Velocity – the holding entity for Velocity Danger Underwriters, Velocity Specialty Insurance coverage, and Velocity Claims – has introduced its main acquisition of Perception Danger.

Perception Danger is a loss prevention and danger switch resolution supplier for the builder’s danger market. The acquisition, accomplished on Sept. 18, underscores Velocity’s most up-to-date enlargement, and marks the corporate’s second acquisition, and its first managing common agent (MGA) deal.

As a builder’s danger MGA, Perception Danger’s mannequin incorporates Web of Issues (IoT) water injury prevention options to scale back water injury losses and ship worth to policyholders.

“This marks one other thrilling milestone in fortifying our place as a frontrunner within the E&S property insurance coverage trade by harnessing the unimaginable expertise and revolutionary capabilities of the Perception Danger group,” stated Praveen Reddy, Velocity COO and head of enterprise growth. “We consider that Perception Danger is poised for exceptional progress, and Velocity is thrilled to be part of their journey.

“The completion of this acquisition of Perception Danger will infuse progress capital and supply further capability for Perception Danger and supply Velocity with a brand new diversifying line of enterprise to its increasing specialty insurance coverage platform.”

Perception Danger president and co-founder Chad Hollingsworth additionally commented on the acquisition, saying that the corporate was based with the mission to leverage new applied sciences to scale back losses and create a greater danger administration expertise general.

“The speedy adoption of our mannequin over the previous twelve months proves that there’s great alternative and urge for food for our applications. Partnering with Velocity will supercharge our progress and permit us to scale sooner to fulfill demand for our distinctive strategy to underwriting and loss management,” Hollingsworth stated.

What are your ideas on this story? Please be at liberty to share your feedback under.