Tangram Insurance Services Acquires Preferred Reinsurance Intermediaries
PETALUMA, Calif., Jan. 17, 2024 /PRNewswire/ -- Tangram Insurance Services, Inc. (“Tangram”), one of the largest independent managing general agencies and program managers in the United States, acquired Preferred Reinsurance Intermediaries (“Preferred Re”) effective December 31, 2023.
Headquartered in Columbia, South Carolina, the acquisition of Preferred Re marks Tangram’s expansion into the reinsurance brokerage market. Terms of the transaction were not disclosed.
Founded in 1983, Preferred Re is a market-leading reinsurance broker and consultant working with companies of all sizes, from start-up opportunities to well established insurance and reinsurance companies. Preferred Re has three main practice areas: traditional reinsurance placements, specialty insurance program development for MGAs and MGUs and sourcing capacity for alternative risk entities. Trading partners include a variety of domestic, Bermudian, and European carriers.
Bob Sanders, President of Preferred Re, has over 50 years of experience in the insurance industry, including working for companies in insurance, reinsurance, and program administration. Bob will continue to lead the reinsurance operations for Tangram.
“I was unsure how a change of ownership would affect our group after being together for over 40 years. But from the beginning, the Tangram team seemed like family and as a result we received many more introductions and opportunities before we even consummated the deal,” said Bob Sanders, President of Preferred Re. “We are excited about the next chapter in working alongside this highly knowledgeable and professional team.”
“This was an important and exciting platform acquisition for Tangram. With the addition of the Preferred Re team, we have significant talent and credibility in the reinsurance arena. Preferred Re will support the placement of Tangrams’ programs and continue to partner with other independent program administrators to build and place specialty insurance programs,” said Rekha Skantharaja, President, and CEO of Tangram Insurance Services.
About Tangram Insurance Services, Inc.
Tangram Insurance Services, Inc. is a managing general agency and national program manager bringing in-depth expertise and specialized program capabilities to a variety of industries. With 20 years of experience in the program space, Tangram partners with top insurance companies to deliver niche insurance solutions. For more information, please visit tangramins.com.