Summers Thompson Lowry is a North Carolina-based insurance brokerage firm offering commercial and personal clients property and casualty solutions
Relation Insurance acquires North Carolina-based insurance broker. (Credit: Pixabay/GerdAltmann.)
Relation Insurance Services, a California-based insurance brokerage firm, has acquired Summers Thompson Lowry for an undisclosed amount.
Summers Thompson Lowry is a North Carolina-based insurance broker that offers property and casualty solutions for commercial and personal clients. Established in 2000, the firm has established itself as one of the premier P&C firms in Raleigh, Durham and Chapel Hill regions.
Relation Insurance Services CEO Joe Tatum said: “We are excited to welcome Summers Thompson Lowry to the Relation family. This acquisition will significantly strengthen our P&C offerings in North Carolina and we are excited to partner with Larry Summers and the entire Summers team.”
Summers Thompson Lowry president Larry Summers said: “Joining Relation is an exciting evolution for our firm and our clients. I am extremely excited about the additional resources and services Relation will deliver to our clients. We are ideally poised with this partnership for continued growth and success.”
Summers Thompson Lowry to operate as Summers Insurance Group
Upon completion of the deal, Summers Thompson Lowry will operate as Summers Insurance Group, a Relation company, retaining the name Summers. Larry Summers will continue in his role as the head of the Raleigh office.
In February, Relation Insurance had acquired Pope & Young Bonding, a California-based employee surety firm, for an undisclosed amount.
Pope & Young is claimed to be a premier surety firm in Clovis, as the firm specialises in contract, license and permit, court, and fidelity bonds.
The acquisition will expand Relation’s product offering and capabilities in the state and will continue to deepen its speciality offerings, broaden its national footprint and continue its steady growth.
Relation Insurance offers property and casualty, risk management, employee benefits, and TPA-consulting services across the US. The firm has a workforce of 500 in more than 35 locations.
The firm is owned by Aquiline Capital Partners, an equity firm investing in financial services and technology businesses.