Newly Formed Fronting Insurer Raises Additional Capital from Founders

Wes Duesenburg (left) and Brady Young (right)

June 03, 2021 |

Wes Duesenburg (left) and Brady Young (right)

Concert Group Holdings, Inc., a newly formed fronting insurer, has reached an agreement to raise additional capital from its founders, Brady Young, CEO and founder of Strategic Risk Solutions, Inc. (SRS); Wes Duesenberg Jr., CEO of Southern Insurance Underwriters (SIU); and Christopher Collins, CEO and founder of Corinthian Re.

The capital raising was in partnership with Century Equity Partners and WT Holdings, Inc.

Concert will provide access to the US insurance market for both traditional products and alternative risk transfer structures.

Concert Group has successfully completed the acquisition of CEM Insurance Company, which will serve as one of the growth platforms for the new fronting company's operations. CEM Insurance Company has been renamed Concert Insurance Company and is a licensed admitted insurer domiciled in Illinois.

Oppenheimer & Co. served as the exclusive financial advisor to Concert. Morris, Manning & Martin, LLP, was legal advisor to Concert, and Foley & Lardner LLP acted as lead counsel to the investors.

Concert Group Holdings, Inc. is a privately owned insurance holding company, which, through its wholly owned subsidiary, Concert Insurance Company, offers insurance fronting and related services in the United States.

Century Equity Partners is a private equity firm principally investing in companies that provide services, solutions, or distribution to the financial services industry. Century's primary focus within financial services is on the insurance (property-casualty, life and annuity, employee benefits, and health), asset and wealth management, and banking and lender services sectors.  

WT Holdings, Inc., is a privately owned insurance holding company offering personal and commercial property and casualty insurance nationwide through its subsidiaries. WT Holdings was formed in 2007 and is based in Memphis, Tennessee.

(Pictured above are Mr. Duesenberg, left, and Mr. Young. Courtesy photos.)

June 03, 2021