Newport Specialty Partners, a new specialty insurance platform backed by Lovell Minnick Partners, announced that it has acquired Complex Coverage, Inc. (CCI), a managing general agency focused on homeowners and personal lines coverage in New York.
The transaction is Newport’s first platform acquisition, which the company said establishes a foundation for its strategy of building a diversified MGA and specialty insurance distribution platform.
Founded in 1997 by Mike Mahoney, CCI is headquartered in Huntington, New York. The company administers insurance programs in homeowners, dwelling fire, builder’s risk, boat, umbrella, flood, and related personal lines coverages through partnerships with insurance carriers.
CCI’s leadership team including Michael Eigen, president, will continue to manage the business and remain involved going forward. Eigen said Newport brings “long-term capital, strategic support, and deep insurance industry experience.”
Southlake, Texas-based Newport said it will support CCI’s next phase of growth, including expanded carrier capacity, broader product offerings, and continued investment in operational infrastructure.
“We believe Newport can help broaden CCI’s capabilities while preserving the underwriting discipline and service orientation that have been central to its success,” said Dennis DiCapua, chief executive officer of Newport.
Private equity firm Lovell Minnick partnered with Newport to support the launch of the new platform and the acquisition of CCI. Lovell Minnick targets middle market companies with a particular focus on companies in the financial services, business services, and financial technology sectors.
Houlihan Lokey served as financial advisor to Newport and Lovell Minnick.
Topics
Mergers & Acquisitions
Excess Surplus
New York
Insurance Wholesale
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