New Century Global Completes Management Buyout

New Century Global, a brokerage company and managing general agent, completed a management buyout by purchasing the 80 percent interest held by Reliance Insurance Company and Heath Lambert Fenchurch, effective Jan. 18, 2001.

The two companies each had owned 40 percent of New Century. The remaining 20 percent ownership of New Century is held by MTS Insurance Services, a 20-year-old wholesale brokerage. MTS’s ownership in New Century has increased to 40 percent and the management of MTS and New Century own the remaining 60 percent.

Based in Chatsworth, Calif., MTS has four offices: two in Southern California, one if the San Francisco Bay Area, and one is Las Vegas. New Century Global’s headquarters are located in the Wall Street area of New York City, but the company also has offices in Dallas, Los Angeles, Virginia and Farmington, Conn.