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Oaktree Capital Management Acquires Velocity Risk Underwriters

December 29, 2021, 08:16 AM
Filed Under: Insurance

Velocity Risk Underwriters, a catastrophe-focused property and specialty insurance risks managing general agent (“MGA”), announced its acquisition by funds managed by Oaktree Capital Management.

Founded in 2015 by Nephila Capital (“Nephila”) and headquartered in Nashville, Tennessee, Velocity Risk provides insurance coverage to clients in catastrophe-exposed areas of the United States. Since its inception, Velocity Risk has been focused on providing best in class products and services in selected markets.

Phil Bowie, Velocity Risk’s CEO, said, “The launch of Velocity Risk was designed to disrupt the value chain between insurance and capital, through innovative underwriting and operational efficiency. 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. We are excited to partner with the Company and support its track record of driving growth and delivering value for its stakeholders,” added Greg Share, Managing Director in Oaktree’s Global Opportunities Group.

Frank Majors, co-CEO of Nephila said, “We’re delighted to be partnering with Oaktree and are confident they will help Velocity Risk continue to build on its past successes. We look forward to continuing to work with Velocity Risk through our ongoing minority shareholding.”

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.

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