Lightyear Delos Acquisition Corp. (LYDAC) and Southwest Insurance Partners Inc. (SWIP) announced they are merging in a transaction that is expected to close in the fourth quarter of this year.
The merged entity will be led by Stephen L. Way. Way, managing director of SWIP, will become chairman and chief executive officer of the combined group of companies, which will be headquartered in Houston, Texas.
LYDAC, based in New York City, was formed by lead investors Lightyear Capital LLC and Trilantic Capital Partners to be the holding company for two Delaware domiciled property and casualty insurance companies: Delos Insurance Co., an admitted insurer in 50 states; and Naxos Insurance Co., a surplus line insurer in 48 states. Both companies are rated A- (Excellent) by A.M. Best Co.
Through its subsidiary insurance companies, LYDAC underwrites small and medium risks through a wide range of program administrators. LYDAC insurance company subsidiaries will continue to operate from New York City.
SWIP is an insurance holding company established by Way, with investors including Argo Group International Holdings Ltd., American Safety Insurance Holdings Ltd., International General Insurance Co. Limited (Dubai), SureTec Financial Corp. (Houston), several high net worth individuals, and SWIP management.
SWIP’s companies include Great Midwest Insurance Co., an admitted insurer in 37 states and rated A (Excellent) by A.M. Best; National Health Insurance Co., a life and health insurer admitted in 42 states; Bunker Hill Underwriters Agency; and Southwest Risk, a wholesale insurance broker.
The SWIP group underwrites small and medium size risks through independent agents in the United States and has expanded internationally in general aviation.
The combined group will have more than $1 billion in total assets, more than $625 million in investment assets, and more than $250 million in shareholders’ equity.
Source: Southwest Insurance Partners, Lightyear Delos Acquisition Corp.
Topics Mergers & Acquisitions Carriers
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