Seal Beach, CA and Fresno, CA, January 14, 2009 — American Pinnacle Partners, Inc. (“APP”), a holding company of specialty insurance companies, announced today that APP through a two-step transaction has acquired 100% of Commodore Insurance Services, Inc.’s workers compensation business based out of Fresno, CA. through the incorporation of Western Pinnacle Insurance Services, Inc. (“Western Pinnacle”). The addition of Western Pinnacle to APP’s portfolio of insurance businesses is a critical component to fulfilling APP’s goal of becoming the preferred specialty insurance Managing General Underwriter in the United States. APP will commit additional capital and resources to Western Pinnacle which will enhance the company’s ability to not only better serve its existing clients, but to also stimulate future organic growth.
Virgil Anderson, Chief Executive Officer of Western Pinnacle said: “I am thrilled to become a part of the APP team. My team and I look forward to the resources and relationships that APP can bring to bear. APP’s dynamic culture, customer-first mentality and creative approach to each and every opportunity is a perfect fit with Western Pinnacle’s business principles. I am very much looking forward to a long and prosperous relationship.”
Peter H. Foley, Chairman and Chief Executive Officer of APP said: “Virgil and the Western Pinnacle team have built a world class operation with world class partners – full stop. I am thrilled to have them become a part of the APP family. With APP’s resources and Western Pinnacle’s expertise, I am confident we have created a powerful combination.”
With the acquisition of Western Pinnacle, APP has uniquely positioned itself as a full service specialty insurance MGU with access to a broad breadth of products, including, Workers Compensation, Life, Accident and Health, and General Liability Insurance.
About Western Pinnacle
Western Pinnacle is a diversified Managing General Agency/ Wholesale Operation specializing in the Workers Compensation Insurance marketplace. The company is recognized as the leading experts in market selection, product development and business placement of Workers Compensation, servicing its brokers and agents throughout California and the Western States. Western Pinnacle is appointed with a number of A.M. Best “A” rated carriers, giving them the ability to design business for groups, programs and individually underwritten business throughout the West.
About American Pinnacle Partners
American Pinnacle Partners (“APP”) is the holding company for various specialty insurance services intermediaries. APP provides a wide range of insurance products with an emphasis on specialty insurance, with underwriting experts in Workers Compensation, Life, Accident and Health Insurance, and other P&C classes. Each of the operating units participates in niche markets requiring product specialization.
APP is actively seeking acquisition opportunities to complement its existing portfolio of insurance businesses. Key acquisition criteria APP seeks include: specialty insurance MGU/broker focus, strong brand/reputation, high quality management team looking to build existing business, and minimum EBITDA of $100,000.
APP was founded in 2008 by experienced insurance and financial services professionals (all of whom have founded and built their own businesses) with offices in San Francisco, Los Angeles, Fresno and New York.
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