The Vistria Group Announces New Partnership with Lumen Holdings to Capitalize on Growth in Specialty MGA Market

CHICAGO and DALLAS, Feb. 23, 2026 /PRNewswire/ -- The Vistria Group, LP ("Vistria"), a middle market private investment firm with deep sector expertise across essential industries, today announced the acquisition of Lumen Holdings, LLC ("Lumen"), a technology-enabled Managing General Agent ("MGA") headquartered in Dallas, Texas. The transaction establishes Lumen as a new platform investment within Vistria's Financial Services strategy and reflects several years of work around the evolution of the specialty MGA market, as carriers increasingly rely on specialized, technology-enabled underwriting partners.

"I am incredibly excited to partner with Boris, Mike, and the Vistria team," said Scott Whitaker, Founder and Chief Executive Officer of Lumen. "Their conviction in what we are building at Lumen and the value MGAs bring to the market aligns perfectly with our strategy: to continue building a best-in-class, diversified MGA focused on strong underwriting performance and supported by cutting-edge technology. Vistria is the perfect partner to help take Lumen to the next level as we look to recruit underwriting talent and support new program launches on the KURRENT platform."

Founded in 2019, Lumen underwrites commercial property, builders' risk, commercial general liability, personal auto, homeowners and umbrella across more than 30 states. Lumen has built a nationwide, diversified network of distribution partners, including national wholesale and retail brokers, and has successfully launched and scaled multiple de novo programs. Lumen's unwavering commitment to market leading underwriting performance has attracted capacity support from some of the leading names in the industry.

Central to Lumen's operating model is its proprietary KURRENT platform, a fully integrated digital underwriting and distribution system that streamlines submission intake, underwriter communication, policy delivery, endorsement processing, renewals, and real-time portfolio analytics through a comprehensive dashboard and reporting system. Lumen recently expanded KURRENT with enhanced digital capabilities tailored to personal lines, modernizing infrastructure in a traditionally fragmented segment of the insurance market.

"A key part of Vistria's Financial Services strategy is focused on partnering in essential, regulated markets where expertise and infrastructure drive performance and this investment reflects several years of work around the evolution of the specialty MGA market," said Boris Rapoport, Senior Partner and Co-Head of Financial Services at The Vistria Group. "We believe specialty MGAs are increasingly well-positioned as carriers seek focused underwriting partners with data-driven infrastructure and strong distribution relationships, and Lumen exemplifies that model."

"Scott and his team have built a disciplined platform with meaningful scale and a clear runway for expansion," said Mike Castleforte, Senior Partner and Co-Head of Financial Services at The Vistria Group. "Lumen's proprietary technology, underwriting rigor, and diversified distribution network create a strong foundation for continued growth."

Post-transaction, the following executives will be added to the board: Albert Benchimol, former Chief Executive Officer of AXIS Capital and a leader in global specialty insurance; Mark Smith, former President of K2 Insurance Services, a leading private equity-backed specialty MGA; and Brian McDermott, former Chief Information Officer of Victor Insurance, a global P&C-focused MGA. Collectively, these advisors bring decades of underwriting, carrier, capital markets, and operating experience that informed Vistria's investment decision and will continue to support Lumen's growth as a scaled specialty insurance platform.

Piper Sandler & Co. served as exclusive financial advisor and Choate Hall & Stewart LLP served as legal counsel to Lumen in connection with this transaction. MarshBerry served as exclusive financial advisor and Winston & Strawn LLP served as legal counsel to Vistria.

About Lumen Holdings

Lumen Holdings, LLC owns Lumen Risk Services, a commercial lines MGA based in Dallas, TX, and Lumen Select, a personal lines MGA based in Paragould, AR. Collectively, Lumen writes businesses in over 30 states and is rapidly expanding its programs across multiple lines of business. For more information, please visit lumenrisk.com or lumenselect.com.

About The Vistria Group

The Vistria Group is building a new kind of private investment firm that seeks to deliver both financial returns and societal impact. It invests in essential industries like healthcare, knowledge & learning solutions, financial services and housing that deliver value for investors as well as communities, employees, and consumers. With $17 billion in AUM, The Vistria Group looks deeper by working as a true partner, drawing on its deep sector knowledge, operational expertise, unique network, diverse team, and impact orientation to achieve transformational growth. For more information, please visit vistria.com.

SOURCE The Vistria Group

Lumen Select and Cimarron Insurance Company announce their new partnership to write Private Passenger Auto and Homeowners Insurance.

For immediate release – Charlotte, NC – February 16, 2024 -- Lumen Select, in partnership with Cimarron Insurance Company, Inc. announces the launch of its new admitted, Personal Lines insurance programs. Matthew Miller, of Paragould, AR, brings 10 years of executive experience and will serve as President of Lumen Select. The program will initially offer owner occupied homeowners and private passenger auto across a four-state footprint - OK, AR, MO and TX.

Lumen is also excited to announce the launch of its new digital platform that brings state-of-the-art technology to the personal lines insurance space and creates a digital experience unlike any other in personal lines. The system gives producers access to a portal which accepts submissions, facilitates underwriter communications, centralizes policy document delivery, automates endorsement requests, provides easy access to in-force accounts, facilitates renewals and delivers real-time analytics on the producer’s entire book of business at Lumen via a robust producer dashboard. Additionally, Lumen has built an online customer portal for its auto and homeowners customers, including a mobile app to quickly access policy documents.

