Velocity acquires majority stake in Insight Risk
Velocity HoldCo, the holding company for Velocity Risk Underwriters, Velocity Specialty Insurance Company, and Velocity Claims, is acquiring a majority stake in Insight Risk Technologies, an MGA focused on the builder’s risk market.
Founded in 2021, Insight Risk offers insurance solutions on both an admitted and non-admitted basis. It also provides water sensors to mitigate water damage.
“This marks another exciting milestone in fortifying our position as a leader in the E&S property insurance industry by harnessing the incredible talent and innovative capabilities of the Insight Risk team. We believe that Insight Risk is poised for remarkable growth, and Velocity is thrilled to be a part of their journey. The completion of this acquisition of Insight Risk will infuse growth capital and provide additional capacity for Insight Risk and provide Velocity with a new diversifying line of business to its expanding specialty insurance platform.” – Praveen Reddy, Velocity’s COO & head of business development.
“Insight Risk was founded with the mission to leverage new technologies and datasets to reduce losses and create a better risk management experience for all of our stakeholders. The rapid adoption of our model over the past twelve months proves that there is tremendous opportunity and appetite for our programs. Partnering with Velocity will supercharge our growth and allow us to scale faster to meet demand for our unique approach to underwriting and loss control.” – Chad Hollingsworth, president and co-founder of Insight Risk.