Seal Beach, CA and San Rafael, CA, January 12, 2009 — American Pinnacle Partners, Inc. (“APP”), a holding company of specialty insurance companies, and Consolidated Specialty Risk Managers (“CSRM”), a specialty A&H Managing General Underwriter, announced today that APP has acquired 100% of CSRM from Aspen Reinsurance Group, Inc. The Company has been re-named Consolidated Program Insurance Services, Inc. (“Consolidated”). The acquisition will meaningfully contribute to APP’s goal of becoming the preferred specialty insurance Managing General Underwriter in the United States. APP will commit additional capital and resources which will enhance Consolidated’s ability to not only better serve its existing clients, but to also catalyze organic growth.
Mary Ann Villarreal, Chief Executive Officer of Consolidated said: “I am extremely pleased to become partners with APP. My team and I look forward to having access to additional capital to grow and the ability to tap into the breadth of experience and relationships of APP’s executives. I am very enthusiastic about the opportunities that lie ahead for both Consolidated and APP.”
Peter H. Foley, Chairman and Chief Executive Officer of APP said: “Mary Ann and the Consolidated team have been remarkably successful over the course of the past decade and have distinguished themselves as a customer-focused, solutions-oriented team which is critical to effectively servicing businesses, especially in today’s challenging economic environment. I am confident that APP’s financial resources and industry experience, coupled with Consolidated’s product-specific expertise will prove to be a formidable combination in the industry.”
About Consolidated Program Insurance Services
Consolidated is a national specialist Managing General Underwriting facility in the Accident & Health Special Risk Insurance marketplace. Formed in 1990, the company is recognized as the leading expert in underwriting, product development and administration of A&H policies for brokers and agents across the United States. Consolidated holds underwriting appointments with a number of A.M. Best “A” rated carriers, which gives them the ability to design programs for all their A&H clients’ needs. Policyholders include small and large employer groups as well as specialty participant accident groups (e.g. schools, sports teams, non-profit organizations, volunteers, day care centers, special events, and various related sectors.)
About American Pinnacle Partners
American Pinnacle Partners (“APP”) is the holding company for various specialty insurance services intermediaries. APP provides a wide range of insurance products with an emphasis on specialty insurance, with underwriting experts in Workers Compensation, Life, Accident and Health Insurance, and other P&C classes. Each of the operating units participates in niche markets requiring product specialization.
APP is actively seeking acquisition opportunities to complement its existing portfolio insurance businesses. Key criteria APP is looking for in acquisition candidates include specialty insurance MGU/broker focus, strong brand/reputation, high quality management team looking to build existing business, and minimum EBITDA of $100,000.
APP was founded in 2008 by experienced insurance and financial services professionals (all of whom have founded and built their own businesses) with offices in San Francisco, Los Angeles, Fresno and New York.
Mary Ann Villarreal
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