WAYZATA, Minn. and PORTSMOUTH, N.H., July 26, 2022 (GLOBE NEWSWIRE) — Trean Insurance Group, Inc. (Nasdaq: TIG) (“Trean”), a leading provider of products and services to the specialty insurance market, and Beat Capital Partners Americas (“Beat”), a long duration investor specializing in the insurance industry, are pleased to announce a partnership in the surplus lines insurance market.
Trean, via its recently formed subsidiary Benchmark Specialty Insurance Company (“Benchmark Specialty”), will offer E&S products through its exclusive relationship with Beat, giving Trean its first partnership in the large non-admitted insurance underwriting market. In turn, newly established Beat-backed agencies will have access to Benchmark Specialty’s A.M. Best “A” rated paper, as well as Trean’s claims, underwriting, and operational expertise.
“I am excited that Trean and Beat will work closely together as Beat grows its presence in the U.S.,” said Julie Baron, Chief Executive Officer of Trean. “Given Beat’s experience establishing and running specialty programs and Trean’s long history of supporting top-quality MGAs, this partnership creates a powerful combination and will contribute to Trean’s ability to achieve its long-term goals.”
John Cavanagh, Co-Founder of Beat, said, “I have known the Trean leadership team for decades and am incredibly pleased to partner with them as we accelerate Beat’s expansion in the U.S. The ability for Beat-backed U.S. businesses to exclusively access ‘A’ rated paper, provided by a proven company with an exceptionally experienced management team, is another reason I am thrilled with Beat’s offering in the U.S. for entrepreneurial underwriters.”
About Trean Insurance Group, Inc.
Trean Insurance Group, Inc. (NASDAQ: TIG) provides products and services to the specialty insurance market. Trean underwrites specialty casualty insurance products both through its program partners and its own managing general agencies. Trean also provides its program partners with a variety of services including issuing carrier services, claims administration and reinsurance brokerage. For more information, please visit www.trean.com.
About Beat Capital Partners
Beat Capital Partners is a long duration venture capital investor exclusively focused on the insurance industry, offering the right individuals and teams start-up funding, infrastructure, risk capital, and highly rated paper, alongside experienced guidance and support. Beat has launched eight businesses since its founding in 2017, which will collectively write gross premiums of an estimated US $650 million in 2022, and operates Lloyd’s Syndicate 4242. Beat is backed by experienced insurance investors Bain Capital Credit, Elliott Management and Amwins, as well as its management team, and is committed to being the best possible partner for entrepreneurial insurance talent. For more information, see www.beatcapital.com.
Forward-Looking Statements
This press release contains forward-looking statements as that term is defined in the Private Securities Litigation Reform Act of 1995. Forward-looking statements include statements that are not historical or current facts. These statements may discuss the Company’s net income, cash flow, financial condition, impairments, expenditures, growth, strategies, plans, achievements, capital structure, organizational structure, market opportunities and general market and industry conditions. Such forward-looking statements can be identified by words such as “anticipate,” “estimate,” “expect,” “intend,” “plan,” “predict,” “project,” “believe,” “seek,” “outlook,” “future,” “will,” “would,” “should,” “could,” “may,” “can have,” “likely” and similar terms. Forward-looking statements are based on management’s current expectations and assumptions about future events. These statements are only predictions and are not guarantees of future performance. Forward-looking statements involve risks and uncertainties that could cause actual results to differ materially from those in the forward-looking statements if the underlying assumptions prove to be incorrect or as a result of risks, uncertainties, and other factors, including the impact of the COVID-19 pandemic on the business and operations of the Company, our program partners and other business relations. Other factors that may cause such differences include the risks described in the Company’s filings with the U.S. Securities and Exchange Commission, including the Company’s Annual Report on Form 10-K for the year ended December 31, 2021. These forward-looking statements speak only as of the date on which they are made. Except as required by applicable securities laws, the Company disclaims any obligation to update or revise any forward-looking statement, whether as a result of new information, future developments, changes in assumptions or otherwise. Investors are cautioned not to place undue reliance on the forward-looking statements contained in this press release or in other filings and public statements of the Company.
Contacts
Trean Investor Relations
investor.relations@trean.com
+1 (952) 974-2260
Beat Media Contacts
Haggie Partners
David Haggie, david@haggie.co.uk, +44 (0)7768 332 486
Hannah Stewart, Hannah.Stewart@haggie.co.uk, +44 (0)7795 155 654
