Chicago, Ill.-based Flexpoint Ford LLC, a private equity firm focused on the financial services and healthcare sectors, announced its affiliates have signed a definitive agreement to acquire Fairfield, Calif.-based GeoVera Insurance Group Holdings Ltd. from affiliates of Hellman & Friedman LLC and Friedman Fleischer & Lowe LLC.
The deal is subject to customary closing conditions and regulatory approvals. It is expected to close this summer.
GeoVera is a provider of specialty residential property insurance. Since its formation in 1995, the company has been underwriting insurance products with a focus on markets that are underserved by other carriers. GeoVera’s primary products include residential earthquake insurance in the Western United States and specialty homeowners insurance in wind-exposed areas across the Southeast United States and Hawaii.
Following the close of the transaction, GeoVera will continue to operate as an independent company.
Flexpoint Ford currently manages a reported $1 billion in committed capital on behalf of its limited partners.
Friedman Fleischer & Lowe is a San Francisco, Calif.-based private equity firm with a reported $2.5 billion under management that is focused on investing in U.S. middle-market companies. Hellman & Friedman LLC is a private equity investment firm with offices in San Francisco, New York and London.