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10 Aug, 2022, 09:40 ET
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SAN FRANCISCO and LOS ANGELES, Aug. 10, 2022 /PRNewswire/ — Virgo Investment Group (“Virgo”), a private investment firm with a track record of building and transforming businesses, today announced the sale of Transverse Insurance Group (“Transverse” or the “Company”), a U.S.-based, hybrid fronting company, to Mitsui Sumitomo Insurance Company, Limited (“MSI”), pending Regulatory Approval.
Transverse was established in 2018 by Virgo and co-founders Erik Matson and Dave Paulsson. Since its inception the Company has quickly grown to over 50 professionals, claiming a meaningful share of the U.S. fronting market.
“We take a flexible and collaborative approach at Virgo, launching businesses in attractive niches when the opportunity is right,” said Virgo founder and CIO, Jesse Watson. “We identified the fronting segment in 2018 as a growing and underserved market in which we could build a differentiated competitor, and are proud of how we built Transverse from the ground up to provide both MGA and reinsurance clients with innovative solutions. With Erik and Dave remaining at the helm, Transverse is well positioned to continue expanding its customer base and industry reach under the MSI umbrella. We are honored to have had the opportunity to establish Transverse and are excited to watch its continued growth as part of a global leader in the insurance marketplace.”
Erik Matson, Chairman, CEO and Co-founder of Transverse added, “Working alongside Virgo to fund and grow Transverse has allowed the Company to quickly adapt and thrive in the fronting industry. I am grateful for the opportunity Virgo provided and am excited for this next chapter. I look forward to leveraging the balance sheet, global footprint and deep institutional knowledge of MSI’s team to further enhance our client offerings.”
“Erik, Dave and Virgo have built Transverse into a proven player in the insurance fronting market, and we are excited to partner with the Company as part of our continued evolution at MSI,” said Johan Slabbert, CEO of Amlin Distribution Holdings Inc at MSI. “This acquisition will allow Transverse to accelerate its competitive advantage by securing greater access to product lines and new distribution opportunities, serving the evolving and long-term needs of its MGAs and reinsurer partners more effectively. We look forward to working with them to help continue its growth and to help build our presence in the US marketplace.”
Transverse was founded using funds from Virgo Societas Partnership IV alongside co-investment vehicles.
About Virgo Investment Group
Founded in 2009, Virgo is a private investment firm based in California that has an established track record of building and transforming businesses. Virgo seeks to identify and grow unique business models into differentiated and profitable industry leading companies. The Firm has raised over $1.9 billion since inception.
About Transverse Insurance Group
Transverse Insurance Group is a hybrid fronting carrier serving the program, MGA, and reinsurance markets with offices in New York, New Jersey, and Texas. Transverse is backed by Virgo Investment Group and partner investors. Founded in 2018 by Erik Matson, CEO, and Dave Paulsson, President, Transverse is a global facilitator connecting and enabling partners through access to risk capacity and alternative capital on admitted and surplus lines paper. For more information, please visit www.transverseinsurance.com.
Virgo Investment Group
Steve Bruce/ Taylor Ingraham ASC Advisors
[email protected] / [email protected]
SOURCE Virgo Investment Group
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