The BP Marsh-backed firm said it created Platinum Trucking with Watford for primary truck liability insurance. The program has a focus on insureds requiring “special underwriting attention”.

WE Love, which was bought by XPT in January 2018, is the program administrator for the new Platinum Trucking, working with its own clients as well as those of sister companies SVA Underwriting and recent acquisition Sierra Specialty Insurance Services.

In a statement, XPT said Platinum Trucking complements other trucking-related programs written by WE Love and its stablemate program administrators.

It will be available to select retail agents exclusively through WE Love, SVA and Sierra.

The offering is currently available in 20 states and will be expanded to all 50 states, with capacity from the New Jersey-domiciled admitted carrier of Bermudian Watford Re.

Commenting on the launch, transportation practice leader John Love said: “We developed Platinum Trucking specifically for the trucking and transportation liability market where we believe the needs are underserved.

“Platinum Trucking’s focus is on the best of the non-prime trucking firms, and we underwrite them with detailed analysis of drivers, losses, exposure and SMS data.”

XPT partner Jeff Heath added: “The creation of Platinum Trucking allows for our trucking experts at WE Love to not only offer better products to their retail agents, as well as those served by SVA and Sierra, but also promotes a collaborative work environment to provide the best service possible.”

Heath, who launched XPT with CEO Tom Ruggieri in June 2017, previously founded the Heath XS MGA specializing in excess liability for small to medium size trucking fleets, which he sold to Hallmark Financial in 2008.

The new program launch comes less than two weeks after XPT closed at deal to buy Sierra Specialty and secured additional financing of $40mn from Chicago-based Madison Capital Funding.

The transaction with Madison saw the middle market-focused firm take an equity interest in US-based XPT that values the firm at around $54mn.

Madison partners with middle market private equity sponsors to provide cash-flow based debt products to companies. It typically invests alongside the private equity firms it partners with.

Following the Sierra transaction and Madison investment, BP Marsh’s shareholding in XPT was revised to 32.2 percent.

BP Marsh had previously had a 35 percent shareholding in the vehicle.

XPT drew down $18mn from the Madison funding to finance the Sierra Specialty acquisition and repay an existing debt facility.

That leaves it with a $22mn finance facility in place to support its growth plans as it looks to make further acquisitions.