Lumen Risk Services and Transverse Insurance Group announce the formation of a new partnership to write Commercial Property Insurance for Real Estate Accounts
For immediate release – Princeton, NJ – May 12th 2021 -- Lumen Risk Services, in partnership with Transverse Insurance Group, announces the launch of its new Commercial Property Insurance Program. The non-admitted program will initially offer monoline property coverage for multi-family, hospitality, and light commercial property accounts – with future plans to expand into other lines of coverage.
Lumen is also excited to announce the launch of KURRENT – its new digital platform that brings state-of-the-art technology to the commercial insurance space. The full-scale program administration system was built from the ground up and creates a digital experience unlike any other in commercial lines. KURRENT gives producers access to a portal which accepts submissions, facilitates underwriter communications, centralizes policy document delivery, automates endorsement requests, provides easy access to in-force accounts and renewals, as well as delivers real-time analytics on the producer’s entire book of business at Lumen via a robust producer dashboard.
Scott Whitaker, CEO of Lumen Risk Services, commented, “We are beyond thrilled to launch Lumen’s first commercial property program in partnership with Transverse Insurance Group. Our two organizations are uniquely aligned in how we see the future of insurance programs and our mutual desire to lead with technological innovation. This gives us a chance to showcase our proprietary, cloud-based platform, that will set the standard for the commercial lines space and virtually eliminates the need for any other outside systems. The InsureTech space has seen incredible amounts of capital pouring into the personal lines over the last several years, but it has largely ignored the immense opportunity that exists in larger commercial lines. Lumen is committed to bridging that gap and setting the pace for digital innovation. Our unique platform offers advantages to every stakeholder in the transaction – insureds, producing brokers, underwriters, insurers, and reinsurers each benefit from access to real-time data analytics to help drive alignment and success for all our partners. Our team has worked tirelessly to make KURRENT the most comprehensive digital experience in our space and I am immensely proud of what we have built. This, combined with our extensive experience in underwriting commercial property accounts, sets the stage for extraordinary success.”
“Our relationship with Lumen Risk Services is another example of Transverse’s insurance acumen and ability to partner with an MGA. Lumen has approached a segment of commercial lines insurance with a combined ability to solve the policy construct and administration as well as analytics to help guide their distribution partners. We are excited to be part of this great effort and our ability to act in parallel with our partner to drive results. We strive to combine the talent and experience of our team with the flexibility of our hybrid fronting structure to underwrite great MGAs and their programs” said Erik Matson, Chief Executive Officer and Co-Founder at Transverse.
About Transverse Insurance Group (Transverse)
Transverse Insurance Group is a hybrid fronting carrier serving the program, MGA, and reinsurance markets with offices in New Jersey and Texas. Transverse is backed by Virgo Investment Group and partner investors. Founded in 2018 by Erik Matson, CEO, and Dave Paulsson, President and CIO, Transverse is a global facilitator connecting and enabling partners through access to risk capacity and alternative capital on admitted and surplus lines paper. For more information, please visit www.transverseinsurance.com
About Lumen Risk Services (Lumen)
Lumen Risk Services is an insurance program administrator based in Dallas, TX. Lumen’s strategy combines extensive underwriting experience with the latest digital technology to bring innovative solutions to the marketplace. For more information, please visit www.lumenrisk.com