Velocity expands specialty insurance platform with Insight Risk acquisition

Insight Risk provides integrated technology and insurance solutions to the builder’s risk market, operating on both admitted and non-admitted bases. The company’s model leverages technology for a comprehensive approach to addressing the unique needs of the builder’s risk market.

Praveen Reddy, Velocity’s chief operating officer & head of business development, said: “We believe that Insight Risk is poised for remarkable growth, and Velocity is thrilled to be a part of their journey. This acquisition will infuse growth capital, provide additional capacity for Insight Risk, and provide Velocity with a new diversifying line of business to its expanding speciality insurance platform.”

Chad Hollingsworth, president and co-founder of Insight Risk, commented: “Insight Risk was founded to leverage new technologies and datasets to reduce losses and create a better risk management experience for all our stakeholders. The rapid adoption of our model over the past twelve months proves tremendous opportunity and appetite for our programs. Partnering with Velocity will supercharge our growth and allow us to scale faster to meet demand for our unique underwriting and loss control approach.”

The acquisition is expected to provide several benefits to both companies. Velocity will gain access to Insight Risk’s innovative technology and expertise in the builder’s risk market, while Insight Risk will benefit from Velocity’s financial resources and distribution capabilities. The acquisition is also expected to create new opportunities for both companies to grow their businesses and serve their customers better.