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

Dallas-based underwriting platform operates across 30+ states with proprietary KURRENT technology system

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.

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SOURCE The Vistria Group