Transverse Insurance Group Announces the Launch of Transverse Insurance Company
Princeton, NJ (August 29, 2019) -- Transverse Insurance Group, today announces the launch of its A- (excellent) AM Best rated admitted carrier, Transverse Insurance Company. This new program carrier will cater to established and innovative MGAs, reinsurers, and captives across a broad range of Property and Casualty business lines. This follows the acquisition of Texas-domiciled Financial American Property and Casualty Insurance Company (FAMPAC) from Financial American Holdings Corporation.
Transverse Insurance Company is initially licensed in 38 states and expects to issue its first insurance policies in October. Transverse Insurance Group expects to secure final regulatory approval on its E&S carrier in the near future, providing top tier MGA and reinsurance carriers a best-in-class partner for the program market.
Transverse is backed by Virgo Investment Group, a private equity firm based in the San Francisco Bay Area with significant holdings in the specialty finance sector.
“We are very proud of the effort by our team to secure regulatory and ratings approval for our admitted business, and we look forward to incepting our initial MGA partnerships in the coming months. The acquisition of FAMPAC gives us a great foundation for our admitted program platform.” said Erik Matson, CEO.
Transverse is a Princeton, NJ based hybrid fronting carrier serving the program, MGA and reinsurance markets. Founded in 2018 by Erik Matson, CEO, and Dave Paulsson, President and CIO, Transverse provides program solutions around risk, underwriting, claims, reinsurance and compliance to fit the objectives of their partners. For more information, please visit http://transverseinsurance.com
About Virgo Investment Group
Founded in 2009, Virgo is a thematic investor with the mission of building meaningful businesses. Virgo partners with Founder-led or Family-owned businesses where both existing owners and management have a material equity stake in the business. Virgo targets companies undergoing industry or company-specific change, which are executing on an identified inflection point in value. Virgo is an actively engaged investor, driving value-add initiatives post-investment via a focus on human capital transformation, business process enhancement, and technology implementation through the Firm’s Spica Alpha Unit. The Firm has invested over $1.2 billion, completing 58 investments to date. For more information, please visit www.virgo-llc.com.