XPT Group LLC has acquired SVA Underwriting Services Inc., a trucking and transportation MGA and Lloyd’s Coverholder.
SVA Underwriting specializes in physical damage and cargo cover with the ability to underwrite, issue policies and endorsements and arrange for engineering and loss control. Founded in 2013 by industry veteran Steven Vallejo, SVA Underwriting is a New York City-based company.
XPT is a new specialty insurance distribution company formed through a partnership of management executives and an institutional investor who backs early stage insurance distribution firms. It brings together underwriting and wholesale brokerage firms across many specialty lines through acquisitions and new product development.
The transaction closed on January 17, 2019, and SVA Underwriting will continue to operate under its established brand name so client business will not be affected. XPT was represented in the acquisition by TAG Financial.
Following the acquisition, XPT continues to develop its wholesale insurance broking and managing general agency platform through acquisitions and operational growth. This is XPT’s third investment preceded by Western Security Surplus and WE Love & Associates (WEL).
In the future, SVA Underwriting and WEL will leverage their trucking and transportation strengths to build new products while opening new markets to better serve their retail network.
Source: XPT Group LLC
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