Houston-based HCC Insurance Holdings Inc. has reached an agreement to acquire Covenant Underwriters Ltd. and Continental Underwriters Ltd., both headquartered in Covington, La.
Terms of the transaction were not disclosed, but it is expected to close shortly.
Both agencies are part of the same group, which are specialists in commercial marine insurance. Operations are focused on Mississippi tug and barge business, as well as crew and service vessels in the Gulf of Mexico. The late Elder Brown Sr. founded Continental in 1970, and his son Elder Brown Jr. founded Covenant in 1993. Brown Jr. will remain CEO of the group following the transaction. Gross written premiums are estimated to be over $50 million in 2004.
“Elder Brown has built his group into one of the leading markets for tug, barge and service vessel business and we are most fortunate to have reached this agreement with him.” HCC CEO Stephen Way said. “We intend to grow this unique marine insurance operation both in the US and Internationally, as we continue to expand HCC’s specialty operations.”
Topics Mergers & Acquisitions Commercial Lines Louisiana Underwriting
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