Schinnerer acquires ICAT from Paraline
Specialty programme underwriting manager Schinnerer has agreed to acquire International Catastrophe Insurance Managers LLC (ICAT), from the Paraline group. ICAT is a managing general agent providing property catastrophe insurance to businesses and homeowners across the US. Terms of the transaction were not disclosed.
On completion, ICAT will retain its close relationship with Syndicate 4242 at Lloyd’s, its associated Special Purpose Arrangement 6123, and a number of other leading insurance carriers, Schinnerer said.
“The insurance market for catastrophe-exposed small commercial property is underserved, with opportunity for expansion,” said Christopher Schaper, CEO of Schinnerer. “ICAT delivers integrated and seamless value to clients through a highly automated and efficient underwriting platform with proven capabilities.”
Founded in 1998, ICAT operates in all US states that are near to the Gulf coast, Atlantic coast and Hawaii, and offers coverage in all states that carry a material exposure to earthquakes. It works through retail agents and wholesale brokers and is headquartered in Broomfield, Colorado.
Schinnerer is one of the largest underwriting managers of specialty insurance programmes in the world and handles more than $700m in premium on behalf of insurance carriers through an extensive network of brokers.
