Integrated Specialty Coverages said April 11 that it acquired Paramount General Agency and Paramount Acceptance Corp. Financial terms weren’t announced. Paramount is a licensed managing general agent that provides commercial auto liability, cargo, and physical damage coverage as well as premium financing to trucking businesses. ISC backed by Sightway Capital, a Two Sigma company.
Integrated Specialty Coverages to Acquire Paramount General Agency and Paramount Acceptance Corporation in Partnership with Sightway Capital
Harrison, NY, April 11, 2019 / PRNewswire / — Integrated Specialty Coverages (ISC), a Managing General Agent (MGA) that builds end-to-end insurance products, has acquired Paramount General Agency and Paramount Acceptance Corporation (Paramount). ISC is sponsored by an investment vehicle managed by Sightway Capital, a Two Sigma company.
ISC will utilize its strong relationships and operational expertise in the insurance industry and focus on diversified growth and technological innovation. The company will combine M&A, new program development, and other innovative growth initiatives to create diversification across end markets, carriers, producers, and geographies.
Along with acquisitions and organic growth initiatives, ISC will take a systematic approach to applying proprietary models and best practices across new business lines, under the strategic guidance of Sightway Capital.
ISC was founded and is led by Chief Executive Officer Matt Grossberg, an industry veteran with a long history of acquiring and growing insurance distribution businesses. The ISC management team collectively has over 80 years of combined insurance experience and brings to bear significant underwriting expertise, long-standing industry relationships, and a targeted distribution platform. ISC was formerly known as Insurance Strategies Consulting and is rebranding to Integrated Specialty Coverages (ISC) in conjunction with the acquisition of Paramount.
“We are thrilled to announce our recent acquisition and rebranding efforts as it highlights the strategic vision of our company,” said Mr. Grossberg. “We look forward to partnering with the leadership team at Paramount and the Sightway team to build a world class MGA with a diverse suite of offerings that will greatly benefit the insurance industry.”
Paramount is a licensed MGA providing commercial auto liability, cargo, and physical damage coverage as well as premium financing to trucking businesses. It primarily serves the northeast and southeast regions in the state of Texas.
“We are excited to partner with Matt and his team to empower ISC to broaden its capabilities and build a differentiated insurance platform with enduring franchise value,” said Mike Gross, Investment Partner at Sightway Capital. “Our firm is invested in the company’s long-term success and will work closely with ISC’s leadership to execute on its growth strategy.”
About Integrated Specialty Coverages:
Integrated Specialty Coverages (ISC) is a Managing General Agency (MGA) dedicated to underwriting excellence, client service, and customer experience. ISC has built an end-to-end insurance platform by connecting a broad network of insurance markets and distribution channels with proprietary data analytics capabilities. ISC uses sophisticated systems and analytics to revolutionize how complex programs are underwritten and operated. The firm was founded by experienced professionals from all spheres of the insurance ecosystem and its strategy is now focused on a combination of strategic M&A, data driven decision making, as well as an innovative means of delivery. ISC provides their partners high quality service, competitive commission, and creative product delivery options to help expand their footprint in any desired line or class of business.
For more information, please visit www.ISCmga.com.
About Sightway Capital, a Two Sigma company
Sightway Capital is a Two Sigma company focused on middle market growth equity investing in financial services and real assets. The company employs a principal mindset and flexible capital approach to building successful business platforms with experienced operators and strategic partners. The team at Sightway Capital thinks long-term, targeting business opportunities that afford both asymmetric risk rewards and enterprise value creation over time. The firm looks for opportunities in and around several industries where the team has significant experience and a network of long-standing relationships.
For more information, please visit www.sightwaycapital.com.