Southport Lane, a New York-based private equity firm, completed its previously announced acquisition of Dallas National Insurance Co., 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 percent 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.
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.
Source: Southport Lane