Excess and surplus managing general agent Ledgebrook said it will expand its professional lines offerings with an architects and engineers product in partnership with Obsidian Insurance Holdings.
Carolyn Pearce, an industry veteran with more than 25 years of experience, will join the company as A&E practice leader, Ledgebrook said in a statement. Pearce previously served as Hudson Insurance Group, Argo, Lexington and Chubb Insurance.
The latest launch follows Ledgebrooks’s previous professional liability and allied health care product launches with Obsidian. Ledgebrook said earlier this year it completed a $24 million Series A raise that will support new E&S product launches, attract talent and fund more investments into its technology.
Ledgebrook bills itself as a tech-enabled MGA that provides a quick and efficient quoting process to wholesale brokers while delivering good pricing and risk-selection through the use of technology. The firm’s ultimate goal is to become a global re/insurer built with modern technology, the statement said.
Obsidian is an insurance holding company with admitted and nonadmitted carrier subsidiaries that issue policies underwritten by MGAs, managing general underwriters and program managers.
Earlier this year, Doxa Insurance Holdings launched a commercial property managing general agent that can offer $2.5 million of excess capacity in catastrophe zones (BestWire, Feb. 13, 2024).
Operating entities of Obsidian Insurance Holdings Inc. currently have a Best’s Financial Strength Rating of A- (Excellent).
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