Louisiana-based Imperial Management Corporation (IMC) has acquired National Automotive Insurance Company, an insurance company headquartered in Metairie, Louisiana. IMC is wholly-owned by Southport Lane, a New York City-based private equity fund.
Louisiana based, Imperial Management Corporation (IMC) and Southport Lane, LP announced today that IMC has obtained all required regulatory approvals and closed its previously announced acquisition of National Automotive Insurance Company (NAIC), an insurance company headquartered in Metairie, Louisiana. NAIC specializes in providing personal auto insurance exclusively in Louisiana and predominantly within the New Orleans and Baton Rouge metropolitan areas.
The acquisition complements IMC’s strategy for organic growth and expansion throughout the Southern United States. The acquisition of NAIC will nearly double Imperial’s auto premium writings in Louisiana.
Marc Carter, CEO of IMC, said, “I am pleased to have NAIC join the Imperial family of companies, NAIC has served its policyholders and agents with integrity and we will continue to build on that foundation for the future.” Glenn Weber, CEO of Southport Re, LLC, the umbrella organization for Southport Lane’s insurance and reinsurance businesses, echoed this sentiment saying, “NAIC is a strong fit strategically for Imperial, both deepening Imperial’s presence in its core Louisiana market and strengthening our capacity for profitable growth.”
At closing, National Automotive Insurance Company will operate as a subsidiary of IMC, joining Imperial Fire & Casualty Insurance Company, ABC Insurance Agencies and RAC Insurance Partners.
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Notes to Editors
ABOUT IMPERIAL MANAGEMENT CORPORATION
Imperial Management Corporation is organized as a holding company with almost all of its operations being conducted by subsidiaries. Based in Louisiana, IMC is wholly-owned by Southport Lane, LP, a New York City-based private equity fund. Imperial Management’s largest subsidiary, Imperial Fire and Casualty, is rated B+ by A.M. Best and is a leading provider of insurance products including personal auto, personal property, and flood policies. The company actively writes policies in Arkansas, Florida, Louisiana, Oklahoma and Texas, and is licensed in the states of Alabama, Georgia, Indiana, Kansas, Kentucky, Mississippi, Missouri, Nevada, South Carolina, and West Virginia. Imperial Management Corporation is also parent to wholly owned subsidiaries ABC Insurance Agencies and RAC Insurance Partners.