Paragon swoops for entertainment insurance firm

Paragon Insurance Holdings has announced that it has acquired Reel Media, a provider of insurance services for the entertainment and sports industries. The acquisition is part of Paragon’s continuing effort to expand into the global specialty markets, the company said.

Reel Media, led by founder and CEO Marc Idelson, has longstanding carrier and reinsurance relationships that include Allianz Global Corporate & Specialty, Munich Re, HDI Global Specialty SE and Sutton National, among others.

“We’re excited about the opportunity to partner with Reel Media and their key trading relationships,” said Ron Ganiats, co-founder and CEO of Paragon. “Marc Idelson and his team have built the market-leading MGA in the film/TV and studio niche by attracting great talent and partnering with Allianz (AGCS), the leading carrier in global entertainment markets.

“Moreover, by harnessing their underwriting expertise, distribution network, and carrier and reinsurance relationships, to write E&S excess casualty, shell and touring, contingency, and motorsports business, Reel Media has done a great job of diversifying their business.” 

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“This is a great moment for Reel Media, our staff and our partners,” Idelson said. “Paragon’s business strategy and commitments to attracting and partnering with great talent, distribution, and carrier and reinsurance partners resonated with us. Their operational and analytic capabilities will also drive business efficiencies and improvements for Reel Media and deliver value to our clients and partners.”