Southlake Specialty, part of Southlake Financial Holdings, a Texas-based group of fronting carriers, has agreed to acquire Nevada General Insurance Company from Western National Mutual Insurance Company.
Nevada General Insurance Company is a Property and Casualty insurer authorised in numerous states throughout the Western US.
This acquisition, pending regulatory approval, will allow the Southlake group to expand its footprint extending its admitted product insurance offering into additional states, as well as being able to offer multiple admitted carriers in the same state.
Southlake CEO, Yogesh Kumar, commented: “We are thrilled to announce the acquisition of Nevada General Insurance Company, a strategic move that marks a significant milestone in our journey as a leader in the P&C insurance space.
“This partnership not only expands our footprint for admitted business but also reinforces our commitment to delivering unparalleled financial security and innovative solutions to MGAs and Program Managers. By bringing Nevada General under our umbrella, we look forward to continuing our growth and expanding our product offerings.”
Southlake writes business through two insurance companies – Southlake Specialty Insurance Company (non-admitted) and Westlake Specialty Insurance Company (admitted) – with eligibility covering 50 US states.
Both subsidiaries are rated “A-VII (Excellent)” AM Best financial credit insurance companies and specialise in the program business and the insurance fronting space for Property and Casualty insurance.
“Southlake has written over $400 million in premiums through 2023 and bringing Nevada General Insurance Company into the fold will augment Southlake’s trajectory by bringing their solutions to a broader market as Southlake diversifies its coverage,” the group stated.
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