CHICAGO, Illinois, October 20, 2021 – Concert Group Holdings, Inc. (“Concert”), a newly formed business dedicated to insurance fronting that includes Concert Insurance Company (CIC), today announced it has completed its targeted capital raise and received a rating of “A-” (Excellent) from A.M. Best.
Concert has secured $100 million in capital to fund its growth as a US insurance fronting business. Its A.M. Best rating was announced on October 20, 2021, with Best’s noting: “On a projected basis, Concert’s level of risk-adjusted capitalization, as measured by Best’s Capital Adequacy Ratio (BCAR), is categorized as strongest and is supportive of its planned growth initiatives and increased reinsurance utilization over the next several years.”
Concert Group Chairman Brady Young said: “Favorable market conditions, as well as pent-up client demand, make this an opportune time to launch a fronting business focused, as Concert is, on superior, responsive client service; expert risk solutions; and low operating costs.
“My founding partners and Concert’s experienced management team bring an established pipeline of quality business and a track record of successfully supporting new insurance businesses. We’re delighted to be on our way to achieving a better experience for clients that need insurance fronting solutions.”
Young is the founder and Chief Executive Officer of Strategic Risk Solutions, the world’s largest independent manager of insurance companies. Concert’s other founders are Wes Duesenberg, Jr., CEO of Southern Insurance Underwriters; and Christopher Collins, CEO/founder of Corinthian Re, in partnership with Century Equity Partners and WT Holdings, Inc.
Concert also unveiled key executives who report to Chief Executive Officer Jonathan Reiss. They are Joe Alberti, Chief Underwriting Officer; Matthew Wagner, Chief Legal Officer; Michael Rybak, Chief Financial Officer; and Darian Ryan, Chief Credit Officer. Also joining Concert in key management roles are Raymond J. Rocchio Jr., Senior Vice President, Underwriting, Christopher M. DuCharme, CIC Chief Operating Officer, and Scott Stosek, CIC Vice President and Controller. (Editor’s Note: Bios follow.)
“This is an exciting point in Concert’s development,” said Reiss. “I’m proud of the team we’ve put together, each of whom has an enviable track record in the insurance industry. We’re all energized by the possibilities that we see for Concert and share a steadfast commitment to providing first-class service to our clients.
“There’s more to come over the next few months, so stay tuned. This includes an E&S platform that will be ready to write business before the end of the year. In the meantime, we invite anyone interested in learning more about Concert to visit our website at www.concertgroup.com.”
Oppenheimer & Co. Inc. served as exclusive financial advisor to Concert. Morris, Manning & Martin, LLP was legal advisor to Concert and Foley & Lardner LLP acted as lead counsel to the investors.
About Concert Group Holdings, Inc.
Concert Group Holdings, Inc. is a privately owned insurance holding company, which, through its wholly owned subsidiary, Concert Insurance Company, offers insurance fronting and related services in the United States. For more information, visit www.concertgroup.com. LinkedIn: https://www.linkedin.com/company/concert-group | Twitter: @concert_group
Concert Group Management
Jonathan Reiss, Chief Executive Officer
In addition to serving as Concert’s Chief Executive Officer, Jonathan Reiss is a Managing Director at Strategic Risk Solutions. Reiss joined SRS from Hamilton Insurance Group, a specialty insurance underwriter, where he was a member of the founding management team and Group CFO. Prior to leaving Hamilton, he held the position of President, Strategic Partnerships which included responsibility for building out Hamilton’s Insurance-Linked Securities (ILS) platforms as well as managing third party syndicate businesses at Lloyd’s. Reiss served as a Board member of Attune, Hamilton’s digital MGA joint venture with AIG and Two Sigma.
Prior to Hamilton, Reiss was the Leader of EY’s Insurance practice in Bermuda and had been with EY, in Bermuda and New York, for 19 years (1993-2012) and had been a Partner for 12 years (2000-2012).
Reiss earned a Certified Public Accountant (CPA) designation in 1995, as well as Chartered Accountant (CA) designation, and is a current member of the American Institute of Certified Public Accountants (AICPA). He also earned a Chartered Property & Casualty Underwriter (CPCU) designation in 1998.
Joe Alberti, Chief Underwriting Officer
Joe Alberti has over 18 years of experience in underwriting, program management and finance. Alberti joined Concert after 10 years at Fortegra where he established its Specialty Program unit. He underwrote specialty auto, multi-family, and other niche lines of business. He has a diverse background in underwriting, product management, sales, M&A, accounting, and financial management.
