Investment firm PEAK6 announced that its insurance operations subsidiary, PEAK6 InsurTech, will acquire Team Focus Insurance Group, a Sunrise, Fla.-based property/casualty insurance firm that includes MacNeill Group, a managing general agency.
Team Focus is parent to eight firms in all, including technology firms Focus Technologies and Focus Insurance Services, regional insurer Capacity Insurance Co. and personal lines agency 1st Street Agency and premium finance firm Focus Finance.
MacNeil Group specializes in commercial, personal, transportation and flood lines, serving independent agents throughout the Southeast.
Capacity Insurance specializes in coverage for light mercantile and offices, lessor’s risk, restaurants, convenience stores, retail stores, houses of worship, trade contractors, motor truck cargo and other small to mid-size businesses
Terms of the deal were not disclosed.
This acquisition, which follows PEAK6’s 2018 acquisition of National Flood Services from broker Aon, will expand PEAK6’s property/casualty insurance services offerings, providing a channel to distribute new private flood insurance products.
Deb Franklin, managing director of PEAK6 InsurTech, said the investment firm also sees value in Focus Team’s technology customized service offerings for carriers and MGAs and its cloud-based policy management system, PolicyPort.
“Today’s insurance market is volatile, particularly in Florida, but in that uncertainty we see tremendous potential,” said Jenny Just, co-founder and managing partner of PEAK6.
National Flood Services is a National Flood Insurance Program (NFIP) direct servicing agent. It manages more than $1.4 billion of annual premiums and more than 1.5 million policies, in partnership with the Federal Emergency Management Agency and Write Your Own carriers.
The acquisition is expected to close in the fourth quarter of 2021. Waller Helms Advisors has served as financial advisor to Team Focus.
PEAK6’s brands include PEAK6 Capital Management, Apex Fintech Solutions, National Flood Services and Evil Geniuses.
Topics Florida Mergers & Acquisitions
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