Brace Underwriting Limited Launches Brace USA
London, 30th January 2024: Brace Underwriting Limited, (“Brace”), the Beat capital backed, multi-line and alternative risk specialist underwriter, today announces the launch of Brace USA with Glenn Dorr as President and Head of Marketing, North America reporting to Adam Holberry, Group CEO of Brace.
The launch coincides with Brace’s four-year anniversary and signifies an exciting stage in the business’s growth. Founded in October 2019 by Holberry, Brace has since solidified its reputation as a leading capacity provider to alternative risk MGAs across the globe and in 2023 wrote in excess of $120 million in gross written premium.
Headquartered in North Carolina, Brace USA will mirror the appetite of its London counterpart, focusing exclusively on binder business, excluding natural catastrophe, cyber and long-tail liability lines. With his more than three decades’ worth of industry experience, Dorr will spearhead the business. He previously held senior distribution positions at Hiscox, Lloyd’s and HCC Specialty and most recently held the role of as head of distribution at Brace.
Dorr said: “We are tremendously excited to launch Brace USA and to stand shoulder to shoulder with our specialty MGA partners, offering them the strength, energy and domestic A rated capacity to allow these entrepreneurs to grow their businesses in their chosen fields.”
Holberry said: “Brace set out to provide support to the niche and alternative risk MGAs so often underserved by traditional P&C carriers. Following four successful years, it is the natural next step to expand our footprint further into the US and partner with businesses with multi-class approaches and non-standard exposure, coupled with a compelling distribution advantage. With Glenn at the helm, supported by the wider Brace leadership team, I am confident that Brace USA will quickly find success.”
Brace USA E&S capacity will be written on “A XV” AM Best-rated paper.”
About Brace Underwriting Limited
Founded in 2019, Brace was originally established as a Lloyd’s market underwriting franchise with the ability to place business via our Lloyd’s consortia. Brace has since grown, with offices in the UK, Europe and the US, managing more than 30 distribution partners and $USD 120 million of written business.
Backed by Beat Capital Partners, we deliver superior client value in the delegated authority space – a richly underserved area for unique and complex risks.
Our core underwriting strategy focuses on partnering with key distribution partners who can provide access to either niche, specialist coverages or diversified multi-line insurance programmes with an over-arching goal of creating a low natural catastrophe, low limit and diversified portfolio of insurance risk. The existing portfolio spans across a variety of territories and coverages, including but not limited to property, casualty, surety, transportation, and other miscellaneous lines of business.
For more information, see www.braceuw.com.
About Beat Capital Partners
Beat Capital Partners is a long duration venture capital investor exclusively focused on the insurance industry, offering the right individuals and teams start-up funding, infrastructure, risk capital, and highly rated paper, alongside experienced guidance and support. Beat has launched ten businesses since its founding in 2017, which will collectively write gross premiums estimated in excess of US$650 million in 2023 and operates Lloyd’s Syndicates 4242 and 1416. Beat is backed by experienced insurance investors Bain Capital Credit, Elliott Management and Amwins, as well as its management team, and is committed to being the best possible partner for proven insurance talent.
For more information, see www.beatcapital.com.