CHEVY CHASE, Md.--(BUSINESS WIRE)--Victor O. Schinnerer & Company, one of largest managing general underwriters in the US, today announced it has signed a definitive agreement to acquire SeaFire Insurance Services LLC, an Overland Park, Kansas-based managing general underwriter, from Preferred Concepts Holdings LLC. The transaction is expected to close by year end subject to customary closing conditions. Terms were not disclosed.
SeaFire specializes in providing auto dealerships and repair shops with property/casualty (P/C) insurance underwriting solutions, including garage liability, property, pollution, auto physical damage, and umbrella liability through several top-rated insurers. Upon closing, all of SeaFire’s leaders and employees will join Schinnerer and remain in their current Overland Park, Kansas, location.
The transaction is part of Schinnerer’s broader strategy to grow its specialty P/C portfolio, which includes solutions for oil and gas contractors, loggers, and public entities.
“SeaFire’s expertise in the auto dealer and repair facility market place, reputation for underwriting excellence, and client-centric culture make it an excellent addition to The Schinnerer Group,” said Robert Byler, CEO of The Schinnerer Group.
Dennis Kane, president of SeaFire, commented: “Joining Schinnerer represents an excellent opportunity for SeaFire, our limited distribution brokerage network, policyholders, and carrier partners. We are anxious to tap into Schinnerer’s technology, unique distribution opportunities, and industry-leading specialty products to bring even more value to our customers.”
About Schinnerer
Victor O. Schinnerer & Company, Inc. is one of the largest and most experienced underwriting managers of specialty insurance programs in the world. Schinnerer now serves more than 46,000 insureds in various specialty industries through independent insurance agents and brokers. Learn more at www.schinnerer.com.
