HGGC, a middle market private equity firm, said it has completed a majority investment in Pearl Holding Group, a managing general agent (MGA) focused on the non-standard auto insurance market in Florida.
As part of the transaction, Pearl’s owners, Jared Perlin and Stacey Perlin Labell, will maintain a significant ownership stake and will continue running the business, according to the announcement.
Terms of the private transaction were not disclosed.
Headquartered in Sunrise in southern Florida, the family-owned Pearl offers underwriting, policy management, claims processing and management as the MGA for Ocean Harbor Casualty Insurance Co., which is primarily focused on personal injury protection and physical damage insurance. Pearl manages more than $100 million in net premiums working with 400 independent insurance agencies to insure 70,000 policyholders.
HGGC is a Palo Alto, California-based middle market private equity firm with $1.1 billion in committed capital under management.
Pearl is HGGC’s first investment in the insurance sector. However, two managing partners at HGGC, Greg Benson and Gary Crittenden, both have insurance experience, according to the firm.
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