Socius Insurance Services, a wholesale insurance broker with a specialized focus on management, professional and cyber liability insurance and property-casualty insurance, has announced that it has acquired the assets of Kelly Underwriting Services, a New York-based managing general underwriter. Terms of the transaction were not disclosed.
Kelly provides underwriting for professional liability risks and currently manages insurance product programs including:
- Miscellaneous professional liability
- Insurance agents and brokers professional liability
- Architects and engineers: environmental liability, pollution liability, technology, computer network security and privacy breach
Led by president Tom Nash, Kelly will operate its underwriting platform independently of Socius.
“Socius is an exceptional partner with a great culture, widely respected reputation and resources for us to further grow our MGU business,” Nash said.
Socius will provide corporate leadership and operational infrastructure to Kelly.
“We are extremely excited to partner with a dedicated underwriting platform with a strong culture and solid performance,” said Patrick Hanley, president and CEO of Socius. “This provides us with an excellent foundation for our continued buildout of a dedicated underwriting capability.”
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“We continue to be focused on augmenting our strong organic growth with strategic transactions in both the wholesale and MGA arena and are well-positioned to support and accelerate the growth of similar collaborative models,” said Chris McKechnie, executive vice president of Socius.
Socius, founded in 1997, is one of the top 10 largest wholesale insurance brokers in the US. It was named one of IBA’s Top Insurance Employers for 2022.
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