Avon, Conn.-based Target Capital Partners Inc., a managing general agency and provider of specialty insurance programs, and Southeast Underwriting Group Inc., a specialty agency and underwriting manager headquartered in Deerfield Beach, Florida, reached an agreement for Target Capital to purchase Southeast Underwriting Group’s corporate assets.
The assets consist primarily of errors and omissions (E&O) liability insurance programs for insurance agents, title agents, chiropractors, and podiatrists written through several different facilities. The underwriting carriers include Gulf Insurance Group, Westport Insurance Corp., American Alliance Insurance Company, Hudson Insurance Company, Lloyd’s of London, and others. All existing program agreements between Southeast Underwriting Group and the underwriting carriers will be assigned to Target Capital.
Alan Ginden, Southeast Underwriting Group’s president, will manage the Deerfield Beach office and its underwriting and marketing operations. Jay Martin, Southeast’s chairman prior to the transaction, will continue in an advisory capacity for the transition of business from Southeast to Target Capital, as well as other Target Capital start up operations.
Through its underwriting and distribution partnerships, Target Capital provides property and casualty and professional liability insurance programs to niche markets. The financial strength of Target Capital is supported by a capital fund from Northington Partners, a Connecticut-based insurance investment firm.
Southeast Underwriting Group Inc. offers complete facilities for writing program business. Southeast markets and manages several non-medical and medical professional liability programs on a national basis through appointed producers.
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