DALLAS, June 7, 2017 – MarketScout, the Dallas, Texas based insurance exchange and MGA, sold its $100,000,000 Workers’ Compensation MGA to Specialty Program Group to fund a planned expansion into InsurTech and MGA facilities.
Richard Kerr, Founder and CEO of MarketScout, outlined the rationale behind his firm’s strategy, “The
MarketScout Exchange creates an incredible advantage for us because we can rapidly accelerate distribution for most any specialty program. Quite literally, our underwriters see dozens of submissions each day from all across the US without leaving their office. We want to utilize this advantage by launching new MGAs and implementing InsurTech concepts that will work well with our current platform.” Kerr summarized by noting, “MarketScout’s Work Comp MGA reached full potential within our structure. Selling the Work Comp MGA in this market provided exceptional returns and gives us the dry powder to do new deals.” MarketScout currently operates seven MGAs and provides specialty brokerage solutions for Workers’ Compensation, Energy, Professional and High Net Worth Personal Lines.
MarketScout is an insurance distribution and underwriting company headquartered in Dallas, Texas with specialty expertise in many areas. The firm is a Lloyd’s Coverholder and MGA for U.S. insurers. MarketScout owns and operates the MarketScout Exchange as well as over 40 other online and traditional underwriting and distribution venues. MarketScout is founder of the Council for Insuring Private Clients (CIPC) and administers the Certified Personal Risk Manager (CPRM) designation in partnership with The National Alliance for Insurance Education and Research. MarketScout has offices in Arkansas, California, Connecticut, Florida, Georgia, Illinois, Indiana, Maryland, Nebraska, Pennsylvania, Rhode Island, South Carolina, Tennessee, Texas, and Washington, DC. For more information, please visit us at marketscout.com.
About Specialty Program Group
Headquartered in Summit, NJ, SPG focuses on expanding program underwriting and specialty businesses. With access to investment capital, distribution networks, and deep market relationships, Specialty Program Group has the resources needed to support platform growth and drive success. For more information, please visit specialtyprogramgroup.com.
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