Altamont Capital Partners has signed a definitive agreement to acquire Calabasas, Calif.-based Topa Insurance Group from its long-time owner, Topa Equities Ltd.
Terms of the deal weren’t disclosed. The transaction is subject to customary closing conditions, including receipt of required regulatory approvals.
While Altamont will assume majority control, Topa Equities will maintain a minority equity stake in the business following the closing.
Topa is the parent company of Topa Insurance Co., and Dorchester Insurance Co. Topa wrote a reported $130 million of gross written premium in 2018 that it sold through wholesale brokers and managing general agents.
The company said its strategy for the business will remain “largely the same in terms of a focus on specialty P&C lines, but with added support from Altamont to further build the business through acquiring both new capabilities and areas of expertise.”
Altamont Capital Partners is a private investment firm based in the San Francisco Bay Area with more than $2.5 billion of assets under management. Along with Altamont’s current investments in Embark General, Kuvare Holdings, and Accelerant Holdings, Topa represents Altamont’s seventh platform investment in insurance and insurance services and its19th overall insurance acquisition.
“Topa will serve as our foundational specialty P&C insurance carrier business in the U.S. and we believe our expertise in the space will drive numerous opportunities for growth over the coming years,” said Keoni Schwartz, managing director at Altamont.
Founded by John E. Anderson in 1956, Topa Equities Ltd. is a private, family-owned, diversified holding company. Headquartered in Los Angeles, the company owns more than 25 subsidiaries with primary locations in Southern California, Hawaii and the U.S. Virgin Islands. Topa has four main lines of business: beverage distribution, automotive retail, insurance and real estate.
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