The Vistria Group has acquired Lumen Holdings, a technology-enabled managing general agent headquartered in Dallas, establishing Lumen as a new platform investment within Vistria’s Financial Services strategy.
The transaction reflects several years of focus by Vistria on the evolution of the specialty MGA market, as insurance carriers increasingly rely on specialized, technology-enabled underwriting partners. Lumen operates across more than 30 states and has built a diversified nationwide distribution network spanning national wholesale and retail brokers.
Founded in 2019, Lumen underwrites commercial property, builders’ risk, commercial general liability, personal auto, homeowners, and umbrella lines. The company has launched and scaled multiple de novo programs and has secured capacity support from leading industry participants, driven by its emphasis on underwriting performance.
Central to Lumen’s model is its proprietary KURRENT platform, a fully integrated digital underwriting and distribution system designed to streamline submission intake, underwriter communication, policy delivery, endorsement processing, renewals, and real-time portfolio analytics. The company recently expanded KURRENT with enhanced digital capabilities tailored to personal lines, modernizing infrastructure in what has historically been a fragmented segment of the insurance market.
As part of the transaction, several industry veterans will join Lumen’s board, including Albert Benchimol, former Chief Executive Officer of AXIS Capital; Mark Smith, former President of K2 Insurance Services; and Brian McDermott, former Chief Information Officer of Victor Insurance. The additions bring experience across underwriting, carrier relationships, capital markets, and technology operations to support Lumen’s next phase of growth.
With $17 billion in assets under management, Vistria invests across essential industries including healthcare, knowledge and learning solutions, financial services, and housing, seeking to deliver both financial returns and societal impact.
Support: Piper Sandler & Co. served as exclusive financial advisor and Choate Hall & Stewart LLP served as legal counsel to Lumen. MarshBerry acted as exclusive financial advisor to Vistria, with Winston & Strawn LLP providing legal counsel.
KEY QUOTES:
“I am incredibly excited to partner with Boris, Mike, and the Vistria team. 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.”
Scott Whitaker, Founder and Chief Executive Officer of Lumen Holdings
“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. 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.”
Boris Rapoport, Senior Partner and Co-Head of Financial Services at The Vistria Group
“Scott and his team have built a disciplined platform with meaningful scale and a clear runway for expansion. Lumen’s proprietary technology, underwriting rigor, and diversified distribution network create a strong foundation for continued growth.”
Mike Castleforte, Senior Partner and Co-Head of Financial Services at The Vistria Group
