Ignyte Insurance coverage has been launched as a specialty insurance coverage platform, aiming to amass, scale, and pace up insurance coverage manufacturers in area of interest markets worldwide.
The corporate, a portfolio agency of Carlyle since 2022, is now getting into the specialty insurance coverage spectrum.
This transfer is a part of the latest sale of NSM Insurance coverage Group’s US industrial enterprise to New Mountain Capital.
The manager workforce main Ignyte boasts over three a long time of expertise within the insurance coverage sector.
Business veterans Geof McKernan, Invoice McKernan, and Marc Castellucci are on the helm, with an expertise of constructing and scaling insurance coverage platforms.
The core technique of the corporate revolves round buying and nurturing specialised insurance coverage companies and funding strategy with an underwriting expertise.
The platform is now the inspiration for a rising international portfolio of specialty insurance coverage manufacturers, the discharge mentioned.
These manufacturers cowl various sectors resembling collector automotive, journey medical, worldwide scholar well being, leased tools, and different embedded insurance coverage merchandise.
Ignyte Insurance coverage CEO Geof McKernan mentioned: “Ignyte represents greater than a reputation — it embodies the entrepreneurial spirit, innovation and grit which have fuelled our progress for over three a long time. Others could flip away from distinctive or complicated area of interest industries — however we run towards them. We’re laser-focused on figuring out high-performing corporations and sectors, and serving to them scale by means of differentiated methods, know-how and expertise. We’ve constructed a world-class platform — and now, we’re able to go even additional and quicker.”
Ignyte Insurance coverage president Invoice McKernan acknowledged: “We’re extremely happy with what we constructed at NSM Insurance coverage Group over the previous 35 years, but it surely was time to tackle a brand new problem. We’ve confirmed our skill to construct and scale profitable corporations, and with Ignyte, we’re able to take that to the following stage. The chance forward is very large.”
The businesses supporting Ignyte handle over $650m in premium and serve tens of millions of consumers throughout the US, UK, Europe, and Australia and with over $4bn in executed transactions.
