In a swoop, Paragon has acquired the entertainment insurance firm.

Reel Media is a company that offers insurance services to businesses in the entertainment and sports industries. Paragon Insurance Holdings has made the announcement that it has bought the company. According to statements made by the company, the acquisition is a continuation of Paragon’s efforts to broaden its presence in specialist markets around the world.

Reel Media, under the direction of its founder and current CEO Marc Idelson, maintains long-standing ties with a number of carriers and reinsurers, among of which include Allianz Global Corporate & Specialty, Munich Re, HDI Global Specialty SE, and Sutton National, amongst others.

Ron Ganiats, co-founder and CEO of Paragon, expressed his excitement at the possibility to collaborate with Reel Media and their significant trading relationships. “We’re excited about this opportunity,” he added. “Marc Idelson and his colleagues have developed the market-leading MGA in the film/TV and studio niche by attracting outstanding talent and collaborating with Allianz (AGCS), the leading carrier in global entertainment markets. They have accomplished this by attracting great talent.

In addition, “Reel Media has done an excellent job of expanding their business by leveraging its underwriting knowledge, distribution network, and carrier and reinsurance ties to write E&S excess liability, shell and touring, contingency, and racing coverage.”

Idelson remarked that this was an exciting time for Reel Media, its employees, and its business partners. “We felt a strong connection to Paragon’s business strategy and their commitments to attracting and collaborating with exceptional people, distribution, and carrier and reinsurance partners. Their operational and analytic capabilities will also generate business savings and improvements for Reel Media, as well as bring value to our customers and business partners.