Southlake Specialty Insurance Company Acquires Nevada General Insurance Company
Southlake Specialty, part of Southlake Financial Holdings, a Texas-based group of fronting carriers that includes Westlake Specialty Insurance Company, announces today that it has agreed to acquire, pending regulatory approval, Nevada General Insurance Company from Western National Mutual Insurance Company. Nevada General Insurance Company is a Property and Casualty insurer authorized in numerous states throughout the Western U.S.
The acquisition will allow the Southlake group to extend its admitted product insurance offering into additional states as well as be able to offer multiple admitted carriers in the same state.
"We are thrilled to announce the acquisition of Nevada General Insurance Company, a strategic move that marks a significant milestone in our journey as a leader in the P&C insurance space. This partnership not only expands our footprint for admitted business but also reinforces our commitment to delivering unparalleled financial security and innovative solutions to MGAs and Program Managers," said Southlake CEO, Yogesh Kumar. "By bringing Nevada General under our umbrella, we look forward to continuing our growth and expanding our product offerings."
Southlake's current subsidiaries both are rated "A-VII (Excellent)" AM Best financial credit insurance companies and specialize in the program business and the insurance fronting space for Property and Casualty insurance. Southlake's team includes experienced insurance industry veterans who understand the challenges of MGAs and Program Managers, particularly when transacting business with traditional insurance companies.
Southlake has written over $400 million in premiums through 2023 and bringing Nevada General Insurance Company into the fold will augment Southlake's trajectory by bringing their solutions to a broader market as Southlake diversifies its coverage.
Learn more about Southlake Financial Holdings here.
About Southlake Financial Holdings
Southlake Specialty Insurance Company is part of the Southlake Financial Group, a Westlake, Texas-based group of national fronting insurance companies covering the broad P&C market. The group writes business through two insurance companies ? Southlake Specialty Insurance Company (non-admitted) and Westlake Specialty Insurance Company (admitted) ? with eligibility covering 50 states. Get in touch with Southlake here.
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