(The Insurer) - FM CEO Malcolm Roberts has said newly acquired Velocity Specialty Insurance Company (VSIC) will initially run as an independent subsidiary, but its mutual parent is looking for ways to augment its products with surplus lines solutions.
(保險商動態) - FM 執行長 Malcolm Roberts 表示，新收購的 Velocity Specialty 保險公司(VSIC)初期將以獨立子公司運作，但其共同母公司正尋求透過超額保險方案強化產品線。
E&S carrier VSIC, which currently provides capacity to Velocity Risk Underwriters (VRU), has already benefited from an upgrade to A from A-minus by AM Best after being bought by FM in a deal that closed last month.
超額保險商 VSIC 目前為 Velocity Risk 承保商(VRU)提供承保能力，在被 FM 上月完成收購後，已獲得 AM Best 評級從 A-級調升至 A 級。
The deal was announced at the same time as Ryan Specialty’s $525 million acquisition of property catastrophe-focused MGA VRU from private equity sponsor Oaktree Capital Management.
此交易與 Ryan Specialty 以 5.25 億美元從私募股權公司 Oaktree Capital Management 收購專注財產巨災保險的管理總代理(MGA) VRU 同時宣布。
In an interview with E&S Insurer, Roberts said the decision to buy VSIC came at a time when FM was exploring E&S market opportunities and had been seeking to acquire a monoline balance sheet free of casualty exposure that had been primarily used for property business.
Roberts 向《超額保險商》雜誌透露，收購 VSIC 的決策正值 FM 探索超額保險市場機會之際，且長期尋求收購主要用於財產業務、無意外險風險的單一險種業務。
The opportunity to acquire VSIC came along as Ryan Specialty, which has historically avoided acquiring balance sheet businesses, was looking to acquire Velocity’s MGA operations.
當 Ryan Specialty 正物色收購 Velocity 的管理總代理（MGA）營運業務之際，收購 VSIC 的機會隨之浮現——儘管該公司歷來避免收購涉及資產負債表的業務。
"This one popped up right in a period where we were looking at it again," Roberts said.
「這檔股票正好在我們重新關注它的時候冒了出來。」Roberts 說道。
"I was personally saying we may have been, you know, a little late to the dance."
我個人認為我們可能有點晚參與這場盛宴。
INDEPENDENT AND AGILE
VSIC was launched by VRU, founded and led by Phil Bowie, two years ago as the MGA pivoted to a hybrid model which it said would give it greater control over underwriting, policy forms, pricing and claims management, as well as increased flexibility, speed and customisation.
VSIC 由 VRU 於兩年前成立，由菲爾·鮑伊創立並領導。當時這家 MGA 轉型為混合模式，聲稱此舉能讓其對核保、保單格式、定價及理賠管理擁有更大掌控權，同時提升靈活性、速度與定制化能力。
Roberts asserted that FM intends to let VSIC operate independently to maintain its agility.
Roberts 強調，FM 打算讓 VSIC 獨立運作以維持其靈活性。
"One thing I've asked them to do is let the company run itself for a year or two… so as a subsidiary, not a business unit of FM," he said.
我要求他們做的一件事是，讓這家公司以一兩年時間自主營運⋯作為子公司，而非 FM 旗下的事業單位。他說道。
He emphasized the importance of preserving VSIC's agility and speed.
他強調維持 VSIC 的靈活性與速度至關重要。
"The reason it's called Velocity is it's quick, it's agile, they've got new systems. They can do things quickly. You put it into the big, lumbering FM machine, analyse it and slow it all down."
之所以取名 Velocity（速度），就是因為它夠快、夠靈活，他們擁有新系統，做事效率超高。但若放進龐大笨重的 FM 機器裡分析，反而會拖慢整個速度。
He added that FM could then leverage its scale in areas such as reinsurance buying to the benefit of VSIC.
他補充說，FM 可運用自身規模優勢，例如在再保險採購方面，為 VSIC 帶來好處。
When asked about capital support, Roberts indicated FM would provide backing as needed.
被問及資金支援時，羅伯茨表示 FM 將視需要提供支持。
"Let's say there will be capital available for the right return as we see it," he stated.
"他表示：『只要有我們認為合理的報酬，資金自然會到位。』"
"We’re trying to walk before we run, because these lines are so small" compared to what FM writes in its primary business, Roberts said.
"羅伯茲指出：『與公司主要業務規模相比，這些產品線微不足道，因此我們採取循序漸進的策略。』"
"That's why I want them running it," he continued, adding that FM has installed one of its senior executives, Sean Bishoff, as president of VSIC while retaining existing CEO Bowie.
這就是為什麼我希望由他們來營運，」他接著說，並補充道 FM 已指派其資深主管 Sean Bishoff 擔任 VSIC 總裁，同時留任現任執行長 Bowie。
"We have Appalachian, we're good to go with surplus lines. We've had it forever. It sits dormant with nothing on it. So my decision has been, 'Do, I throw a few hundred million (dollars) at that and try and start it up? Or do I acquire something that's already going?'
我們有阿帕拉契保險公司，可以處理超額保險業務。這家公司一直閒置著，沒有任何業務。所以我面臨的抉擇是：『該投入幾億美元重啟它？還是直接收購現成的業務？』
"I could have thrown money at this, and I promise you, three years from now, we'd have been still chipping away steadily. FM versus that. We're moving. We're agile, they're growing."
我本可以砸錢進去，跟你保證，三年後我們還是會慢慢啃。FM 相較之下？我們正在行動，靈活應變，而他們只是規模擴張。
BRINGING SURPLUS LINES SOLUTIONS TO MUTUAL CLIENTS
為共同客戶提供溢額保險解決方案
Roberts highlighted the strategic value of the acquisition for serving mutual clients as he said it would be the avenue for wholesalers to access FM.
羅伯茨強調此次收購對服務共同客戶的戰略價值，他表示這將成為批發商接觸基金管理的管道。
"Can we find products that augment our mutual customers?" he said.
我們能找到擴大共同客戶群的產品嗎？
"Is there something else we can do here when they have needs we can't service in the mutual? Can we use this carrier to go solve that need for us?"
當客戶的需求無法透過共同基金滿足時，我們還有其他解決方案嗎？能否利用這家保險公司來協助解決這項需求？
VSIC continues to maintain a capacity relationship with VRU, but FM will keep its options open with regards to writing open market business, said Roberts.
羅伯茲表示，VSIC 將繼續與 VRU 維持承保能力關係，但 FM 對於承保公開市場業務仍將保持開放態度。
He said that currently the carrier’s capital is fully committed to the VRU book, but FM could infuse capital and even look get it onto the higher ratings of its parent.
該航空公司表示，目前資金已全力投入 VRU 待租機帳面，但 FM 集團可注資支援，甚至考慮讓其納入母公司的更高評等層級。
The executive pointed to other areas that FM could benefit from following the VSIC acquisition.
這位高管指出，收購 VSIC 之後，金融市場還能在其他領域受益。
"There's stuff we can learn on the tech space that I think there's stuff we can transfer into our Affiliated book.
科技領域有些要素值得學習，我認為能將其中部分應用在我們的關聯帳簿上。
"So I see a lot of accretive value going both ways. But I would say this will be a space where we're not going to set goals. We will lean in and lean out based on the market cycles."
所以我看到雙方都有很多增加價值的機會。但我想說的是，在這個領域我們不會設定具體目標，而是根據市場週期靈活調整投入或退出。
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