The private investment firm Pelican Ventures LLC has announced the creation of the management company Tango Specialty and appointed a former CEO of Ascot Group Ltd. as its chairman and chairman.
Greg Wolyniec, who most recently served as President and CEO of Ascot Specialty Insurance Co., a subsidiary of Ascot Group Ltd., has been used to lead the MGA commercial lines. Bob Deutsch, chairman of Pelican Ventures, will serve as Tango's chairman. Other board members of Tango include Jim Stanard, founder of Pelican, and Allan Cohen and Win Hotchkiss, both CEOs of the investment firm.
Tango has also acquired Newtown, Pennsylvania-based V3 Insurance Partners LLC, a replacement for Special Workers and Commercial Real Estate MGA. V3 will continue to operate its divisions under the Tango brand.
Pelican, which focuses on investing in the real estate / accident sector, bought reinsurer Ariel Re Property & Casualty from Argo Group International Holdings Ltd. in November.