Tangram Insurance Services has completed its spin-out from Heffernan Insurance Brokers and will become the inaugural portfolio company of Balavant Insurance Group, a newly formed holding company backed by investment from SkyKnight Capital.
The establishment of Balavant, meanwhile, reportedly signals an ambition to build a modern, technology-driven MGA platform designed for scale and innovation.
Tangram noted that it has grown to over $200 million in gross written premium across a dozen programs since its founding.
“Balavant will build on this foundation and scale through a combination of organic program expansion, recruitment of high-performing underwriting teams, and strategic acquisitions, all while delivering profitable growth for its carrier and distribution partners. The platform will deliver centralised, technology-forward services designed to streamline operations and unlock scalable growth across programs,” Tangram explained.
Rekha Skantharaja, President & CEO of Tangram and Balavant, commented, “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.
“At Balavant, we are building a platform by MGA operators, for MGA operators — one that pairs proven organic growth, superior underwriting, a dynamic culture, and deep M&A experience with the strength of an established anchor in Tangram.
“Our Balavant leadership team, which includes continuity from Tangram, has been immersed in the MGA space for decades, giving us exposure to both the challenges and opportunities that define this business.
“Backed by a smart, aligned group of carrier and distribution partners, we are creating a technology-enabled shared services platform where entrepreneurial teams can thrive and scale.”
Mike Heffernan, President and CEO of Heffernan Insurance Brokers, who will retain a meaningful equity interest, said, “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.”
Jaryd Solomon, Managing Director of SkyKnight, said, “Under Rekha Skantharaja’s leadership, Tangram has earned a reputation as a highly respected and innovative MGA that is well-positioned for continued organic and inorganic growth.
“We have enjoyed our partnership to date through our minority investment in Heffernan, and are excited to work alongside management and Heffernan on Tangram and Balavant’s ambitious next phase of growth.”
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