Auto liability role as a successful Underwriter for a major MGU not only increases our specialization in Physical Damage and Cargo coverages but also greatly enhances our ability to fully support our broad network of retail agencies specializing in transportation with new liability products in new geographies including the Northeast and Midwest.  We are thrilled to have such a successful industry leader in Steven Vallejo joining the XPT family.”  Heath is also a trailblazer in the trucking insurance sector who founded Heath XS which was later acquired by Hallmark Financial Services, Inc.

Tom Ruggieri, XPT Founding Partner & CEO, stated, “SVA Underwriting’s expertise in this specialty niche market makes it a perfect accompaniment to Trucking Liability specialists WE Love. Further, Steven’s long-term profitable relationship with the London market strengthens our product portfolio.”

The transaction closed on January 17, 2019 and SVA will continue to operate under its established brand name, so client business will not be affected. XPT was represented in the acquisition by TAG Financial.

About XPT Group

XPT is a new specialty insurance distribution company formed through a partnership of highly-experienced management executives and an institutional investor who backs early stage insurance distribution firms.  XPT brings together underwriting and wholesale brokerage firms across many specialty lines through acquisitions and new product development. XPT stands apart by delivering expertise through a collaborative partnership culture. www.xptspecialty.com

About SVA

SVA Underwriting was formed in August 2013 in New York City by Founder and President Steven Vallejo.  SVA Underwriting is a MGA/Wholesale Agency currently representing and conducting business with retailers throughout the country for Auto Liability, Auto Physical Damage and Motor Truck Cargo placements. SVA Underwriting is an “Underwriting House” that is a turnkey operation with the ability to underwrite, issue policies and endorsements and arrange for quality engineering and loss control.  www.svaunderwriting.com   

Contact: Mark Smith +1.917.843.1243 msmith@xptspecialty.com

XPT Group Partners with Trucking Specialist W.E. Love

Established Tech- Enabled Transportation MGA; Second Investment by Specialty Distribution Firm XPT

January 29, 2018 (New York) - XPT Group announced today its partnership with industry leader W.E. Love & Associates (WEL), a 36-year old MGA with expertise in trucking risks. Led by John H. Love and based in Burlington, North Carolina, WEL offers select retail agencies direct access to highly-skilled underwriters who set the standard for trucking insurance knowledge and experience. At WEL, intense personal service combined with detailed account analysis provides better, faster and more consistent answers for customers. WEL's self-improving, dynamic workflow software allows for continuous improvement in the submission process including the delivery of mobile friendly customized presentations. WEL is currently operating in 30 states.

WEL was established in 1982 by W.E. "Dub" Love, Jr. who began his trucking insurance career in 1950. John Love has worked with WEL, which continues to be a family run business, for 36 years. He has served as WEL's President since 1992 and will continue to do so in WEL’s partnership with XPT.

"We are thrilled to join the XPT family. XPT places great value on our WEL staff, relationships and infrastructure. Working with XPT’s highly-experienced management executive resources will allow us to better innovate, more quickly expand our offerings, and grow dynamically," said John H. Love, President of WEL.

"W.E. Love’s attention to service with underwriting discipline, collaborative work environment, innovative use of technology, and continuous updating of their products made them an ideal match to add to our partnership," said Tom Ruggieri, CEO of XPT Group. He continued, "John Love and Derek Brooks’s commitment to excellence strengthens our group."

WEL is XPT’s second acquisition over the last three months, the first being WSS, a leading wholesale broker and MGA including Western Security Surplus Insurance Brokers, Inc. and its MGU program division West-Pro. "The capital and expertise provided by XPT has allowed us to expand our programs and has helped us strengthen our firm and West-Pro’s exclusive all-in-one program for Bars, Taverns & Nightclubs," said Kyle Stevens, President of WSS.

XPT was formed by industry veterans Tom Ruggieri, the former CEO of Swett & Crawford along with Jeff Heath founder of Heath XS now owned by Hallmark Insurance, and Mark Smith who was an executive with RT Specialty, AmWINS and Stewart Smith. XPT stands apart by delivering expertise through a tech-enabled collaborative partnership culture providing best in market expertise and customer service that will meet even the highest of expectations and lead to rapid new product development. XPT is backed by investors led by B.P. Marsh & Partners, the specialist London-based minority investor in insurance distribution and program underwriting companies.

The transaction closed on January 25, 2018 and WEL will continue to operate under its established brand name, so client business will not be affected. XPT was represented in the acquisition by TAG Financial and WEL was represented by Wyatt Early Harris Wheeler LLP.

