Microsoft co-founder Paul Allen’s Vulcan Capital has purchased majority and controlling ownership of International Catastrophe Insurance Managers, a Boulder, Colorado company that provides insurance coverage to businesses in regions that are prone to earthquakes, hurricanes and other natural disasters.
“ICAT and Vulcan Capital have discussed ways to work together for almost two years,” said Jack Graham, ICAT’s founder and chief executive officer. “We know each other well and our interests are fully aligned. Our industry has a very high need for additional insurance capital as a result of the losses generated during the past two storm seasons. We are working to expand our underwriting capacity to capitalize on the opportunities being presented by the market. We believe that the timing of this transaction will serve ICAT, Vulcan Capital, our producers and our policyholders very well.”
Graham founded ICAT in 1998 and will continue as CEO. W. Marston Becker will become chairman of the board. Becker has been a member of ICAT’s Advisory Council since 1999. Becker was chief executive officer of Orion Capital Corporation through the sale of Orion to Royal Sun Alliance and has held numerous executive positions in the insurance industry during his 30-year career.
Was this article valuable?
Here are more articles you may enjoy.
Elon Musk Beats $500 Million Severance Lawsuit by Fired Twitter Workers 
Homebuilders Cut on ‘Sluggish’ Housing Market, Florida Woes 
Wall Street Pushes Back After Activists Escalate Protests 
Woman Used Photos from Another Person in State Farm Claim, NCDOI Says 
