In Nashville, Tenn., two insurance industry veterans announced the formation of Synercon Insurance Holdings, a venture that will acquire and link leading independent insurance agencies.
David D. Haynes, serving as CEO of Synercon, is the founder and former chairman and CEO of Synaxis Group, the Nashville-based insurance broker
Kenneth H. Pinkston, chairman of Synercon, is former chairman and CEO of the North American operations of London-based Willis Group Limited.
Under Haynes and Pinkston’s direction, Synercon will utilize a hub and spoke business model to acquire and build a national insurance broker focused on middle market clients.
Primus Capital Funds, a Cleveland, Ohio-based private equity firm has committed to provide capital to launch and develop Synercon.
According to Pinkston, the hub and spoke model promotes cross-selling of products and services, provides financial and human resources for growth, streamlines administrative functions and allows community-based insurance agencies to negotiate with insurance carriers from a position of greater strength.
James Miley, a 29-year insurance industry veteran, will serve as Synercon’s senior vice president of administration. Miley was previously vice president of compliance for Willis North America.
Synercon is based in Franklin, Tenn.
Source: Synercon Insurance Holdings
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