US FRONTING START-UP CONCERT SECURES $100M OF CAPITAL

Concert Group has completed a $100m capital raise to support growth in the US as an insurance fronting business. With the new capital, Concert will launch an excess and surplus platform and aim to write business before the end of this year. Rating agency AM Best said the company’s level of capitalisation is “supportive of its planned growth initiatives and increased reinsurance utilisation over the next several years”. Concert has originally set out to provide access to the US insurance market for both traditional products and alternative risk transfer structures. It proposes to leverage the increasing demand for fronting services amid a reduction in market capacity.