Oaktree Capital Management, LP, a global investment manager specializing in alternative investments, has acquired Velocity Risk Underwriters, LLC, a catastrophe-focused property and specialty insurance risks general agent.
Velocity Risk delivers insurance coverage to clients in catastrophe exposed areas of the United States including severe storms and coastal properties and homes. The firm provides best in class products and services to specific markets.
“The launch of Velocity Risk was designed to disrupt the value chain between insurance and capital, through innovative underwriting and operational efficiency,” added Phil Bowie, Velocity Risk CEO “We are thrilled to have received Oaktree’s support and believe we have the right investor in Oaktree to help us continue building out our business.”
“Velocity Risk has established itself as a leading property-focused MGA through the quality of its management team, its strong underwriting results and its investment in enabling technologies,” commented Greg Share, managing director in Oaktree’s Global Opportunities Group. “We are excited to partner with the Company and support its track record of driving growth and delivering value for its stakeholders.”
Evercore served as sole financial adviser to Velocity Risk and Willkie Farr & Gallagher LLP served as legal counsel to Velocity Risk. TigerRisk Capital Markets & Advisory served as exclusive financial advisor to Oaktree and Debevoise & Plimpton LLP served as legal counsel to Oaktree.