Deal marks national firm’s entrance into the reinsurance brokerage space
Tangram Insurance Services, one of the country’s largest independent managing general agencies and program managers, has announced the acquisition of Preferred Reinsurance Intermediaries (Preferred Re), effective Dec. 31. Terms of the transaction were not disclosed.
The acquisition of Preferred Re, which is based in Columbia, S.C., marks Tangram’s expansion into the reinsurance brokerage space.
Preferred Re was founded in 1983. The firm is a reinsurance broker and consultant that works with companies of all sizes. It has three main practice areas: traditional reinsurance placements, specialty insurance program development for MGAs and MGUs, and sourcing capacity for alternative risk entities. The firm’s trading partners include domestic, Bermudian and European carriers, Tangram said in a news release.
Bob Sanders, president of Preferred Re, will continue to lead reinsurance operations for Tangram. Sanders has more than 50 years of insurance industry experience.
“I was unsure how a change of ownership would affect our group after being together for over 40 years,” Sanders said. “But from the beginning, the Tangram team seemed like family, and as a result we received many more introductions and opportunities before we even consummated the deal. We are excited about the next chapter in working alongside this highly knowledgeable and professional team.”
“This is an important and exciting acquisition for Tangram,” said Rekha Skantharaja, president and CEO of Tangram Insurance Services. “With the addition of the Preferred Re team, we have significant talent and credibility in the reinsurance arena. Preferred Re will support the placement of Tangram’s programs and continue to partner with other independent program administrators to build and place specialty insurance programs.”
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