Southport Lane Completes Acquisition of Imperial Fire & Casualty
Second insurance acquisition of 2013
NEW YORK--(BUSINESS WIRE)-- Southport Lane, a New York City-based private equity firm, today announced completion of its acquisition of 100% of Louisiana-based Imperial Management Corporation along with its largest subsidiary, Imperial Fire & Casualty, in an all-cash transaction. Additional terms of the transaction were not disclosed. Imperial Fire & Casualty is a leading provider of insurance products including personal auto, commercial auto, personal property and flood policies.
Glenn Weber, CEO of Southport Re, which manages Southport Lane's insurance and reinsurance holdings, said: "Imperial's executive team has built a solid company that does the little things right. With additional capital, Imperial Fire & Casualty is poised for sustainable growth." Mr. Weber noted that the insurer's strong operations, including its focus on technology and customer service, make it an excellent fit for the firm's growth strategy.
Imperial Fire & Casualty has been led by H. Marcus Carter, Jr., President and CEO, and John Emmett Brignac Jr. (JE), Chairman, of Imperial Management Corporation, both of whom will continue to serve as directors.
Marc Carter said: "We are looking forward to continuing to build our organization and provide stellar services to our policyholders by leveraging Southport Lane's resources. Southport Lane's unrivaled insurance know-how will benefit all of Imperial's stakeholders."
The Imperial Fire & Casualty deal follows the acquisition of Dallas National Insurance Company, a Delaware-based property and casualty insurer specializing in general liability and workers' compensation.
About Southport Lane
Southport Lane is a New York City-based private equity firm and asset manager founded in 2010. Southport's private equity fund focuses investments in insurance, reinsurance, energy, and consumer businesses and seeks long-term investments with a buy-and-hold strategy. The firm is headquartered at 350 Madison Avenue and has total capital commitments in excess of $1 billion. For more information, visit www.southportlane.com.
About Imperial Fire & Casualty
Imperial Fire & Casualty is a leading provider of insurance products including personal auto, commercial auto, personal property and flood policies. The company has 1,500 independent agents representing its insurance products. The company is actively writing policies in Arkansas, Florida, Louisiana, Oklahoma and Texas, and is licensed in the states of Alabama, Georgia, Indiana, Kansas, Kentucky, Mississippi, Missouri, Nevada, South Carolina, and West Virginia. Imperial Fire & Casualty has offices in Florida, Louisiana and Texas and is the largest subsidiary of Imperial Management Corporation, a vertically integrated holding company. Imperial Management Corporation has been operating under its current capital structure for ten years. For more information visit: www.imperialfire.com.
Josh Gerth/Jessica Kleinman, +1 646-395-6300
KEYWORDS: United States North America Louisiana New York
The article Southport Lane Completes Acquisition of Imperial Fire & Casualty originally appeared on Fool.com.
Try any of our Foolish newsletter services free for 30 days. We Fools may not all hold the same opinions, but we all believe that considering a diverse range of insights makes us better investors. The Motley Fool has a disclosure policy.
Copyright © 1995 - 2013 The Motley Fool, LLC. All rights reserved. The Motley Fool has a disclosure policy.