Trean Insurance Group Launches New E&S Carrier, Benchmark Specialty Insurance Company

Rhea-AI Summary

Trean Insurance Group, Inc. (Nasdaq: TIG) has announced the formation of a new excess and surplus lines subsidiary, Benchmark Specialty Insurance Company, licensed in Arkansas. This new entity will join existing companies under the Trean Insurance Group, which includes Benchmark Insurance Company, American Liberty Insurance Company, and 7710 Insurance Company. With regulatory approval in Arkansas secured, Benchmark Specialty Insurance is now pursuing additional approvals to operate throughout the U.S., enhancing Trean's capacity to provide comprehensive risk solutions.

Positive

• Formation of Benchmark Specialty Insurance Company enhances product offerings.
• Approval in Arkansas supports expansion efforts across the U.S.

Negative

• None.

WAYZATA, Minn., Dec. 27, 2021 (GLOBE NEWSWIRE) -- Trean Insurance Group, Inc. (Nasdaq: TIG), a leading provider of products and services to the specialty insurance market, announced today that its subsidiary, Benchmark Insurance Company, a leading writer of program business, formed a new excess and surplus lines subsidiary, Benchmark Specialty Insurance Company, an Arkansas domestic surplus lines carrier. The new entity joins Benchmark Insurance Company, a Kansas domiciled carrier, American Liberty Insurance Company, a Utah domiciled carrier, and 7710 Insurance Company, a South Carolina based carrier, as members of the Trean Insurance Group.    

Now that it has secured approval in its domicile state of Arkansas, Benchmark’s new E&S subsidiary is working to obtain the remaining regulatory approvals necessary to conduct business throughout the United States. With admitted and non-admitted carriers, Trean Insurance Group companies have the capability to offer a full range of risk solutions to our Program Partners and General Agents.   

About Trean Insurance Group, Inc.

Trean Insurance Group, Inc. (NASDAQ: TIG) provides products and services to the specialty insurance market. Trean underwrites specialty casualty insurance products both through its program partners and its own managing general agencies. Trean also provides its program partners with a variety of services including issuing carrier services, claims administration and reinsurance brokerage. Trean is licensed to write business across 49 states and the District of Columbia. For more information, please visit www.trean.com.

Forward-Looking Statements

This press release contains forward-looking statements as that term is defined in the Private Securities Litigation Reform Act of 1995. Forward-looking statements include statements that are not historical or current facts. These statements may discuss the Company’s net income, cash flow, financial condition, impairments, expenditures, growth, strategies, plans, achievements, capital structure, organizational structure, market opportunities and general market and industry conditions. Such forward-looking statements can be identified by words such as “anticipate,” “estimate,” “expect,” “intend,” “plan,” “predict,” “project,” “believe,” “seek,” “outlook,” “future,” “will,” “would,” “should,” “could,” “may,” “can have,” “likely” and similar terms. Forward-looking statements are based on management’s current expectations and assumptions about future events. These statements are only predictions and are not guarantees of future performance. Forward-looking statements involve risks and uncertainties that could cause actual results to differ materially from those in the forward-looking statements if the underlying assumptions prove to be incorrect or as a result of risks, uncertainties, and other factors, including the impact of the COVID-19 pandemic on the business and operations of the Company, our program partners and other business relations. Other factors that may cause such differences include the risks described in the Company’s filings with the U.S. Securities and Exchange Commission, including the Company’s Annual Report on Form 10-K for the year ended December 31, 2020. These forward-looking statements speak only as of the date on which they are made. Except as required by applicable securities laws, the Company disclaims any obligation to update or revise any forward-looking statement, whether as a result of new information, future developments, changes in assumptions or otherwise. Investors are cautioned not to place undue reliance on the forward-looking statements contained in this press release or in other filings and public statements of the Company.

Contacts

Investor Relations
investor.relations@trean.com
(952) 974-2260

Source: Trean Insurance Group, Inc.

FAQ

What is Trean Insurance Group's new initiative involving Benchmark Specialty Insurance Company?

Trean Insurance Group has formed Benchmark Specialty Insurance Company, a new excess and surplus lines subsidiary in Arkansas, aimed at expanding its specialty insurance offerings.

What does the formation of Benchmark Specialty Insurance mean for TIG investors?

The formation of Benchmark Specialty Insurance Company signals growth potential for TIG, as it may enhance service offerings and revenue opportunities within the specialty insurance market.

When will Benchmark Specialty Insurance Company commence its operations in the U.S.?

Benchmark Specialty Insurance Company is currently seeking additional regulatory approvals to begin operations across the United States.

How does Trean Insurance Group support its program partners?

Trean Insurance Group offers a variety of services including underwriting and claims administration through its program partners and managing general agencies.