Vela Insurance Services

What Vela Insurance Services does

Vela Insurance Services, LLC is a U.S.-domiciled Excess and Surplus Lines (E&S) insurance carrier founded in 1996 and headquartered in Chicago, Illinois, with regional offices in Atlanta, Scottsdale, and Walnut Creek. The company underwrites specialized casualty and professional liability coverage for risks that standard insurance carriers decline, organized across three market segments: Construction (Contractors General Liability, Owners Interest, and Project-Specific policies for projects up to $100M in cost), Specialty Casualty (manufacturing, products, and service-oriented businesses with hard-to-place exposures), and Professional Liability (Miscellaneous and Technology Professional Liability, Contractors Professional Liability, Accountants Professional Liability, and Cyber Suite). Coverage is distributed exclusively through a network of contracted wholesale brokers, supported by VelaConnect, a 24/7 self-service broker portal for policy servicing, loss runs, and billing, and Vela smallBiz, a digital quote-bind-issue facility for over 300 small-account professional liability classes. Vela operates as one of approximately 60 (re)insurance businesses under W. R. Berkley Corporation (NYSE: WRB), a Fortune 500 holding company whose insurance subsidiaries are rated A+ (Superior) by A.M. Best and AA- (Very Strong) by S&P.

The company's revenue model is built on insurance premiums collected on surplus lines and E&S casualty and professional liability policies, with pricing determined by risk profile, coverage type, and policy terms rather than published rate cards. Vela's go-to-market is 100% wholesale broker channel, and the firm provides multi-state U.S. coverage (excluding New York for certain construction products) plus Canadian market reach. The company invested in proprietary technology (VelaConnect and Vela smallBiz) to compress quoting and binding cycles and to deepen broker workflow integration, while maintaining an in-house claims team structured around construction defect, professional liability, complex casualty, and fast-track claim handling. Effective February 2026, Vela returned to a traditional wholesale broker distribution model, re-anchoring its channel strategy around its contracted broker network. Vela employs between 101 and 250 people and carries no independent venture or private equity ownership, with all ownership flowing through the Berkley parent.

Name

Vela Insurance Services

Legal name

Vela Insurance Services, LLC

Website

https://vela-ins.com

Company type

Private

Founded year

1996

Operating status

Operating

Headcount range

101–250 employees

Short description

Vela Insurance Services is a U.S. Excess and Surplus Lines insurance carrier specializing in construction, specialty casualty, and professional liability coverage, distributed exclusively through wholesale brokers and backed by W. R. Berkley Corporation.

Ownership category

akta.pro rank

Product category

Excess & Surplus Lines Insurance

NAICS

Direct Property and Casualty Insurance Carriers (524126), Direct Insurance (except Life, Health, and Medical) Carriers (52412), Other Direct Insurance (except Life, Health, and Medical) Carriers (524128)

SIC

Fire, Marine & Casualty Insurance (6331), Insurance Carriers, Nec (6399)

akta.pro primary industry

Professional Liability (E&O) (FSAJAGAC)

akta.pro secondary industries

Management Liability (D&O/EPL/Fiduciary) (FSAJAGAD), Network Security & Privacy Liability (Third-Party) (FSAJAOAE)

Keywords

• Excess and surplus lines
• Commercial casualty insurance
• Professional liability insurance
• Construction risk insurance
• Specialty insurance underwriting

Headquarters

HQ city

Chicago

HQ country

United States

HQ region

North America

Offices4 records

Markets served

GTM type

B2B

Offering type

Services

Cost components

Personnel, Operations, Technology or R&D, Marketing or Sales, Others

Revenue model

1. Insurance Premiums: Vela Insurance Services generates revenue through insurance premiums collected on surplus lines and E&S casualty and professional liability policies. As a surplus lines insurer, they provide coverage for hard-to-place risks that standard insurance carriers won't cover.

Go-to-market motion1 record

Distribution channels1 record

Marketing channels3 records

Core offering

Vela Insurance Services is an Excess & Surplus Lines insurance carrier underwriting specialized casualty and professional liability coverage across three segments: Construction, Specialty Casualty, and Professional Liability. The carrier distributes coverage exclusively through contracted wholesale brokers, supported by segment-based underwriting units, an in-house claims team, the VelaConnect broker self-service portal, and the Vela smallBiz quick-quote facility. Primary limits range from $1,000,000/$2,000,000 to $2,000,000/$4,000,000 with excess limits up to $5,000,000, focused on hard-to-place risks standard market carriers decline.

Product overview

Vela Insurance Services provides specialized Excess & Surplus Lines insurance through three integrated market segments: Construction (Contractors General Liability, Owners Interest, Project-Specific policies), Specialty Casualty (Manufacturing & Products, Service-Oriented coverages), and Professional Liability (Miscellaneous & Technology Professional Liability with sub-products CPrL, APL, Cyber Suite). The portfolio is supported by VelaConnect, an internal broker portal, and Vela smallBiz, a digital platform for small account quote/bind/issue operations. Coverage is distributed exclusively through a wholesale broker network, with primary limits ranging from $1,000,000/$2,000,000 to $2,000,000/$4,000,000 and excess limits up to $5,000,000.

