Rockwood Programs has completed acquisition of the remaining ownership interest in Florida-based agency, Modern Insurance Consultants.
The company has already acquired a majority stake in the professional liability errors and omissions (E&O) insurance programs provider in December 2008.
As part of acquisition, Modern Insurance principal Mark Lann will become executive vice president of the newly combined entity, and will manage all Insurance Agent’s errors and omissions (E&O) business written through the entity.
Rockwood president Glenn Clark said all the administrative and back-office operations of both entities will be transitioned to the company’s Delaware facility in Wilmington, US.
"Centralizing these tasks will allow us to function more efficiently while still retaining our commitment to superior customer service," Clark added.
Lann said the companies will be capable of offering a wide range of pricing and coverage term options to their respective insurance agent clients due to the combined market access.
"Modern’s existing customer base will also have access to Rockwood’s extensive portfolio of other professional and management liability products," Lann added.
Lann will also be responsible for maintenance and expansion of business relationships with important partners, including the Strategic Independent Agent’s Alliance (SIAA), Target Markets Program Administrator’s Association (TMPAA), and the National Association of Surety Bond Producers (NASBP).