Dallas-based underwriting platform Lumen Holdings has been acquired by The Vistria Group, a Chicago-based middle market private investment firm.

The deal establishes Lumen as a new platform investment within Vistria’s Financial Services portfolio, targeting the evolution of the specialty MGA (Managed General Agent) market, as carriers increasingly select specialized, technology-driven underwriting partners, Vistria said.

Terms of the transaction were not disclosed.

“I’m incredibly excited to partner with Boris, Mike, and the Vistria team,” Scott Whitaker, founder and CEO of Lumen, said in a statement. “Their conviction in what we are building at Lumen and the value MGAs bring to the market aligns perfectly with our strategy: to continue building a best-in-class, diversified MGA focused on strong underwriting performance and supported by cutting-edge technology.”

“Vistria is the perfect partner to help take Lumen to the next level as we look to recruit underwriting talent and support new program launches on the KURRENT platform,” Whitaker added.

KURRENT tech streamlines tasks

Founded in 2019, Lumen underwrites commercial property, builders’ risk, commercial general liability, personal auto, homeowners, and umbrella policies in more than 30 states. Lumen has built a nationwide network of diversified distribution partners, including national wholesale and retail brokers, and has successfully launched and scaled a number of new, novel programs. Lumen said that its strong commitment to market leading underwriting performance has attracted capacity support from some of the top names in the industry.

Lumen’s proprietary KURRENT platform is foundational to its operating model, the company said. KURRENT is a fully integrated digital underwriting and distribution system that streamlines submission intake, underwriter communication, policy delivery, endorsement processing, renewals, and real-time portfolio analytics through a comprehensive dashboard and reporting system.

Lumen said it recently strengthened KURRENT with improved digital capabilities customized to personal lines, modernizing infrastructure in a traditionally fragmented sector of the insurance market.

Data-driven infrastructure

Lumen drew the attention of Vistria with its modern approach.

“A key part of Vistria’s Financial Services strategy is focused on partnering in essential, regulated markets where expertise and infrastructure drive performance and this investment reflects several years of work around the evolution of the specialty MGA market,” said Boris Rapoport, senior partner and co-head of financial services at The Vistria Group. “We believe specialty MGAs are increasingly well-positioned as carriers seek focused underwriting partners with data-driven infrastructure and strong distribution relationships, and Lumen exemplifies that model.”

Other Vistria leaders agreed.

“Scott and his team have built a disciplined platform with meaningful scale and a clear runway for expansion,” said Mike Castleforte, senior partner and co-head of Financial Services at The Vistria Group. “Lumen’s proprietary technology, underwriting rigor, and diversified distribution network create a strong foundation for continued growth.”

Board additions and advisors

Post-transaction, Vistria said that the following executives will be added to the board: Albert Benchimol, former CEO of AXIS Capital and a leader in global specialty insurance; Mark Smith, former president of K2 Insurance Services, a leading private equity-backed specialty MGA; and Brian McDermott, former chief information officer of Victor Insurance, a global P&C-focused MGA. Together, these advisors bring decades of underwriting, carrier, capital markets, and operating experience that informed Vistria’s investment decision and will continue to support Lumen’s growth as a scaled specialty insurance platform.

Piper Sandler & Co. served as exclusive financial advisor and Choate Hall & Stewart LLP served as legal counsel to Lumen in connection with this transaction. MarshBerry served as exclusive financial advisor and Winston & Strawn LLP served as legal counsel to Vistria.

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