View this article online: https://www.claimsjournal.com/news/southcentral/2012/06/01/207780.htm
Southport Lane, a New York-based private equity firm, through its subsidiary Lonestar Holdco LLC, has reached a definitive agreement with Dallas National Insurance Holdings to acquire 100 percent of Dallas National Insurance Company, a Texas-based property and casualty insurer, founded in 2005. Terms of the deal were not disclosed.
“This acquisition underscores our long-term strategic interest in building a significant presence in the insurance sector. Dallas National enjoys a large pool of clients throughout the U.S., complementing our insurance and reinsurance operations.”
While the transaction is subject to regulatory approval, it is anticipated to close early in the third quarter of this year.
“We are committed to providing additional capital to strengthen Dallas National and provide further security to policyholders,” said Glenn Weber, CEO of Southport Re, Southport Lane’s reinsurance affiliate. “This acquisition underscores our long-term strategic interest in building a significant presence in the insurance sector. Dallas National enjoys a large pool of clients throughout the U.S., complementing our insurance and reinsurance operations.”