Scott Whitaker, CEO of Lumen, commented, “Matthew and his team have worked tirelessly to create an innovative solution for a market that desperately needs capacity. His unique approach to risk selection and portfolio management will help ensure the long-term viability of the program, making Lumen Select the market of choice in states where capacity continues to exit. We are thrilled about our partnership with Cimmaron and look forward to serving our agents and policyholders with excellence. The launch of Lumen Select represents a huge step forward in the diversification of Lumen’s insurance offerings.”

Paul Halter, President and CEO of Cimarron Insurance Company, Inc., commented, “Cimarron has spent a considerable amount of resources seeking a Program Administrator with the expertise and proven results to enter into the personal auto and home insurance arena. Lumen Select more than exceeds the qualifications required to build and execute on world-class personal lines products. Working with Matthew and Scott to build this product offering has been confirmation Cimarron has chosen the best partner to take us into personal lines.”

About Cimarron Insurance Company (Cimarron)

Founded in 1947, Cimarron Insurance Company, Inc. is an admitted property and casualty insurance company in 34 states. It is rated A by Demotech, Inc. Working with independent insurance agents and brokers, Cimarron provides underwriting expertise. Cimarron is an active program insurer that works closely with managing general underwriters to offer uniquely positioned products. For more information, please visit www.cimarronins.com

About Lumen Select (Lumen)

Lumen is a program administrator headquartered in Dallas, TX, with a satellite office in Paragould, AR. Lumen Select is a subsidiary of Lumen Holdings, which also owns Lumen Risk Services – a commercial lines program administrator operating E&S property and casualty programs. For more information, please visit www.lumenselect.com

Lumen Risk Services and Transverse Insurance Group announce the formation of a new partnership to write Commercial Property Insurance for Real Estate Accounts

For immediate release – Princeton, NJ – May 12th 2021 -- Lumen Risk Services, in partnership with Transverse Insurance Group, announces the launch of its new Commercial Property Insurance Program. The non-admitted program will initially offer monoline property coverage for multi-family, hospitality, and light commercial property accounts – with future plans to expand into other lines of coverage.

Lumen is also excited to announce the launch of KURRENT – its new digital platform that brings state-of-the-art technology to the commercial insurance space. The full-scale program administration system was built from the ground up and creates a digital experience unlike any other in commercial lines. KURRENT gives producers access to a portal which accepts submissions, facilitates underwriter communications, centralizes policy document delivery, automates endorsement requests, provides easy access to in-force accounts and renewals, as well as delivers real-time analytics on the producer’s entire book of business at Lumen via a robust producer dashboard.

Scott Whitaker, CEO of Lumen Risk Services, commented, “We are beyond thrilled to launch Lumen’s first commercial property program in partnership with Transverse Insurance Group. Our two organizations are uniquely aligned in how we see the future of insurance programs and our mutual desire to lead with technological innovation. This gives us a chance to showcase our proprietary, cloud-based platform, that will set the standard for the commercial lines space and virtually eliminates the need for any other outside systems. The InsureTech space has seen incredible amounts of capital pouring into the personal lines over the last several years, but it has largely ignored the immense opportunity that exists in larger commercial lines. Lumen is committed to bridging that gap and setting the pace for digital innovation. Our unique platform offers advantages to every stakeholder in the transaction – insureds, producing brokers, underwriters, insurers, and reinsurers each benefit from access to real-time data analytics to help drive alignment and success for all our partners. Our team has worked tirelessly to make KURRENT the most comprehensive digital experience in our space and I am immensely proud of what we have built. This, combined with our extensive experience in underwriting commercial property accounts, sets the stage for extraordinary success.”

“Our relationship with Lumen Risk Services is another example of Transverse’s insurance acumen and ability to partner with an MGA. Lumen has approached a segment of commercial lines insurance with a combined ability to solve the policy construct and administration as well as analytics to help guide their distribution partners. We are excited to be part of this great effort and our ability to act in parallel with our partner to drive results. We strive to combine the talent and experience of our team with the flexibility of our hybrid fronting structure to underwrite great MGAs and their programs” said Erik Matson, Chief Executive Officer and Co-Founder at Transverse.

About Transverse Insurance Group (Transverse)

Transverse Insurance Group is a hybrid fronting carrier serving the program, MGA, and reinsurance markets with offices in New Jersey and Texas. Transverse is backed by Virgo Investment Group and partner investors. Founded in 2018 by Erik Matson, CEO, and Dave Paulsson, President and CIO, Transverse is a global facilitator connecting and enabling partners through access to risk capacity and alternative capital on admitted and surplus lines paper. For more information, please visit www.transverseinsurance.com

About Lumen Risk Services (Lumen)

Lumen Risk Services is an insurance program administrator based in Dallas, TX. Lumen’s strategy combines extensive underwriting experience with the latest digital technology to bring innovative solutions to the marketplace. For more information, please visit www.lumenrisk.com