Concert Group Completes $100 Million Capital Raising, Earns A- Rating
Summary
In announcing its rating of the company, A.M. Best said, "On a projected basis, Concerts level of risk-adjusted capitalization, as measured by Bests Capital Adequacy Ratio, is categorized as strongest and is supportive of its planned growth initiatives and increased reinsurance utilization over the next several years. ""Favorable market conditions, as well as pent-up client demand, make this an opportune time to launch a fronting business focused, as Concert is, on superior, responsive client service, expert risk solutions, and low operating costs," Concert Group Chairman Brady Young said in a statement. Young is founder and CEO of Strategic Risk Solutions, the worlds largest independent insurance company manager. Concert Groups other founders are Wes Duesenberg Jr., CEO of Southern Insurance Underwriters, and Christopher Collins, CEO/founder of Corinthian Re, in partnership with Century Equity Partners and WT Holdings Inc.Concert also announced key executives who report to Jonathan Reiss, the companys CEO. "Im proud of the team weve put together, each of whom has an enviable track record in the insurance industry.