Steel Partners Holdings today announced that its wholly owned subsidiary, WebBank, has completed the acquisition of National Partners, a Denver-based national insurance premium finance company, from MLF Financial Group.
With a proprietary technology platform, National Partners provides commercial insurance premium finance solutions for top‐tier national insurance brokerages, independent insurance agencies and insureds in key markets throughout the United States.
Founded in 2016, National Partners and its team will continue under the leadership of its current chief executive officer, Bruce Lundy. It will operate as a wholly owned subsidiary of WebBank.
“This transaction marks our entry into a new sector, with a secured, low-risk and short-term commercial-based product that diversifies our revenue mix into a new asset class,” said Kelly Barnett, president of WebBank. “Our business models and cultures are complementary, and we welcome Bruce and his team to the WebBank family.”
“Joining forces with WebBank will allow us to accelerate our growth trajectory in the fintech arena with deeper financial, managerial and technological resources,” added Lundy. “It is a combination that will bring great value for both organizations and for the customers we serve.”
Source: Company Press Release