TANGRAM SPINS OUT FROM HEFFERNAN AND LAUNCHES NEW SKYKNIGHT-BACKED MGA PLATFORM - BALAVANT INSURANCE GROUP

NOVATO, Calif., Sept. 16, 2025 /PRNewswire/ -- Tangram Insurance Services, Inc. ("Tangram") today announced the successful completion of its spin-out from Heffernan Insurance Brokers, marking a pivotal milestone in its long-term strategy to expand its presence and impact in the managing general agency ("MGA") space.

In conjunction with the spin out, Tangram will become the inaugural portfolio company of Balavant Insurance Group ("Balavant"), a newly formed holding company supported by investment from SkyKnight Capital, L.P. ("SkyKnight"). The formation of Balavant represents a bold step forward in building a modern, technology-enabled MGA enterprise poised for scale and innovation.

Since its founding, Tangram has steadily grown to over $200 million in gross written premium (GWP) across over a dozen programs. Balavant plans to build on this foundation and scale through a combination of organic program expansion, recruitment of high-performing underwriting teams, and strategic acquisitions, all while delivering profitable growth for its carrier and distribution partners. The platform will deliver centralized, technology-forward services designed to streamline operations and unlock scalable growth across programs.

"Our team is thrilled to shape our future with the dedicated capital, resources, and expertise of SkyKnight, an ideal partner with their investments in industry-defining insurance companies" said Rekha Skantharaja, President & CEO of Tangram and Balavant. "At Balavant, we are building a platform by MGA operators, for MGA operators — one that pairs proven organic growth, superior underwriting, a dynamic culture, and deep M&A experience with the strength of an established anchor in Tangram. Our Balavant leadership team, which includes continuity from Tangram, has been immersed in the MGA space for decades, giving us exposure to both the challenges and opportunities that define this business. Backed by a smart, aligned group of carrier and distribution partners, we are creating a technology-enabled shared services platform where entrepreneurial teams can thrive and scale."

A key component of Balavant's strategy will be diversifying its primarily admitted insurance offerings by expanding into excess and surplus lines – broadening its underwriting capabilities and enhancing market flexibility.

"We are proud of Tangram's growth and success under our umbrella, and we look forward to witnessing their continued expansion and leadership in the MGA space," said Mike Heffernan, President and CEO of Heffernan Insurance Brokers, who will retain a meaningful equity interest.

"Under Rekha Skantharaja's leadership, Tangram has earned a reputation as a highly respected and innovative MGA that is well-positioned for continued organic and inorganic growth," said Jaryd Solomon, Managing Director of SkyKnight. "We have enjoyed our partnership to date through our minority investment in Heffernan, and are excited to work alongside management and Heffernan on Tangram and Balavant's ambitious next phase of growth."

Skantharaja will continue to lead Tangram in addition to her role as CEO of Balavant. The leadership team of Balavant will include Tangram executives along with strategic new hires in key areas including finance, operations, and technology. This team will guide Balavant's oversight of Tangram and lead future acquisitions and investments under the new platform.

About Tangram Insurance Services, Inc.
Tangram Insurance Services, Inc. is a national MGA program manager bringing in-depth expertise and specialized program capabilities to a variety of industries. With over 25 years in the business, Tangram partners with top insurance companies to deliver niche insurance solutions. For more information, visit tangramins.com.

About Balavant Insurance Group
Balavant Insurance Group is a leading MGA platform bringing best-in-class technology, centralized services and leadership to drive profitable and scalable growth across its subsidiaries. With extensive expertise in the MGA space, Balavant aims to become a next-gen MGA through organic program growth, recruitment of underwriting teams, and strategic acquisitions. For more information, visit balavantinsurancegroup.com.

About SkyKnight Capital

SkyKnight Capital focuses on partnering with high quality businesses in acyclical growth sectors alongside exceptional management teams. SkyKnight manages over $4 billion in private equity capital on behalf of leading endowments, foundations, pensions, and institutional family offices. SkyKnight aims to build industry-defining businesses across the healthcare, financial services, and tech-enabled services industries. For more information, visit skyknightcapital.com.

About Heffernan Insurance Brokers
Heffernan Insurance Brokers, founded in 1988, is one of the largest independent insurance brokerage firms in the United States, providing comprehensive business insurance, personal insurance, employee benefits, and financial services solutions to a wide range of businesses and individuals. Headquartered in Walnut Creek, Calif., Heffernan has a nationwide presence specializing in customized solutions to serve clients' different needs in virtually every industry. Heffernan has been named on the insurance industry's 'Best Agency to Work For' list and consistently named a 'Top Corporate Philanthropist'. For more information, visit heffins.com

SOURCE Tangram Insurance Services