FM has acquired Velocity Specialty Insurance Company, a leading excess & surplus insurance provider. The deal is expected to close in the first half of 2025, subject to regulatory approvals. Financial details of the transaction were not disclosed. With the increasing frequency and severity of secondary perils and other emerging risks, businesses are seeking E&S coverage for risks that traditional insurance is less likely to cover. Through the transaction, FM will expand its expertise and solutions to include E&S property insurance.
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