Capital Insurance is an independent insurance agency focused on selling commercial insurance programmes to its diverse customer base, spanning industries including engineering firms, waste and recycling, utilities and other industrial and municipal services
High Street acquires Capital Insurance. (Credit: Gerd Altmann from Pixabay.)
High Street Insurance Partners, a company of Huron Capital, has acquired Capital Insurance Group (CIG), a regional property and casualty insurer, for an undisclosed amount.
CIG is an independent insurance agency focused on selling commercial insurance programs to its diverse customer base, spanning industries including engineering firms, waste and recycling, utilities and other industrial and municipal services.
Huron Capital managing partner Brian Demkowicz said: “We created Huron Capital more than two decades ago with a goal of buying and building businesses into stronger, growing companies and to benefit all stakeholders.
“It’s been an extremely rewarding journey for all of us and our portfolio company High Street fittingly exemplifies our strategic model. We believe this platform is well-positioned to create value and are grateful to our overall team for completing our 200th deal.”
High Street offers a wide range of business insurance and risk management services
High Street is a full-service insurance brokerage offering a wide range of business insurance and risk management services, along with employee benefits and human capital management, financial and retirement services, and personal insurance solutions.
The company is part of Huron Capital’s ExecFactor initiative, which combines experienced industry executives with Huron Capital’s extensive investment experience and committed capital.
The ExecFactor platform has closed 13 acquisitions since its inception in August 2018, and the current acquisition of CIG marks the third acquisition in this month, following two transactions.
The company has acquired the assets of Boonville-based Tall Pines Insurance Service (Tall Pines) in Upstate New York, and a Verona Beach-based book of business.
High Street founder, managing partner and CEO Scott Wick said: “All three of these acquisitions will help High Street gain market share in key markets and will provide us with additional, experienced professionals and valuable customer relationships.
“Each one is aligned with our mission, which is to pursue growth through add-on acquisitions across the insurance agency market.”
Under the terms of the transaction, shareholders of both CIG and Tall Pines will actively operate at High Street and the book of business will be moved into the company’s New York operations.
CIG president Bob Moglia said: “High Street is a fast-growing insurance brokerage with a wide range of expertise and resources that will be a perfect fit for our customers.
“Over the past 35 years, we have established ourselves as a leading agency in Southeast Michigan because of our superior services and professionalism, and we are confident that legacy will continue as we join High Street.”