US insurance holding company Arbour National launched

Plans to invest in three to five specialty P&C carriers in next ten years

A new insurance holding company, Arbour National, has been launched in the US, focused on the long-term ownership of specialty property and casualty carriers.

Arbour National will be headed by Dale Jenkins, recently retired as CEO of Curi, as chairman of the board. Connor Leonard will lead Arbour National full time as president and serve on the board.

Arbour National said it plans to invest in three to five specialty P&C carriers during the first ten years, building a national business with diverse lines of insurance connected by common principles. It added that it will be structured as a holding company with a permanent capital base, so will have no requirement to sell, enabling leadership teams to focus on long-term, rational growth. The group is seeking majority ownership stakes in proven underwriters, initially targeting specialty carriers ranging from $10m to $100m in value.

“Insurance serves an essential function in our society. It’s an enduring business that provides the coverage to allow organisations to succeed and grow,” said Mr Jenkins. “We believe the business is all about people, and the best teams in the right environment will generate far better outcomes for employees, policyholders, communities and shareholders.”

According to Arbour National, its model is distinct in the industry, with each specialty carrier continuing to operate independently, retaining its unique identity, team and underwriting culture.

“Our goal is to create an environment where leadership teams have the resources of a larger group while maintaining the autonomy and ownership culture of an independent carrier,” said Mr Leonard. “We want to partner with leaders who will continue running their business as co-owners, while our team will support long-term strategic planning and capital allocation.”

During his 27-year tenure, Mr Jenkins grew Curi from a regional medical malpractice insurance carrier into a national company with more than $1bn in assets. Mr Leonard worked for a decade in both private acquisition and public market investment roles within Investors Management Corporation.

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