Insurance Business For Sale California – Atlas General is in the process of selling with the expansive fee consolidator Amynta, among the parties believed to be interested in buying the MGA and program administration platform, The Insurer can reveal.
According to sources, Atlas General, based in San Diego, California, was advised by Dowling Hales, which was looking for potential buyers about six weeks ago. The sources added that Stonybrook Capital is also playing an advisory role in the process.
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Sources have suggested that Amynta – which acquired the former payments business of AmTrust, which is now majority-owned by private equity firm Madison Dearborn – has shown strong interest in securing a deal for Atlas General, which led by CEO Bill Trzos.
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The Atlas General connection comes as Amynta hired Dan Huckemeyer as senior vice president of employee compensation programs based in San Diego.
MGA and program administration platforms were subject to high valuations in the pre-Covid M&A market and are expected to continue fetching high prices as transaction activity has picked up in recent months.
Atlas General’s current financial details are unknown, but they received unwanted attention last year due to a legal battle involving the company, its CEO and investment firm 777 Partners.
As previously reported, litigation was initiated against Atlas General and Trzos of 777 and Sutton National Insurance following the failure of a plan that would have led to the private equity firm’s purchase of an $85 million stake in the acquired MGA.USD.
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777 claims to have agreed to a settlement of $85 million with the defendants in 2018. However, it claims that the defendants made representations to the prospective buyer that the board of directors of Atlas General as well as minority shareholder Vanbridge and its majority shareholder VJ Dowling is aware of and supports the proposed transaction.
At the time, the largest investor in Atlas General was Trzos’ Cypress Point, while Vanbridge held approximately 30 percent of the shares.
Atlas General is recognized as a Workers’ Compensation specialist and insures for many transportation partners, including front-runners such as Accredited Surety and Casualty and Falls Lake Insurance platform in James River.
Atlas General also has an SME trading division that focuses on real estate, accidents, parcels, barges, cargo, vehicles, surplus and professional lines of business as a wholesaler and program manager.
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The company’s specialized real estate department writes and places policies for a variety of conditions, including earthquakes and floods, for commercial risks including housing, condominiums, shopping malls, retail/wholesale, buildings in office, manufacturing, and various industrial uses.
Operations are conducted through wholesale E&S brokers and are conducted on an unauthorized basis, with a geographic focus in California and the Pacific Northwest and other seismic zones, including around the New Madrid Fault. Capacity from Lloyd’s and domestic airlines.
Atlas General also has a portfolio of specialty programs including marijuana, buses/limousines, package delivery, horses and contractors written for its program delivery partners.
The sale of Amynta is the latest acquisition of the fast-growing platform as it seeks to diversify its core ledger with the former AmTrust scheme and other payment companies.
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AmTrust sold 51 percent of its toll business — including MGA, underwriting and specialty companies — to Madison Dearborn in 2018 for $950 million, and the platform was renamed Amynta.
Former Bank of America Merrill Lynch insurance adviser Rob Giammarco was hired as chairman and CEO last year.
Headquartered in New York, Amynta has been very active since the split and currently manages premiums valued at over $3.5 billion and 2,000 employees in North America, Europe and Australia.
Atlas General declined to comment for the article, while Amynta, Worldwide Facilities, Dowling Hales and Stonybrook did not respond to a request for comment. There is a turnkey operation for the takeover that represents a unique growth opportunity for an agency that wants to have an additional satellite location or close a month’s worth of office space and get the an experienced mobile client base and service them remotely. The most popular airlines include Mercury, Travelers (Direct), Progressive, Financial Indemnity, Anchor General, First American Specialty. We have a comprehensive business snapshot book exported from Epic (AMS360 / Applied / etc) with all possible points of view in this business book with over 1500 important rules. The SEO campaigns are well placed and do a great job of getting the community to find local insurance agencies, and the great location near the DMV keeps them busy all year round if you want the a location. NDA is required for the snapshot filed by Ace Business Brokers, Inc.
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Geico’s San Diego insurance office is featured. The company closed all 38 of its offices in California.
The US insurance giant is no longer offering locations to buy auto and home insurance state by state, the company’s website has revealed.
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A member of the company’s service team confirmed on Twitter Wednesday that the California insurance policies are still valid.
“We continue to provide coverage in the state of California,” a representative said in a Twitter message to The Times. “Closings do not affect your policy.”
Geico policyholders can continue to access their accounts online or through the company’s mobile app. You can also buy California policies online, the representative said.
Supply bottlenecks cause used car prices to rise. And that makes repos very profitable, as borrowers’ vehicles are impounded days after they default on payments.
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Geico, which until now has offices in the Los Angeles area, including a branch that opened in Burbank last year, currently has no agents available in California.
The Sacramento Bee reported Monday that Geico has closed all 38 of its offices in the state, resulting in more than 100 layoffs. No locations or agents were available on the insurer’s website as of Tuesday morning.
Locations in Santa Monica, Hawthorne, Burbank, and Torrance, all of which recently opened, are listed online as “permanently closed.”
Geico is based in Maryland and was founded in 1936. It is one of the largest insurance companies in the country, dealing in auto and home insurance.
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Noah Goldberg covers breaking news for the Los Angeles Times. He previously worked in New York City as a Brooklyn court reporter for the New York Daily News where he covered major criminal cases and worked on corporate stories. Previously, he was a justice reporter for the Brooklyn Eagle. Whether you are a contractor, auto repair shop, restaurant or other type of business, commercial insurance can play an important role in your growth as long as you are properly protected.
As a business owner, you need the same type of insurance for the car you use for your business as the car you use for your personal travel liability, accident, and comprehensive medical insurance. (known as personal injury insurance in some states) and insurance for uninsured drivers. In fact, many businessmen use the same vehicle for business and pleasure. If the vehicle is owned by a company, make sure that the company’s name appears on the policy as “primary insured” and not your name. This will avoid possible confusion when you need to make a claim or a claim is made against you.
Whether you need commercial vehicle insurance depends on how you drive. A good insurance agent will ask you for more details about how you use your business vehicles, who drives them and whether employees, if any, tend to drive their own cars for in your business.
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While the main coverages are the same, a business car policy differs from a private car policy in several technical ways. Ask your insurance agent to explain all the differences and options to you.
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