Differentiator

Problem solved

Functional benefit

Brands

• Vela smallBiz: An exclusive small account facility for Miscellaneous Professional Liability providing quote, bind and issue capabilities 24/7 for over 300 professional service classes.
• VelaConnect
• Cyber Suite
• Vela Insurance

Products and services

• Contractors General Liability Commercial General Liability insurance solutions for general contractors and residential/commercial contracting trades, offered on a primary and excess basis with coverage limits up to $2,000,000/$2,000,000 or $2,000,000/$4,000,000.
• Owners Interest Liability Liability protection for Project Owners during construction against bodily injury or property damage resulting from contractor or subcontractor actions, with project costs up to $100,000,000.
• Project-Specific Liability Insurance Coverage for project owners or general contractors for designated periods during construction, supporting small-to-medium projects with construction costs up to $25,000,000–$35,000,000, custom homes up to $5,000,000, and policy terms up to three years.
• Manufacturing & Products Liability Specialty Casualty coverage for manufacturing industries including cutting-edge technology firms, start-up operations, product importers, discontinued products, completed operations, IBNR, blemished risks, and Claims Made to Occurrence conversions.
• Service-Oriented Business Liability Coverage for service-oriented businesses performing installation, repair, maintenance, calibration, testing, monitoring, logistics, transportation services, and equipment rental without operators.
• Miscellaneous & Technology Professional Liability Errors & Omissions coverage protecting against negligence claims for Miscellaneous or Technology risk exposures, offering primary and excess limits up to $5,000,000 Each Claim and $5,000,000 General Aggregate across the Professional Liability classes served by Vela.
• Contractors Professional Liability (CPrL) Specialized Professional Liability coverage for artisan contractors, general contractors, and professionals engaged in construction, fabrication, installation, erection, and maintenance services, addressing construction, pollution, and technology exposures.
• Accountants Professional Liability (APL) Coverage for accountants, investment advisors, executors, trusts, and financial professionals offering tax, audit, and bookkeeping services, covering financial reporting, tax preparation, and advisory services exposures.
• Cyber Suite Comprehensive cyber insurance coverage attaching to primary miscellaneous and technology professional liability policies, offering standalone limits up to $1,000,000 covering data breaches, computer attacks, cyber extortion, and identity recovery.
• Vela smallBiz Facility Exclusive small account facility for 300+ Miscellaneous Professional Liability classes enabling brokers to quote, bind, and issue policies in minutes, with eligibility up to $3,000,000 maximum insured revenue and $2,000,000 maximum coverage limits. Available 24/7 via the Vela smallBiz portal.

Segments3 records

Ideal customer profiles4 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Feature2 records

Partnerships

Seven partnerships are on record, tiered core and minor.

• W. R. Berkley CorporationcoreOthersVela Insurance Services is a member company of W.R. Berkley Corporation. Berkley is a Fortune 500 company and part of the S&P 500, operating 60+ (re)insurance businesses worldwide. Vela benefits from Berkley's financial strength ratings (A+ by A.M. Best, AA- by S&P) and decentralized operating model providing agility with enterprise resources.
• CIWA (California Insurance Wholesalers Association)minorOthersIndustry association membership providing networking and industry advocacy for surplus lines insurance wholesalers in California.
• FSLA (Florida Surplus Lines Association)minorOthersIndustry association membership for surplus lines professionals in Florida.
• PLUS (Professional Liability Underwriting Society)minorOthersInternational professional association for professionals involved in the professional liability market.
• TSLA (Texas Surplus Lines Association)minorOthersIndustry association membership for surplus lines professionals in Texas.
• WSIA (Wholesale & Specialty Insurance Association)minorOthersIndustry association for the wholesale, surplus, and specialty insurance market.
• IMCA (Insurance Marketing & Communications Association)minorOthersIndustry association for insurance marketing and communications professionals.

Scale indicators3 records

Recent moves7 records

Expansion highlights5 records

Direct peers

• Lexington Insurance Company: Lexington is a major U.S. Excess & Surplus Lines carrier (AIG division) underwriting casualty and professional liability across construction, manufacturing, and miscellaneous classes — directly comparable to Vela's three-segment E&S franchise.
• Westchester (Chubb): Westchester is Chubb's dedicated E&S platform offering casualty and property coverage to wholesale brokers, mirroring Vela's channel and product mix including construction, manufacturing, and professional liability.
• Scottsdale Insurance Company: Nationwide's E&S carrier writing commercial casualty, construction, and professional liability through wholesale producers — directly comparable segment structure and broker-distribution model to Vela.
• Kinsale Capital Group: E&S specialty insurer focused on commercial casualty and professional liability, distributed through wholesale brokers — overlapping materially with Vela's PL, misc E&O, and small-business focus.
• James River Insurance Company: Specialty E&S carrier writing commercial casualty, professional liability, and construction through wholesale brokers — close competitor with similar three-segment construction/specialty/PL structure.
• Admiral Insurance Company: Specialty E&S carrier (W. R. Berkley sister company) offering commercial casualty and professional liability through wholesale brokers — a fellow Berkley E&S unit with overlapping product set.
• Burke Specialty Insurance Services: Berkley-affiliated wholesale broker program manager placing specialty E&S coverage including construction casualty and professional liability — operates in the same Berkley distribution ecosystem.

Broad incumbents

• Markel Insurance: Large specialty insurer with significant E&S and professional liability operations across multiple classes; broader portfolio than Vela but competing head-to-head on misc/tech E&O and construction casualty.

Regional players

• Burns & Wilcox: Major U.S. wholesale brokerage specializing in surplus lines placement; key distribution counterpart to Vela and architect of many Vela broker relationships, useful as a channel peer.

Others

• Amwins: Largest U.S. wholesale brokerage and specialty insurance distributor; not a carrier like Vela but a primary placement channel whose panel decisions drive Vela's submission flow and competitive dynamics.

Market position

Strengths4 records

Weaknesses4 records

Competitive moat5 records

Key risks5 records

Key highlights6 records

Customer concentration

Revenue estimate

Valuation estimate

Number of profiles

Profiles12 records

Funding overview

Funding rounds

Investors

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about Vela Insurance Services