Managing general agency Tangram Insurance Services Inc. expanded into reinsurance brokerage with the acquisition of Preferred Reinsurance Intermediaries for undisclosed terms.
Headquartered in Columbia, South Carolina, Preferred Re is a reinsurance broker and consultant with three main practice areas: traditional reinsurance placements, specialty insurance program development for MGAs and managing general underwriters and sourcing capacity for alternative risk entities. Trading partners include a variety of domestic, Bermuda, and European carriers.
Bob Sanders, president of Preferred Re, will continue to lead the reinsurance operations for Tangram.
“With the addition of the Preferred Re team, we have significant talent and credibility in the reinsurance arena,” said Rekha Skantharaja, president and chief executive officer, Tangram, in a statement. “Preferred Re will support the placement of Tangram’s programs and continue to partner with other independent program administrators to build and place specialty insurance programs.”
To continue growing, Tangram is interested in collaborating with privately held MGUs, MGAs and program managers across the United States, the company said.
HDI Global Specialty recently said it acquired a majority stake in MGA Falcon Risk Holdings LLC from investor Griffin Highline, seeking growth in the U.S. market. Parent HDI Global SE plans to move quickly to first offer surety and fidelity in the United States.
The Falcon Risk deal is related to sister company HDI Global Insurance Co.’s recent acquisition of shell carrier Indiana Lumbermens Mutual Insurance Co., the company added.