Latest acquisition news from FM for you;
Commercial property insurer FM today announced it has reached an agreement in principle to acquire Velocity Specialty Insurance Company (VSIC), a leading excess & surplus (E&S) insurance provider. The deal is expected to close in the first half of 2025, subject to regulatory approvals. Financial details of the transaction were not disclosed.
With the increasing frequency and severity of secondary perils and other emerging risks, businesses are seeking E&S coverage for risks that traditional insurance is less likely to cover. Through the transaction, FM will expand its expertise and solutions to include E&S property insurance. In addition, the combination of VSIC’s expertise and capabilities in E&S insurance and FM’s leading position in the global commercial property insurance market will provide support for new business initiatives.
“VSIC’s focus on property insurance and expertise in understanding the new risk landscape that many businesses face align perfectly with FM’s mission,” said Malcolm Roberts, chairman and chief executive officer of FM. “Moreover, this transaction may eventually allow us to provide our clients with an even broader suite of products and solutions to meet risks today and in the future. We are excited to welcome VSIC to the FM family.”
VSIC was formerly part of the Velocity Risk group, which also included Velocity Risk Underwriters. Velocity Risk Underwriters has been acquired by Ryan Specialty.
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