The management of Columbus, Ohio-based MGA Quadrant Insurance Managers has closed on the acquisition of the business’ assets from the previous shareholders, principally US RE Cos, completing its bid for independence.
A three-person management team, led by company CEO Mark Harris, initiated the buyout. The deal was secured with several unnamed equity investments.
Under the purchase agreement, Quadrant retains the assets and the name “Quadrant Insurance Managers.” Strategic relationships and contracts also have been retained. Best-selling programs like ProSLIP, a top errors and omissions product for wholesale insurance operations and the Florida Nursing Home program will continue to lead Quadrant. According to Harris, selected new programs have been added or are in development, including a program for wind energy and separate E&O programs for retail insurance agents and brokers and insurance companies.
Quadrant will continue to offer its programs through its designated “select agents” — a growing group of agents and brokers mainly in the United States. Most of Quadrant’s programs are available nationwide with a few programs that are locale dependent, according to Harris.
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