(WEST CHESTER, Pa.) — Venture Insurance Programs, a national insurance program administrator, has acquired Tidal Solutions LLC, a Charlotte, N.C.-based managing general underwriter serving the North American specialty commercial marine market.
Venture will integrate the Tidal Solutions marine products into its portfolio of industry specific insurance programs. The products, which include hull and machinery, protection and indemnity, general liability and maritime employer’s liability coverage, will be marketed nationwide by Venture under the brand Tidal Marine through Venture’s agent and broker network. Venture intends to integrate and broaden Tidal’s commercial marine offerings.
“The extensive experience of Tidal Solutions’ management team in the marine and energy space, along with their established platform and exclusive supply provides a great value proposition,” said Philip J. Harvey, president of Venture Insurance Programs. “This opportunity further enhances our goal of providing superior offerings as a strong advocate for our agents and brokers.”
Tidal Solutions’ current management will be retained to service and grow the marine program, with David Pearlstein, the current chief executive officer of Tidal Solutions, assuming the role of executive vice president on Venture’s management team. Damon Vaughan has been named senior vice president, marine program management/development. Keith Lovatt will lead marine sales as senior vice president and Keith Warncken will act as the senior vice president in charge of marine underwriting.
The team will be responsible for expanding the marine program nationwide, along with day-to-day management and research and development.
"Venture's broad marketing reach, substantial infrastructure and proven track record in building successful national insurance programs makes them a perfect fit for our specialty marine team. We're excited to become key members of their organization,” said Pearlstein. “We will be focused on driving value through the delivery of our industry expertise, unique products, and solution-oriented service offerings to brokers on a national basis.”
The acquisition also expands Venture’s current network of servicing offices from West Chester, Pa., and Jupiter, Fla., to include Charlotte, N.C., Walnut Creek, Calif., and Berkeley Heights, N.J.