Newport Specialty Partners Announces Growth Investment in Complex Coverage, Inc.

Business Wire

SOUTHLAKE, Texas--(BUSINESS WIRE)--
Newport Specialty Partners (“Newport”), a newly formed specialty insurance platform backed by Lovell Minnick Partners (“Lovell Minnick”), today announced that it has made a majority investment in Complex Coverage, Inc. (“Complex Coverage” or “CCI”), a leading managing general agency focused on homeowners and personal lines coverage in New York.

Founded in 1997 and headquartered in Huntington, New York, Complex Coverage provides producers with access to specialized property insurance solutions through long-standing carrier relationships. The company has built a strong reputation for underwriting expertise, responsive service, and deep knowledge of the New York market.

The transaction represents Newport’s first platform acquisition and establishes a strong foundation for the firm’s broader strategy of building a diversified MGA and specialty insurance distribution platform.

“We have long admired the business that the Complex Coverage team has built,” said Dennis DiCapua, Chief Executive Officer of Newport Specialty Partners. “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 broaden CCI’s capabilities while preserving the underwriting discipline and service orientation that have been central to its success.”

Michael Eigen, President of Complex Coverage, added, “Newport brings long-term capital, strategic support, and deep insurance industry experience. Just as importantly, 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.”

Eigen also recognized Mike Mahoney, the company’s founder, whose leadership helped establish Complex Coverage as a respected and enduring presence in the New York market. “Mike played a central role in building Complex Coverage into the business it is today. We are grateful for his leadership, his contribution to the company’s success, and the strong foundation he helped create.”

Lovell Minnick, a private equity firm focused on investments in financial services, business services, and financial technology companies, partnered with Newport to support the launch of the platform and the acquisition of CCI.

“We are excited to back Newport Specialty Partners’ acquisition strategy in the MGA space. Newport’s differentiated team and value-add model make it a compelling home for high quality programs looking to accelerate growth,” said Trevor Rich, Partner at Lovell Minnick. “Complex Coverage has established itself as a market leader with a strong leadership team, a loyal producer base, and long-standing carrier relationships. We are thrilled to partner with Michael Eigen and his team to support CCI’s high-growth strategy.”

Complex Coverage’s leadership team will continue to manage the business and remain actively involved going forward. The partnership with Newport will support CCI’s next phase of growth, including expanded carrier capacity, broader product offerings, and continued investment in operational infrastructure to better serve its producer partners.

Houlihan Lokey served as financial advisor to Newport and Lovell Minnick.

About Newport Specialty Partners

Newport Specialty Partners is a specialty insurance distribution platform focused on building and supporting leading managing general agencies and program administrators across the property and casualty market. Backed by Lovell Minnick, Newport partners with experienced underwriting teams to support long-term growth while preserving the underwriting discipline and entrepreneurial culture that drive success in the MGA sector.

About Complex Coverage, Inc.

Complex Coverage is a managing general agency based in Huntington, New York, providing specialty property and casualty insurance solutions to producers in New York. The company administers insurance programs in homeowners, dwelling fire, builder’s risk, boat, umbrella, flood, and related personal lines coverages through partnerships with leading insurance carriers.

About Lovell Minnick Partners

Lovell Minnick Partners is a private equity firm with 25+ years of experience partnering with growth-oriented companies. The firm partners with founders and leadership teams to accelerate value creation through organic growth and strategic acquisitions, positioning their businesses for long-term sustainable success. Lovell Minnick targets middle market companies with a particular focus on companies in the financial services, business services, and financial technology sectors.

Since inception in 1999, Lovell Minnick has raised over $6 billion of committed capital, invested in more than 55 unique platform companies and completed over 230 add-on acquisitions. Lovell Minnick is often the first institutional investor in growing, profitable, founder-owned businesses, partnering with management to build market leaders. Lovell Minnick leverages deep sector experience and a broad network of strategic advisors to identify and execute multiple strategic levers to drive transformational growth.