Prior to Fortegra, Alberti served in commercial and financial planning & analyses roles at Pregis Corporation, a $1 billion private equity sponsored company operating in 18 countries. Alberti also served as VP Transaction Advisory Services at Duff & Phelps.
Alberti began his career in the audit and transaction services practices in the Chicago office of PricewaterhouseCoopers.
He holds a Bachelor of Science degree from Northern Illinois University and has been a certified public accountant.
Matthew Wagner, Chief Legal Officer
Matthew Wagner has over 20 years of experience in the P&C insurance industry. Wagner joined CEM Insurance Company (CEMIC, now Concert Insurance Company) as General Counsel and Chief Operating Officer in 2002. In 2012, he assumed the role of President responsible for all operations including managing growth, strategy and financial performance.
Prior to joining CEMIC, Wagner practiced law in Chicago working nationally in the areas of commercial litigation, aviation & space, cargo, marine, products liability, construction and reinsurance, as well as insurance coverage, regulatory and compliance.
Wagner received his Juris Doctor from the University of Illinois Chicago School of Law and is licensed to practice law in the State of Illinois. He completed the Kellogg Management Institute at Northwestern University’s Kellogg School of Management and holds a Bachelor of Science degree in Aviation Management from Southern Illinois University.
Michael Rybak, Chief Financial Officer
Michael Rybak is a seasoned financial executive with over 30 years of experience leading financial planning, reporting, investment management and relationship management in the insurance industry.
After starting his career with EY, Rybak moved to the insurance industry, ultimately serving as the Chief Financial Officer at various Property/Casualty, Life and Health insurance companies.
Rybak was CFO at American Live Stock Insurance Company from 2002 until its acquisition by Hiscox in 2007. He then served as CFO of Hiscox Insurance Company from 2007 to 2019.
Rybak received his undergraduate degree in Accounting from the University of Notre Dame and his MBA in Finance from DePaul University. He is a Registered Certified Public Accountant in Illinois and is a member of the American Institute of Certified Public Accountants and the Illinois Association of Certified Public Accountants.
Darian Ryan, Chief Credit Officer
Darian Ryan has over 16 years of experience analyzing the financial strength and claims-paying ability of insurance and reinsurance companies at AM Best.
Ryan served as the Financial Ratings Lead on a diverse portfolio of carriers that included reinsurers and large commercial insurers. In between two periods at A.M. Best, Ryan worked in credit analysis at Citigroup in London.
She began her career at PwC where she became a certified public accountant and served on the Emerging Business Team.
Ryan received a Bachelor’s degree in Economics from Rutgers University in New Brunswick, New Jersey.
Concert Insurance Company Management
Raymond J. Rocchio Jr., Senior Vice President, Underwriting
Ray Rocchio has over 25 years of expertise in the insurance industry in the areas of underwriting, distribution, operations and leadership.
Rocchio most recently served as Executive Vice President of the SPCIA Insurance Agency where he was responsible for execution and management of new managing general underwriters focusing on medical equipment and the transportation industries.
He previously served as Vice President at Old Republic Insurance (ORI) with full P&L accountability, and the creation of their alternative products segment overseeing 40 programs.
Prior to joining ORI, Rocchio served as Operating Officer for the Risk Management Services (RMS) segment at PMA and led their field underwriting operations.
Christopher M. DuCharme, Chief Operating Officer
Chris DuCharme began his career with the Chubb Group as an underwriter within the Executive Protection division focusing on private and not for profit D&O and other Management Liability products. He then moved into a senior underwriter role at AIG.
DuCharme joined CEM Insurance Company (now Concert Insurance Company) in 2007 and, since then, has held several different roles relating to operations, compliance, and risk management. He was responsible for the development and implementation of the custom underwriting and policy administration system.
DuCharme holds a Bachelor of Science degree in both Finance and Insurance from Illinois State University’s Katie School of Insurance.
Scott Stosek, Vice President & Controller
Scott Stosek brings 15 years of experience in the financial services sector to Concert Insurance Company (CIC), over ten of which has been spent in the insurance industry. Stosek has been responsible for internal and external financial reporting, including Financial Planning and Analysis (FP&A), at domestic and international organizations.
Stosek came to CIC from Allied Benefit Systems, a large domestic third-party administrator, where he was Director of Financial Operations. Prior to that, Stosek was US Business Unit Lead on a global finance transformation program at Hiscox Insurance Company.
Stosek holds a Bachelor of Accounting degree from Columbia College of Missouri. He is a Registered Certified Public Accountant in Illinois.