Tangram Insurance Services Emerges as a New MGA with Balavant Insurance Group Backing

Tangram Insurance Services Launches Balavant Insurance Group

Tangram Insurance Services, Inc. has taken a significant step in the insurance landscape by successfully spinning out from Heffernan Insurance Brokers, marking the dawn of a new era for the company. This transition is not just a restructuring but a strategic evolution aimed at amplifying Tangram's footprint in the managing general agency (MGA) sector. The new venture, Balavant Insurance Group, comes with backing from SkyKnight Capital, positioning it for rapid growth and technological innovation.

A Bold Move in the MGA Space

The creation of Balavant Insurance Group represents a forward-thinking approach to the challenges faced by today's insurance market. With the backing of SkyKnight, which has a robust portfolio supporting other notable insurance companies, Tangram is set up for success. This partnership aims to leverage modern technology and enhanced operational efficiency to create a scalable MGA platform. Rekha Skantharaja, President and CEO of both Tangram and Balavant, expressed excitement about the synergy between Tangram’s expertise and the resources provided by SkyKnight, stating, "Our team is thrilled to shape our future with the dedicated capital, resources, and expertise of SkyKnight, an ideal partner with their investments in industry-defining insurance companies."

Tangram's Proven Track Record

Since its inception, Tangram has established itself as a key player in the insurance market, boasting over $200 million in gross written premium across a diverse array of programs. The formation of Balavant is set to boost this foundation further. Balavant is envisioned as a technology-forward platform that emphasizes operational efficiency and expansion through both organic growth and strategic acquisitions. This approach not only focuses on enhancing current services but also broadens its capabilities into excess and surplus lines, thus increasing market flexibility and underwriting capabilities.

The Leadership Transition and Future Plans

Under the leadership of Skantharaja, who has amassed years of experience in the MGA sector, Tangram has built a reputable brand renowned for its innovative practices in insurance. The leadership team at Balavant will include both familiar faces from Tangram and new executives specializing in finance, operations, and technology. This diverse team will be instrumental in guiding Balavant's future as it oversees the operations of Tangram and spearheads new acquisitions.

Mike Heffernan, President and CEO of Heffernan Insurance Brokers, applauded Tangram's accomplishments under their existing partnership and expressed optimism for their future. He stated, "We are proud of Tangram's growth and success under our umbrella, and we look forward to witnessing their continued expansion and leadership in the MGA space." Likewise, Jaryd Solomon, Managing Director of SkyKnight, sees the potential in Balavant’s mission, highlighting Tangram’s reputation and preparedness for ongoing growth.

Conclusion: A Bright Future for Balavant

The launch of Balavant Insurance Group underlines Tangram's commitment to evolving within the MGA market. With robust support in terms of finance and technology, Balavant aims to redefine the standards for modern agency operations. As it moves forward, the company is poised to be an influential player, fostering an innovative culture that encourages high-performing underwriting teams and delivers impeccable service to its distribution partners. The future certainly looks bright for Tangram and its new entity, Balavant, as they set their sights on further transforming the insurance landscape.