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Financial services-focused private equity firm Lovell Minnick has invested in general agency Warner Pacific Insurance. -
The deal will also allow the Boston-based broker to expand its broker relationships.
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Based in California, Performance Bonding provides contract, commercial and miscellaneous surety bonds to contractors, subcontractors and developers across the US.
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John Doyle was named senior vice president in 2014 and chief underwriting officer two years ago.
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Acquisitive Crest expands across Arizona, Colorado and Wyoming with its latest brokerage buyouts.
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Inside P&C’s news team runs you through the key developments from the last week.
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In addition, Fortitude Re’s subsidiary Fortitude Reinsurance Company has obtained approval to operate as a reciprocal jurisdiction reinsurer in the US.
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The transaction will expand the carrier’s reach in the US A&H market.
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With the deal, Renaissance adds Agency Network’s 60 member agencies and United Valley’s 92 member agencies, representing collectively $2.4bn in premium.
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Following the deal, Fred Church’s staff of 160 employees will remain operating under the leadership of president and chairman Mike Reilly.
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The six acquired companies will work within Patriot’s Shapiro Insurance Group platform.
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With most M&A activity from 2020 pushed into 2021, capacity for M&A insurance began to dry up in around October, resulting in hard market conditions.
