Alabama-based managing general agent (MGA) South Shore Insurance Underwriters (SSIU) announced it has acquired the assets of Linneman Specialty Insurance (LSI) as part of its plan to expand its operations to the West Coast.
SSIU, which focuses on providing specialty insurance through excess and surplus as well as standard markets to independent agencies from Texas to New Jersey, said the acquisition will help broaden its geographical reach.
SSIU said that it uses a fully digital process that combines underwriting and proprietary technology to serve underserved markets. The terms of the acquisition were not disclosed.
Taylor Norton (pictured above), founder and president of SSIU, said the acquisition aligns with the company’s goal of expanding its digital platform into new markets.
“We are both regionally specialized underwriters with a strong focus on profitability and exceptional service to our agents," Norton said, adding that the deal will help SSIU diversify geographically by expanding into four additional states.
LSI, a provider of services and products to retail agents through underwriting contracts in the US and London markets, places a large portion of personal lines business with underwriters at Lloyd’s under binding authorities. Its product offerings include homeowners’ coverage, dwelling fire, difference in conditions policies, and insurance for fine arts and collectibles.
LSI president Raymond Brown said the acquisition will allow the company to remain within a privately owned organization while gaining access to additional technology and expertise. Brown noted that the deal will enhance LSI's capabilities and provide new solutions for wildfire-exposed risks.
Andrew Fowles, chief underwriting officer at SSIU and former president of Canopius US, said the acquisition will grow LSI's product offerings while maintaining a high level of service for both carrier partners and policyholders.
Elsewhere in the M&A space, Highstreet Insurance Partners (HSIP) recently announced its acquisition of HG Ellis Agency, based in Camden, New York.
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