Brokerage CUO Goodloe in Ategrity exit

Expansive E&S carrier Ategrity Specialty Insurance Company and its chief underwriting officer of brokerage business John Goodloe have parted ways, The Insurer can reveal.

Circumstances surrounding the departure of Goodloe, a founding member of the carrier’s management team when it launched in 2018, have not been confirmed.

But it comes after the Scottsdale, Arizona-based company announced only yesterday that it had secured a $75mn capital raise from Sequentis Financial.

Ategrity’s initial $125mn funding at launch came through hedge fund Zimmer Partners, an operating company of Sequentis.

Ategrity was launched in September 2018 by former Scottsdale Insurance Company president Mike Miller as CEO along with former colleagues from the Nationwide-owned carrier including Goodloe and Joe Griffith as chief information officer.

Other senior Ategrity management executives include another Scottsdale alumni Sandy Vertuno as CUO for contract underwriting.

Miller helped Scottsdale – which now operates under the Nationwide E&S/Specialty brand – grow significantly to become a $3bn premium company by the time of his departure in 2015.

Goodloe had left Scottsdale in 2014 to join XL Catlin as president of E&S, before exiting after two years.

He is also a former president of WR Berkley’s Facultative Resources unit, and of the excess division of sister company Admiral.

As previously reported, Ategrity has expanded rapidly since its launch three years ago. In June last year it ranked top in an S&P Global Market Intelligence survey of the fastest-growing US insurers that file statutory statements.

According to 2020 statutory annual filings, direct written premiums were $208mn, up from $95mn in 2019. DWP in the first half of 2021 was $111mn.

Miller serves as executive chairman as well as CEO at Ategrity.

The company offers commercial E&S property and casualty business on a primary and excess basis, and holds an A- financial strength rating with AM Best. It distributes through the wholesale brokerage channel and also has a contract binding authority business.

Commenting on the latest fundraise, Miller said the company had done an “extraordinary job” building its presence since its 2018 launch.

“It is now time to marry our existing strengths with new investments in data and analytics that will position our company for its next phase of growth,” he said.

“We are excited to have raised significant capital to support this plan as we work to deliver the highest level of service to our agents and brokers.”

Ategrity did not immediately respond to a request for comment on this article.