Established Trucking Physical Damage & Cargo MGA; Third Investment by Specialty Lines Distribution Firm XPT
XPT Group LLC announced today the acquisition of SVA Underwriting Services, Inc. (SVA Underwriting), a leading trucking and transportation MGA and Lloyd’s Coverholder. SVA Underwriting specializes in Physical Damage and Cargo cover with the ability to underwrite, issue policies and endorsements and arrange for quality engineering and loss control. Founded in 2013 by industry veteran Steven Vallejo, SVA Underwriting is a New York City based company.
“Getting to know XPT’s partners and seeing how they have added operational expertise, additional markets, new products and new brokers & underwriters to organically grow WSS and WE Love made this partnership very appealing to me and SVA Underwriting. Aligning SVA Underwriting’s near and long-term goals with XPT will allow us to provide more products to our very loyal retail clients and significantly expand our carrier relationships. We are looking forward to being part of XPT and experiencing this growth and product expansion for ourselves,” said Steven Vallejo, President of SVA Underwriting.
XPT continues to develop their expert wholesale insurance broking and Managing General Agency platform through acquisitions and rapid operational growth. This is XPT’s third investment preceded by Western Security Surplus (WSS) and WE Love & Associates (WEL). SVA Underwriting and WEL will leverage their unique trucking and transportation strengths to build new products while opening new markets to better serve their extensive retail network.
Jeff Heath, XPT Founding Partner, commented, “This acquisition and Steven’s prior Commercial Auto liability role as a successful Underwriter for a major MGU not only increases our specialization in Physical Damage and Cargo coverages but also greatly enhances our ability to fully support our broad network of retail agencies specializing in transportation with new liability products in new geographies including the Northeast and Midwest. We are thrilled to have such a successful industry leader in Steven Vallejo joining the XPT family.” Heath is also a trailblazer in the trucking insurance sector who founded Heath XS which was later acquired by Hallmark Financial Services, Inc.
Tom Ruggieri, XPT Founding Partner & CEO, stated, “SVA Underwriting’s expertise in this specialty niche market makes it a perfect accompaniment to Trucking Liability specialists WE Love. Further, Steven’s long-term profitable relationship with the London market strengthens our product portfolio.”
The transaction closed on January 17, 2019 and SVA will continue to operate under its established brand name, so client business will not be affected. XPT was represented in the acquisition by TAG Financial.
About XPT Group
XPT is a new specialty insurance distribution company formed through a partnership of highly-experienced management executives and an institutional investor who backs early stage insurance distribution firms. XPT brings together underwriting and wholesale brokerage firms across many specialty lines through acquisitions and new product development. XPT stands apart by delivering expertise through a collaborative partnership culture. www.xptspecialty.com
About SVA
SVA Underwriting was formed in August 2013 in New York City by Founder and President Steven Vallejo. SVA Underwriting is a MGA/Wholesale Agency currently representing and conducting business with retailers throughout the country for Auto Liability, Auto Physical Damage and Motor Truck Cargo placements. SVA Underwriting is an “Underwriting House” that is a turnkey operation with the ability to underwrite, issue policies and endorsements and arrange for quality engineering and loss control. www.svaunderwriting.com
Contact: Mark Smith +1.917.843.1243 msmith@xptspecialty.com