Vantage entered the US insurance market in May 2021. Credit: No-longer-here from Pixabay.

Speciality re/insurance group Vantage Group has acquired an Illinois-based domestic surplus lines insurance company, which is licensed to operate in 47 US states.

The financial terms of the transaction were not disclosed.

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The acquired firm has been renamed as Vantage Risk Specialty Insurance Company and has been awarded A- (Excellent) AM Best Rating.

The insurer noted that the acquisition will strengthen its US business operations, which will enable its teams to underwrite through their subsidiary.

Vantage entered the US insurance market in May this year through a strategic partnership with a property and casualty insurer, which operates across the US.

Vantage’s underwriting teams leveraged the partnership to offer insurance in selected lines of business with full access and authority to highly rated paper in all 50 US states.

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Vantage CEO Greg Hendrick said: “Partnering with a nationally recognized industry leader earlier this year enabled Vantage to immediately enter the US marketplace as we built our US platform. This acquisition, coupled with our strategic partner relationship, positions Vantage to provide US insurance protection where it is needed.

“These transactions continue our planned growth trajectory and reflect our commitment to underwriting business where existing capacity is shrinking, leveraging our opportunity in the Specialty Insurance marketplace.”

Vantage began underwriting reinsurance risk through Vantage Risk on 1 January 2021.

Its offerings include property catastrophe, financial lines, healthcare, excess casualty insurance products and speciality reinsurance products.