Flexpoint Partners, LLC acquired a majority interest in Rosemont, Pa.-based Norwich Group, Inc. and its affiliated companies via a newly formed holding company.
Norwich develops, implements and administers commercial insurance products targeted to narrowly-defined industry segments.
In connection with the acquisition, Flexpoint will provide capital to Norwich to support the company’s plan to increase its underwriting participation in the insurance programs it manages.
The company’s co-founders, Kirby Hill and William McPherson, will continue to serve as chief executive officer and president, respectively, and will maintain minority equity ownership in the company.
Norwich was established in 1996, initially to provide comprehensive
consulting services to program managers in the specialty insurance market.
Source: Flexpoint Partners
Was this article valuable?
Here are more articles you may enjoy.
Walter’s Insurers Skirted Capital Rules With ‘Rolling’ Loophole 
French Riots Seen as Insurance Test Before New Regime Kicks In 
Bank of England Considers Stress Testing AI’s Effect on the Financial Sector 
KCC Says Isaias Insured Losses to Be $3 Billion; AM Best Calls Storm an Earnings Event 
Want to stay up to date?
Get the latest insurance news
sent straight to your inbox.