U.S. Risk Insurance Group in Dallas, Tex. is acquiring Lighthouse Underwriters, LLC of Anandale, Va.
Under the terms of the agreement, Lighthouse will become an operating division of U.S. Risk Insurance Group, but will retain the Lighthouse trade name and continue to create and manage specialty insurance programs and market them through retail insurance agents and brokers.
Art Seifert will remain chief executive officer of Lighthouse, while assuming the additional title of president of U.S. Risk Underwriters. He will relocate to Texas. Sean Gormley, currently chief operating officer of Lighthouse, will be promoted to senior vice president and be responsible for the day-to-day operations of Lighthouse.
U.S. Risk has been ranked as the third largest privately held managing general agent (MGA) and wholesale broker in the United States. Lighthouse is a program underwriting company that works with select industry groups.
“As part of U.S. Risk, Lighthouse will gain scale and access to greater resources and stable insurance markets,” Seifert said. “With U.S. Risk’s established underwriting facilities, we will be able to launch and support more new programs. Our goal is to have Lighthouse roll out four to five new programs in 2006.”
Randall Goss, chairman and CEO of U.S. Risk, commented, “U.S. Risk and Lighthouse Underwriters share a common goal to grow our combined premiums to $1 billion over the next five years and make U.S. Risk one of the largest and most profitable MGAs in the country.”
Goss said that the combined companies will have more than $400 million in premium and that U.S. Risk and Lighthouse have “little overlap in program specialties and distribution, providing opportunities for the two companies to compliment each other.”
About U.S. Risk Insurance Group
U. S. Risk (www.usrisk.com) is a specialty lines underwriting manager and wholesale broker located in Dallas, Tex. Operating 12 domestic and international branches, it offers products and services through its affiliate companies which include: U.S. Risk Underwriters, U.S. Risk Brokers, Professional Claims Managers, Omnisure
Consulting Group, NCG Professional Risks Ltd., and Ward-U.S. Risk.
About Lighthouse Underwriters
Lighthouse Underwriters (www.lighthouseunderwriters) manages insurance programs for insurance agencies serving the eldercare, staffing services, nonprofit/association, and entertainment/conference services sectors of the economy. The company uses an open brokerage distribution system.
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