Investment to support organic growth and M&A efforts of MGA platform
Starfish Specialty Insurance has announced that it has entered into a partnership with Peloton Capital Management to support its growth trajectory and position it to make strategic acquisitions. Starfish was launched in 2021 by Jeremy Hitzig along with co-founders Tom Lane, Margret McBurney, Michael Thabet, Brooks Chase, and James Flynn. The investment will give Peloton a significant minority stake in the company alongside the founders. Since its launch, Starfish has steadily added underwriting teams and programs in multiple verticals: Community Associations, Real Estate Investors, Aviation, Staffing/PEO’s and Crisis Response.
Commenting on the capital raise, Hitzig said, “We are very excited to welcome Peloton as an investor in the company. It’s an exciting time as we look to scale rapidly. In addition to the capital infusion, Peloton brings a wealth of expertise in the insurance industry and specifically within the MGA space. We are looking forward to working closely with them to execute on our long-term objective of building one of the premier independent MGA’s in our industry.”
Peloton Co-founder and Managing Partner Mike Murray commented, “We are pleased to partner with the founding team at Starfish. They’ve built a great foundation with a robust and modern technology platform and strong support from some of the top insurance and reinsurance companies in the program space. Our initial investment and ongoing capital commitment will enable the company to accelerate its growth both organically and through strategic acquisitions.”
Starfish recently expanded capacity for their Non-Owned and Hired charter aviation program (from $50 to $100 million per risk) and added an Aviation Excess Liability program. They also recently launched a partnership with Crux Underwriting to provide up to $400 million in per-risk Terrorism coverage in the United States. Additional new products are slated to launch early next year.
About Starfish
Based in New York, Starfish Specialty Insurance is a fast-growing independent MGA underwriting admitted and surplus lines programs. They are supported by a panel of high-quality insurers and reinsurers. The company currently offers more than ten products across five verticals: Community Associations, Real Estate Investors, Aviation, Staffing/PEO’s and Crisis Response. For additional information please visit: www.starfishspecialty.com
About Peloton Capital Management
Peloton Capital Management is a private equity firm that utilizes a long-term investment philosophy and sector-focused strategy to partner with founders and management teams to help build exceptional businesses and create attractive returns for its investors. PCM has a proven team with deep expertise and value-creation capabilities in the financial, healthcare, consumer, and business services sectors and focuses on North American middle-market companies. Headquartered in Toronto, Canada, Peloton was founded and is led by a team with extensive private equity experience. For more information, please visit: www.pelotoncapitalmanagement.com.
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