Schinnerer Group snaps up Lloyd's property MGA ICAT

The Schinnerer Group, underwriting managers of specialty insurance programmes, has entered into an agreement to acquire US-based International Catastrophe Insurance Managers (ICAT), an underwriter at Lloyd's, from the Paraline Group.

Headquartered in Broomfield, Colorado, ICAT is a managing general agent (MGA) providing property catastrophe insurance to businesses and homeowners across the US.

Following the completion of the transaction, which is expected to close in the third quarter of 2017, ICAT will retain its relationship with Syndicate 4242 at Lloyd’s, its associated special purpose arrangement 6123 and a number of other leading insurance carriers.

The acquisition is part of Schinnerer Group's strategy to expands into the US property catastrophe market.

"The insurance market for catastrophe-exposed small commercial property is underserved with opportunity for expansion," said Christopher Schaper, CEO of The Schinnerer Group.

"ICAT delivers integrated and seamless value to clients through a highly automated and efficient underwriting platform with proven capabilities."

"Today, more than ever, clients require us to deliver innovative solutions and ICAT will bring new capabilities to The Schinnerer Group. I am delighted to welcome Gregory Butler and his well-regarded team to Schinnerer," Schaper added.

Gregory Butler, CEO of ICAT, commented: "We are excited about the strategic value for our customers and the additional opportunities for the ICAT team by joining The Schinnerer Group. The success we have achieved over the past few years reflects our passion to deliver industry-leading products and solutions to homeowners and business owners around the country. Not only does this focus remain unchanged, but our new relationship with Schinnerer allows us to continue providing our broker relationships with a growing suite of innovative solutions for their customers' catastrophe needs."

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