Southport Lane, a New York-based private equity firm, through its subsidiary Lonestar Holdco, has reached an agreement with Dallas National Insurance Holdings to acquire Dallas National Insurance Company, a Texas-based property and casualty insurer, founded in 2005. Terms of the deal were not disclosed.
Southport Lane, a New York-based private equity firm, through its subsidiary Lonestar Holdco LLC, has reached a definitive agreement with Dallas National Insurance Holdings to acquire 100% of Dallas National Insurance Company, a Texas based property and casualty insurer, founded in 2005. Terms of the deal were not disclosed.
While the transaction is subject to regulatory approval, it is anticipated to close early in the third quarter of this year.
“We are committed to providing additional capital to strengthen Dallas National and provide further security to policyholders,” said Glenn Weber, CEO of Southport Re, Southport Lane’s reinsurance affiliate. “This acquisition underscores our long-term strategic interest in building a significant presence in the insurance sector. Dallas National enjoys a large pool of clients throughout the U.S., complementing our insurance and reinsurance operations.”
ABOUT SOUTHPORT LANE
Southport Lane is a private equity firm founded in 2010 with investments in insurance and reinsurance. Among the firm’s portfolio investments is Southport Re, platform for Alternative Risk Transfer activities. The firm is headquartered at 350 Madison Avenue and has total capital commitments in excess of $1 billion.
ABOUT DALLAS NATIONAL INSURANCE COMPANY
Dallas National Insurance Company is a property and casualty (P&C) insurance company headquartered in Dallas, TX, Dallas National Insurance Company writes predominantly worker’s compensation and general liability insurance. Dallas National Insurance Company was formed in 2005 as a result of a merger between Dallas Fire Insurance Company, which commenced operations in 1962, and California Indemnity Insurance Company, which began business in 1988.
SOURCE: Southport Lane