October 17, 2022
Platinum Specialty Underwriters announced today the acquisition of State Street Claims Services, a third-party adjusting service to self-insurers and insurance carriers. State Street’s focus is trucking physical damage claims adjusting for Lloyd’s syndicates and coverholders further realizing Platinum’s commitment to growth and global reach.
State Street Claims Services was founded by Scott Stedman, an insurance veteran of over 30 years with extensive experience in Truckers’ Physical Damage. This experience has allowed Scott and his established team to properly handle claims and provide knowledgeable insight for insureds with claim challenges. State Street’s approach to provide a simplified claims process has helped build long lasting relationships with insureds.
“We are thrilled to have State Street join the Platinum team with their knowledge and know-how with the importance of getting insured’s equipment back up in running in a timely manner to continue generating revenue. This is something we will be able to offer all our clients through our various programs,” detailed Jeff Heath, President.
Scott Stedman continued, “Platinum’s promise to invest in collaborative teams and exclusive, best-in-class insurance products and services aligns with our commitment to delivering the highest level of Claims Authority in Lloyds of London. This will allow us to continue to settle most claims in house in an efficient, streamlined manner.”
Platinum recently stated Gross Written Premiums of $200m with a 50% growth rate driven by the success of five new product offerings to accompany the existing successful transportation program portfolio. Platinum is the crucial component to underwrite your challenging risks and accelerate your wholesale business. Platinum underwriters are entrepreneurs providing solutions to wholesalers on underserved risk segments and complex risks.
Platinum Specialty Underwriters continues with its mission of investing in MGAs that supply insurance products for hard to insure risks through the Wholesale distribution channel.
About Platinum Specialty Underwriters
Platinum Specialty Underwriters is the crucial component to underwrite challenging risks and accelerate wholesale business. Wholesale experts in complex risk arenas need a specialist partner that understands their challenges. Platinum is the specialist underwriting team that brings creative insurance solutions to unique and challenging risks. Platinum’s platform focuses on leading service technology combined with expert underwriting, claims management, loss inspection, and actuarial analysis to assure partner insurance company’s low loss ratios. By investing in teams and exclusive, best-in-class insurance underwriting products and services, Platinum can solve high risk problems, delivered by entrepreneurial experts.
Contact: Jeff Heath 908.295.1763 jheath@platinummgu.com