SAN FRANCISCO and LOS ANGELES, August 10, 2022 /PRNewswire/ — Virgo Investment Group (“Virgo”), a private investment firm with a proven track record in building and transforming businesses, today announced the sale of Transverse Insurance Group (“Transverse” or the “Company”), a US-based hybrid front company based in Mitsui Sumitomo Insurance Company, Limited (“MSI”), pending regulatory approval.
Transverse was created in 2018 by Virgo and his co-founders Erik Matson and David Paulson. Since its inception, the company has grown rapidly to over 50 professionals, claiming a significant share of the US facade market.
“We take a flexible and collaborative approach at Virgo, launching businesses in attractive niches when the opportunity arises,” said Virgo Founder and CIO, jesse watson. “We identified the Facade segment in 2018 as a growing and underserved market in which we could build a differentiated competitor, and we are proud of how we built Transverse from the ground up to provide both customers of MGA and reinsurance innovative solutions. With Erik and Dave remaining at the helm, Transverse is well positioned to continue to expand its customer base and reach in the industry under the MSI umbrella. We are honored to have had the opportunity to establish Transverse and are excited to see its continued growth as part of a global leader in the insurance market.”
Erik MatsonPresident, CEO and Co-Founder of Transverse added, “Working alongside Virgo to fund and grow Transverse has allowed the company to quickly adapt and thrive in the facade industry. I’m grateful for the opportunity Virgo has given me and I’m excited for this next chapter. I look forward to leveraging the MSI team’s track record, global footprint, and deep institutional knowledge to further enhance our client offerings. »
“Erik, Dave, and Virgo have made Transverse a proven player in the insurance frontage market, and we’re excited to partner with the company as part of our continued evolution at MSI,” said Johan Slabbert, CEO of Amlin Distribution Holdings Inc at MSI. “This acquisition will allow Transverse to accelerate its competitive advantage by securing greater access to product lines and new distribution opportunities, more effectively meeting the evolving and long-term needs of its MGAs and reinsurer partners. We look forward to working with them to help continue its growth and to help strengthen our presence in the US market. »
Transverse was founded using funds from Virgo Societas Partnership IV as well as co-investment vehicles.
About Virgo Investment Group
Founded in 2009, Virgo is a private investment company based in California which has proven itself in the creation and transformation of companies. Virgo seeks to identify and develop unique business models to make them industry-leading, differentiated and profitable companies. The firm raised more than $1.9 billion since its creation.
About Transverse Insurance Group
Transverse Insurance Group is a hybrid insurer serving the program, MGA and reinsurance markets with offices in New York, New Jerseyand Texas. Transverse is backed by Virgo Investment Group and partner investors. Founded in 2018 by Erik MatsonCEO and David Paulson, President, Transverse is a global enabler that connects and empowers partners through access to risk capacity and alternative capital on admitted and excess paper. For more information, visit www.transverseinsurance.com.
View original content: https://www.prnewswire.com/news-releases/virgo-investment-group-announces-sale-of-transverse-insurance-group-to-mitsui-sumitomo-insurance-company-301603510.html
SOURCE Virgo Investment Group