Southport Lane, Imperial Fire & Casualty
Southport Lane, a New York City-based private equity firm, has completed its acquisition of Louisiana-based Imperial Management Corp., along with its largest subsidiary, Imperial Fire & Casualty, in an all-cash transaction. Additional terms of the transaction were not disclosed.
Imperial Fire & Casualty provides insurance products such as personal auto, commercial auto, personal property and flood policies.
Imperial Fire & Casualty has been led by H. Marcus Carter, Jr., president and CEO, and John Emmett Brignac Jr. (JE), chairman of Imperial Management Corp., both of whom will continue to serve as directors.
Imperial Fire & Casualty has 1,500 independent agents representing its insurance products. It actively writes policies in Arkansas, Florida, Louisiana, Oklahoma and Texas, and is licensed in Alabama, Georgia, Indiana, Kansas, Kentucky, Mississippi, Missouri, Nevada, South Carolina, and West Virginia. Imperial Fire & Casualty has offices in Florida, Louisiana and Texas.
The Imperial Fire & Casualty deal follows the acquisition of Dallas National Insurance Co., a Delaware-based property/casualty insurer specializing in general liability and workers’ compensation.
Willis, T.E. Burke & Associates
Willis of Maryland, a unit of Willis Group Holdings plc, acquired accounts and certain personnel formerly associated with T.E. Burke & Associates Inc., an employee benefits insurance broker based in Rockville, Md.
Willis of Maryland includes more than 100 associates and serves clients from its office in Potomac, Md.
As a result of the acquisition, former T.E. Burke & Associates personnel Terence Burke, Brian Burke and Connie Ertel will join Willis of Maryland.
Cross Insurance
Cross Insurance, an insurance brokerage and subsidiary of Bangor, Maine-based Cross Financial Corp., announced the establishment of a new division specializing in surety bonds.
Cross Surety Inc., with offices in Dalton, Mass., and Lewiston, Maine, will employ seven specialists. Cross Insurance said its new division will handle the bonding and surety needs for a diverse group of businesses, contractors and construction companies.
Founded in 1954, Cross Insurance currently has approximately 500 employees.
SIAA
The Strategic Insurance Agency Alliance signed six new agencies in the West in May, which brings SIAA’s total for the month to 30 new agencies. May’s new West members include: Clear Lakes Agency of Buhl, Idaho; MEB Insurance Services of Greely, Colo.; Adam Hansen Insurance of San Clemente, Calif.; Valley Center Insurance Agency of Valley Center, Calif.; Kitty L. Johnson Insurance Agency of Keizer, Ore; Nevada Insurance Solutions of Las Vegas, Nev.
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