Debevoise & Plimpton advised Oaktree Capital Management on an agreement by Oaktree-affiliated funds to acquire Velocity Risk Underwriters, LLC, a catastrophe-focused property and specialty insurance risks managing general agent.
Willkie Farr & Gallagher advised Nashville, Tenn.-based Velocity Risk on the transaction, for which no financial details were disclosed.
Founded by Nephila Capital in 2015, Velocity said it provides insurance coverage to clients in catastrophe-exposed areas of the U.S., such as coastal areas and regions prone to earthquakes.
“Velocity Risk has established itself as a leading property-focused MGA [managing general agent] through the quality of its management team, its strong underwriting results and its investment in enabling technologies,” said Greg Share, managing director in Oaktree’s global opportunities group.
Nephila said it retains a minority stake in Velocity.
To contact the correspondent on this story: Rick Mitchell in Paris at rMitchell@correspondent.bloomberglaw.com
To contact the editor responsible for this story: Chris Opfer at copfer@bloomberglaw.com
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