[March 13, 2013]

Southport Lane acquires Dallas National Insurance Company

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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