Newport Specialty Partners, a newly established specialty insurance platform backed by private equity firm Lovell Minnick Partners, has made a majority investment in New York-based Complex Coverage. (ICC).
The deal marks the inaugural platform acquisition for Newport, marking the start of a broader strategy to build a diversified managing general agency (MGA) and specialty insurance distribution network.
Financial details of the transaction were not disclosed.
Created in 1997, CCI operates as an MGA specializing in homeowners and personal lines coverage throughout New York.
The partnership is designed to drive CCI’s growth by expanding operator capacity, diversifying product offerings and improving operational infrastructure.
Dennis DiCapua, CEO of Newport, said: “CCI has established a strong position in an important market and we are excited to partner with Michael and his team to support the company’s next phase of growth. We believe Newport can help expand CCI’s capabilities while preserving the underwriting discipline and service orientation that have been critical to its success.”
CCI’s current leadership team will remain in place.
CCI President Michael Eigen said, “Newport brings long-term capital, strategic support and deep experience in the insurance industry. Just as important, they share our commitment to underwriting discipline and service to our producers. This partnership positions us to expand our capabilities while preserving the culture and relationships that have defined CCI for nearly three decades.”
Trevor Rich, Partner at Lovell Minnick, added: “We are excited to support Newport Specialty Partners’ acquisition strategy in the MGA space. Newport’s differentiated team and value-added model make it an attractive home for high-quality programs seeking to accelerate growth.”
“Newport Specialty Acquires Majority Stake in Complex Coverage” was originally created and published by Life Insurance International, a brand owned by GlobalData.
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