Great Hill Partners has made a strategic investment in Aurenity, a technology-enabled excess and surplus lines managing general agent. Financial terms of the transaction weren’t disclosed.
Aurenity’s founding investor, Agman, and the company’s management team will retain significant equity stakes following the deal.
Great Hill said its investment will support additional underwriting hires and the development of new specialty insurance programs.
The capital will also fund further work on Aurenity’s automation and systems infrastructure. The MGA plans to invest in AI tools intended to support underwriting decisions while expanding its business.
Aurenity was founded in 2022 and is headquartered in West Hartford, Connecticut. The company operates in the US E&S market and was established by executives with backgrounds in underwriting, operations and insurance technology.
The founding team includes CEO Nick Davies and Chief Underwriting Officer Doug Trainor. Chief Operating Officer Pat Safino, EVP Excess Casualty Janet Beaver and EVP Primary Casualty Mark Fuderanan are also part of the management group.
We are underwriting entrepreneurs and technology experts with a shared passion for industry innovation
Aurenity currently operates six E&S programs across casualty and property. Its business includes primary, lead and excess casualty, along with public entity and religious organization programs.
Kevin Thommes serves as EVP for the public entity and religious business. John Woie leads the property operation as EVP, while the MGA works with a panel of carrier partners providing underwriting capacity.
Great Hill’s investment and experience in both the insurance and technology sectors give us the capital and partnership to continue expanding our underwriting team and bring new programs to market
Davies added that Aurenity plans further investment in AI while retaining its underwriting-led operating model.
Great Hill pointed to the movement of more complex commercial risks into the E&S market as one reason for the investment. Bob Anderson, Principal at Great Hill, said the firm also considered Aurenity’s carrier relationships and existing technology infrastructure.
Agman backed Aurenity when the MGA was established. Founder and CEO Scott Silverman said the company has expanded since that initial investment while maintaining its approach to risk selection and underwriting.
Three Great Hill executives will join Aurenity’s board as part of the transaction. They are Managing Directors Matt Vettel and Nick Cayer, along with Anderson.
Great Hill has previously invested in several insurance-related companies. Its portfolio includes insurance payments business One Inc, employee benefits group captive provider Pareto and tenant insurance provider Second Nature.
Ardea Partners and Oliver Wyman advised Great Hill on financial and actuarial matters, while Goodwin Procter LLP provided legal counsel. Evercore advised Aurenity financially, with Fried, Frank, Harris, Shriver & Jacobson LLP serving as its legal counsel.
