Southport Lane has completed its acquisition of Dallas National Insurance Company, a property and casualty insurer.
Dallas National Insurance Company is a property and casualty insurance company focusing on worker’s compensation and general liability insurance and automobile liability. Dallas National was formed in 2005 through the merger of Dallas Fire Insurance Company, which commenced operations in 1962, and California Indemnity Insurance Company, which began business in 1988. The company is headquartered in Dallas (www.dallasnationalins.com).
Under the terms of the transaction, Southport Lane will make a $50 million investment in Dallas National, raising its capital and surplus to $107.5 million, and will acquire 100% voting control through an investment subsidiary. The acquisition has been approved by both the Texas Department of Insurance and the Delaware Department of Insurance. The company’s core operations will remain in Texas.
Southport Lane is a private equity firm founded in 2010 with investments in insurance and reinsurance. Among the firm’s portfolio investments is Southport Re, its platform for Alternative Risk Transfer activities. The firm is headquartered in New York and has total capital commitments in excess of $1 billion (www.southportlane.com).
“Together with the Dallas National team, we will focus on delivering superior products and service to policyholders, agents and other business partners, achieving operational excellence and diversifying the company’s core underwriting sectors,” said Glenn Weber, CEO of Southport Re, which manages Southport Lane’s insurance and reinsurance holdings. “By bringing our expertise and resources to bear, we will help Dallas National realize its objectives and generate profitable growth.”
© 2013 PEPD • Private Equity’s Leading News Magazine • 3-14-13
