San Francisco-based wholesale insurance brokerage Socius Insurance Services, Inc. has acquired the assets of Kelly Underwriting Services, a Farmingdale, New York based managing general underwriter.
Led by Tom Nash, Kelly provides underwriting for professional liability risks and currently manages four insurance product programs. Kelly’s current offerings include miscellaneous professional liability, insurance agents and brokers professional liability, and architects]/engineers.
Kelly has nationwide distribution and underwrites in all 50 states and the District of Columbia.
According to the announcement, Kelly will operate its underwriting platform independently of Socius. Socius specializes in management, professional and cyber liability insurance.
The plan is for Kelly to expand its product offerings both organically and through acquisitions, according to Patrick Hanley, Socius president and CEO, and Chris McKechnie, executive vice president. Socius will provide additional corporate leadership and operational infrastructure to accelerate Kelly’s growth.
Terms of the transaction were not disclosed.
Socius is privately held, with financial backing by Abry Partners based in Boston.
Topics Mergers & Acquisitions Agencies New York Underwriting Liability
Was this article valuable?
Here are more articles you may enjoy.
Insurify Starts App With ChatGPT to Allow Consumers to Shop for Insurance 
AIG’s Zaffino: Outcomes From AI Use Went From ‘Aspirational’ to ‘Beyond Expectations’ 
AI Claim Assistant Now Taking Auto Damage Claims Calls at Travelers 
Munich Re Unit to Cut 1,000 Positions as AI Takes Over Jobs 
