|[March 13, 2013]
Southport Lane acquires Dallas National Insurance Company
NEW YORK --(Business Wire)--
Southport Lane, a New York-based private equity firm, completed its
previously announced acquisition of Dallas National Insurance Company, a
Texas-based 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% 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 divesifying 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 LLP. The
seller was represented by Gardere Wynne Sewell LLP.
Terms of the deal were not disclosed.
ABOUT SOUTHPORT LANE
Southport Lane is a private equity and asset management firm founded in
2010 with active investments in numerous sectors including insurance and
reinsurance. Southport Re is the firm's platform for insurance,
reinsurance and alternative risk transfer activities. The firm is
headquartered at 350 Madison Avenue and has capital commitments in
excess of $1 billion. For more information visit www.southportlane.com.
ABOUT DALLAS NATIONAL INSURANCE COMPANY
Headquartered in Dallas, TX, Dallas National Insurance Company is a
property and casualty (P&C) insurance company focusing on worker's
compensation and general liability insurance and automobile liability.
Dallas National was formed in 2005 through the merger of Dallas Fire
Insurance Company, which commenced operations in 1962, and California
Indemnity Insurance Company, which began business in 1988.
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