About XPT Group
XPT is a new specialty insurance distribution company formed through a partnership of experienced management executives and an institutional investor who backs insurance distribution firms with minority investments. XPT brings together underwriting and wholesale brokerage firms across specialty lines through acquisitions and new product development. XPT stands apart by delivering expertise through a tech-enabled collaborative partnership culture. www.xptspecialty.com

About W.E. Love
Located in Burlington, North Carolina, W.E. Love and Associates, Inc. (WEL) is the oldest Certified Managing General Agency (CMGA) in the United States. Founded in 1982 by W.E. “Dub” Love, Jr., the company has always specialized in trucking risks. For over 36 years, WEL has been keenly focused on service, education and technology. WEL will continue to innovate, remaining true to the traditional sense of fair play with a strong work ethic. www.welove.com

Contact: Mark Smith +1.917.843.1243 msmith@xptspecialty.com

XPT Group Acquires WSS and West-Pro

XPT Group Acquires WSS and West-Pro Newly-Funded Specialty Lines Insurance Distribution Firm Buys Established Wholesale Broker and MGA with Leading Bar & Taverns Program

November 6, 2017 (New York) - XPT Group announced today the acquisition of WSS, a leading wholesale broker and MGA including Western Security Surplus Insurance Brokers, Inc. and its MGU program division West-Pro. Based in Plano, Texas, WSS serves retail agencies through placement of General Liability, Package Liability, DIC, Property and other policies through binding authority contracts with U.S. and Lloyd’s markets and through open market wholesale brokerage. WSS is licensed in 20 states with producers located in Texas, California and Florida. West-Pro is a leading provider of bar & taverns coverage via wholesale insurance brokers in over a dozen states.

XPT was formed by industry veterans Tom Ruggieri, the former CEO of Swett & Crawford along with Jeff Heath who founded Heath XS before selling it to Hallmark and Mark Smith who was an executive with RT Specialty, AmWINS and Stewart Smith. XPT is backed by investors led by B.P. Marsh & Partners, the London-based specialist private equity investor in early stage insurance and financial services companies.

“WSS serves a blue-chip client list with unique product offerings through a team of highly-experienced underwriters supported by dedicated staff and new technology. We have long admired what Richard Polizzi has built and are lucky to be able to add Kyle Stevens to our partnership,” said Tom Ruggieri, CEO of XPT Group.

WSS was formed in 1981 by Richard Polizzi who will step down as the Chairman of WSS but remain with WSS to launch a new program that is already under development. A family-run business, Kyle Stevens, nephew to Richard Polizzi took over as President of WSS in 2008 and obtained majority interest of WSS in 2014, and will remain as President of WSS and West-Pro after the acquisition by XPT.

“Hats off to Richard for building a company with a team of experienced and talented staff and I am glad Richard will remain part of WSS to pursue new programs with us. It’s important to our clients that XPT is committed to the wholesale business model and is not acquiring retail brokers and agents. The capital provided by XPT and the expertise of its founding partners gives WSS exactly what we need to offer more products to our customers,” said Kyle Stevens, President of WSS, an XPT company.

The transaction closed on October 31, 2017 and WSS will continue to operate under its established brand name so client business will not be affected. XPT was represented in the acquisition by TAG Financial and WSS was represented by Succeed Advisors.

About XPT Group

XPT is a new specialty insurance distribution company formed through a partnership of highly-experienced management executives and an institutional investor who backs start-up insurance distribution firms. XPT brings together underwriting and wholesale brokerage firms across many specialty lines through acquisitions and new product development. XPT stands apart by delivering expertise through a collaborative partnership culture. www.xptspecialty.com

About WSS

Since 1981, WSS has been providing retail brokers an extensive line of Commercial and Personal Lines products, with access to both admitted and non-admitted markets. WSS continues to expand their reach and now writes in most of the Sun Belt states. West-Pro, a division of WSS, writes bars & taverns with exclusive markets and coverage forms for wholes brokers in over a dozen states.

AnchorWSS is a proud member of the following trade associations: CIWA, WSIA, and TSLA. WSS is headquartered in Plano, TX with employees located in CA, FL and OR.

B.P. Marsh Investment in North America

As announced by the Company on 13th June 2017, B.P. Marsh & Partners Plc (AIM:BPM) has invested $6,000,000 into a New York based specialty lines insurance distribution company. Following recent press speculation, the Company is pleased to announce further details concerning this new venture.

B.P. Marsh has subscribed for a 35% shareholding in the New York based XPT Group LLC ("XPT"), through its wholly owned subsidiary company, B.P. Marsh (North America) Ltd. XPT is a newly established operation which is in active discussions with a number of parties over potential minority or majority investments into established entities in the US wholesale insurance arena. XPT plans to make one or two US-based acquisitions over the remaining months of this year.

The management team at XPT is a line-up of industry veterans, including Tom Ruggieri, formerly of Marsh, Advisen and Swett & Crawford and Mark Smith, former president and CEO of Stewart Smith, the US wholesaler which was sold by Willis to AmWins in 2005. Smith is also a former president and management director of R-T Specialty's New York operation. In addition, the team also includes Jeff Heath, the founder of Heath Group.

This investment represents a return to the US market for the Company, following on from the Company's recent investment in Canada, Stewart Specialty Risk Underwriting Ltd.

B.P. Marsh strongly believes that XPT is well positioned to take advantage of the significant consolidation opportunities in the small-to-medium-sized wholesale space in the US.

Commenting on the investment, Chairman of the Company Brian Marsh said "We are pleased to be back in the US with an investment in XPT. Our business is in backing people and the founders of XPT have impeccable credentials, deep industry knowledge and great ambition. We are excited by the opportunities presented in partnering with them and in the US market in general and look forward to growing XPT alongside them."

Dan Topping, B.P. Marsh's Chief Investment Officer, who has been appointed to represent the Company at XPT, stated "I am delighted to be working alongside the Management Team in delivering on their strategy and developing their presence in the US specialty insurance market."