MGA Tangram completes spin-out from Heffernan

Managing general agency Tangram Insurance Services said Tuesday it had completed its spin-out from Heffernan Insurance Brokers to become the inaugural portfolio company of Balavant Insurance Group, a newly formed holding company supported by investment from SkyKnight Capital.

Heffernan will retain a “meaningful” equity interest in the new company.

Rekha Skantharaja is president and CEO of both Tangram, which has more than $200 million in gross written premium across more than a dozen programs, and Balavant, which plans to expand into excess and surplus lines.

The Balavant leadership team will include Tangram executives along with new hires in areas including finance, operations and technology.