The Schinnerer Group has agreed to acquire International Catastrophe Insurance Managers (ICAT) from the Paraline Group for an undisclosed price.

Plans call for closing the deal sometime in the 2017 third quarter. Once the deal is complete, ICAT will keep its relationship with Syndicate 4242 at Lloyd’s, its associated Special Purpose Arrangement 6123 and a number of other leading insurance carriers.

The Schinnerer Group is an underwriting manager, and ICAT, a managing general agent providing property catastrophe insurance to businesses and homeowners across the United States.

Each company complements the other in the acquisition, according to the deal announcement. ICAT’s focus on the fast-growing U.S. property catastrophe market goes in tandem with Schinnerer’s existing services and products for middle market, small commercial and residential clients. As well, ICAT’s claims and third party administrator capabilities provided through its wholly-owned subsidiary Boulder Claims are expected to provide enhanced services to Schinnerer’s clients in the future.

ICAT, founded in 1998 and based in Colorado, works through retail agents and wholesale brokers operating in U.S. states near the Gulf Coast, Atlantic Coast and Hawaii, and it offers coverage in all states with a material exposure to earthquake events. The Schinnerer Group handles more than $700 million in premium on behalf of a number of insurance carriers through a network of about 10,000 active insurance brokers.

The Schinnerer Group CEO Christopher Schaper said in prepared remarks that “the insurance market for catastrophe-exposed small commercial property is underserved with opportunity for expansion,” and that ICAT will help capitalize on this.

ICAT CEO Gregory Butler, also in prepared remarks, called the sale one that will bring “strategic value” to its customers and “additional opportunities for the ICAT team.”

Meanwhile, Bruce Schnitzer, Paraline’s chairman, noted his company was “looking forward to continuing the long-standing strategic relationship between ICAT and our Syndicate 4242 at Lloyds.”

Source: The Schinnerer Group/ICAT/Paraline Group