Southport Lane, a private equity firm, completed its previously announced acquisition of Dallas National Insurance Company, a property and casualty insurer specializing in general liability and workers' compensation.
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 percent 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.
"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."
Southport Lane was advised by Sutherland Asbill & Brennan. The seller was represented by Gardere Wynne Sewell.
Terms of the deal were not disclosed.
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