Syracuse, New York based financial services firm Community Financial System, Inc. is expanding its commitment to insurance by investing $37.4 million in the insurance business of Leap Holdings, Inc.
Leap’s wholly owned subsidiary, Leap Insurance Agency of Jersey City, New Jersey, is a managing general agent providing insurance for landlords in the multifamily and single-family rental housing sector. Its offerings include Agile Rent Guaranty, where Leap acts as a co-signer for renters, and Leap Deposit Replacement, which replaces traditional security deposits with low monthly payments.
Community Financial System acquired preferred and common stock. The investment complements the company’s existing insurance services business, the insurance agency OneGroup NY, Inc.
In addition to insurance, Community Financial System also offers banking services through Community Bank, which has more than $16 billion in assets and operates about 200 customer offices in New York, Pennsylvania, Vermont, and Massachusetts. Its other subsidiaries are Benefit Plans Administrative Services, Inc., and wealth management firm Nottingham Financial Group.
Accelerant Holdings became a strategic investor in Leap in 2021. In addition to a direct equity investment, Accelerant has provided liquidity financing and insurance capacity for Leap’s products.
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