Flexpoint Ford has inked a definitive agreement to acquire GeoVera Insurance Group Holdings, from affiliates of Hellman & Friedman and Friedman Fleischer & Lowe for an undisclosed amount.
The acquisistion deal is anticipated to complete by mid 2012, after obtaining necessary regulatory approvals and customary closing conditions.
GeoVera president and CEO Kevin Nish said, "We are excited to partner with Flexpoint Ford. The firm’s deep knowledge and expertise in the property and casualty insurance industry will enable GeoVera to continue to provide protection to homeowners in dislocated and underserved markets."
Flexpoint Ford principal Chris Ackerman said GeoVera’s ability to identify unique market opportunities and apply a highly disciplined approach to underwriting and risk management makes the company a compelling investment opportunity.
"The company’s strong management team has a proven track record of leveraging their best-in-class underwriting expertise in specialty residential insurance markets to generate attractive risk-adjusted returns," Ackerman said.
After the acquisition, GeoVera will continue operating as an independent company and provide residential property insurance in the US.
Flexpoint Ford got the legal opinion from Kirkland & Ellis for the transaction, while Aon Benfield Securities and SFRi acted as financial advisors.