Constellation Affiliated Partners has acquired Florida-based MGU Coastal Insurance Underwriters and Cybercom. Financial terms of the transaction were not disclosed.
Coastal Insurance Underwriters, founded by President and CEO Charles Bushong in 2007, is an insurance program administrator providing products to the community association marketplace. Coastal underwrites property, general liability, crime, D&O, golf & country club, equipment breakdown, workers’ compensation, inland marine, umbrella, small business, and private flood insurance products. Coastal currently underwrites insurance in Florida, California, Alabama, Texas, Georgia, Kentucky, and Tennessee.
Coastal, based in Ponte Vedra Beach, Fla., insures 8,000 homeowners and condominium associations.
Cybercom currently provides technology development services to Coastal and third-party clients throughout the country. Coastal acquired the assets of Cybercom on Jan. 2, 2020.
According to Bushong, being part of the Constellation portfolio of companies will help it continue to grow and diversify its programs, as well as expand its footprint throughout the U.S.
Through the acquisition of Coastal and Cybercom, Constellation will continue to expand its product offerings to the condominium association and homeowner’s association marketplace. Bill Goldstein, CEO of Constellation, said the new business classes complement its existing programs and will provide increased product access to clients.
Additionally, Constellation will utilize the web-based platform designed by the team at Coastal subsidiary company Cybercom. The tool quotes, underwrites, binds, and issues insurance policies to agents in real-time.
Constellation Affiliated Partners is a New York-based insurance consolidator platform that specializes in acquiring MGA, program administrator and wholesale companies in the United States and Canada. Constellation is backed by RedBird Capital Partners, a private investment firm focused on building high-growth companies with flexible, long-term capital.
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