CrossCover Insurance Services announces the next stage in its development

PR Newswire

CYPRESS, Texas, April 11, 2023 /PRNewswire/ -- Scott Hanson, President and Chief Executive Officer of CrossCover Insurance Services, LLC (CrossCover) announced today the next stage in the development of CrossCover. In concert with private equity company Gallatin Point Capital, CrossCover is now majority owned by management and Gallatin Point.

Building on long-standing relationships, CrossCover has developed into a profitable and stable full-service MGU.

Building on long-standing relationships, CrossCover has developed into a profitable and stable full-service MGU. With Gallatin Point, CrossCover expects accelerated growth in its existing middle-market E&S business and through additional products that will be introduced to the market in the near future.

Scott Hanson commented, "Our mission has never changed, it is to leverage CAT capacity to write E&S risks around the country. This lowers our carriers' volatility associated with catastrophe perils, reducing their reinsurance costs, while attaining top-tier returns. We achieve alignment of interests for all participants by offering equity to talented and confident underwriters, then tying CrossCover's bottom line to the results we deliver to our panel of insurers and reinsurers.

The transaction that we've just completed, along with the expanding relationship with our carriers and producers, demonstrates the strength of the model. We thank Gallatin Point for their investment into the future of CrossCover."

Matthew Botein, Co-founder and Managing Partner of Gallatin Point added, "We were attracted to CrossCover by the unique combination of entrepreneurial approach along with deep underwriting experience and commitment. We're very happy to partner with Scott Hanson and the CrossCover team."