One80 Intermediaries Establishes International Footprint With Acquisition of SUM
Strategic Underwriting Managers, Inc. is a leading Managing General Agent and expands One80’s footprint into the Canadian insurance market
Boston, MA (Aug. 11, 2020) – One80 Intermediaries, a national wholesale broker, program manager, and insurance aggregator headquartered in Boston, is pleased to announce that it has acquired Strategic Underwriting Managers, Inc. (SUM), a Canada based Managing General Agent for property, casualty and other specialty insurance products. Dowling Hales served as an advisor to Strategic Underwriting Managers; terms of the deal were not disclosed.
With offices in Toronto, Montreal, and Lachine QC, SUM works collaboratively with best-in-class insurers and reinsurers to design, underwrite and deliver market leading insurance products to brokers throughout Canada.
“One80 has rapidly expanded throughout the United States and we look forward to establishing an international footprint with Strategic Underwriting Managers,” said Matthew F. Power, President of One80 Intermediaries. “SUM and One80 uphold a similar entrepreneurial culture and strategic long-term vision. With that we are confident that together, we will further support our brokers on both sides of the border.”
SUM is empowered with broad, in-house binding authority on behalf of the world’s highest quality insurance carriers. This allows SUM to provide coverage to the most challenging insurance risks in real time. In addition to SUM’s in-house authority, the organization maintains brokerage relationships with a broad group of insurance markets, providing best-in-class products and services to their brokers and clients. SUM is licensed in every province and territory in Canada and does not require broker contracts or volume commitments.
“We have full authority on each of the programs we underwrite and are proud of the long relationships with each company with whom we trade. In joining One80 we look forward to developing additional capacity, and introducing new products and innovations into Canada,” said Jeff Somerville, President at Strategic Underwriting Managers. Inc.
About One80 Intermediaries
One80 Intermediaries is a privately held, national firm with offices across the country. As a leading U.S. insurance wholesaler and program manager, the company offers placement services and binding authority for property & casualty, financial lines, personal lines, and medical stop loss risks. One80 serves commercial companies, non-profits, public entities, and individuals, and has access to all major insurance markets in the US and UK. Coverage spans all industry classes. One80 has offices in more than 20 locations nationwide including Boston, New York City, Chicago, Miami, Atlanta, Houston, Dallas, Nashville, San Diego, and Seattle. For more information, visit www.one80intermediaries.com.
SOURCE: One80 Intermediaries
Tags: Acquisition, MGA
Read the original article at Insurance-Canada.ca