BOSTON--(BUSINESS WIRE)--One80 Intermediaries (One80), a specialty insurance broker headquartered in Boston, today announced that it has acquired Pearl Insurance, a leading broker, third party administrator, managing general underwriter and program manager offering professional liability and personal lines insurance, as well as specialty insurance programs for associations and unions. Marsh, Berry & Company was the exclusive financial adviser of Pearl Insurance. Terms of the deal were not disclosed.
With more than 350 employees, Pearl Insurance operates in all 50 states and Puerto Rico, and maintains offices in Illinois and New York. Pearl enjoys long-term partnerships with over 100 carriers and delegated binding authority on behalf of several insurance carriers throughout the US and UK. These delegated authority arrangements, most of which carry exclusivity, offer differentiated products and a strong loss ratio performance.
Pearl Insurance’s market leading coverage for affinity groups is primarily focused on life and health insurance, while the professional liability services feature commercial insurance products, predominately on a program basis. The firm also provides personal lines insurance products such as home and auto insurance.
“The team at Pearl Insurance delivers talented and seasoned leadership, a scalable proprietary technology platform, deep marketing expertise, strong carrier relationships and exceptional client relationships,” said Matthew F. Power, President of One80 Intermediaries. “I am thrilled to welcome them to the One80 organization where together we will extend our collective offerings to associations, unions and beyond,” he continued.
“Over the past five years, Pearl has made the tactical decision to focus on platform development and operational efficiencies to position our firm for future growth and scalability. I strongly feel that One80 will be a strong strategic partner to help us accelerate growth while leveraging our market leading capabilities, and maintaining our winning workplace culture,” said Gary Pearl, Managing Director at Pearl Insurance, a division of One80 Intermediaries.
About One80 Intermediaries
One80 Intermediaries is a privately held, national firm with offices throughout the US and Canada. As a leading insurance wholesaler and program manager, the company offers placement services and binding authority for property & casualty, financial lines, personal lines, cannabis, life insurance, medical stop loss, alternative risk, warranty, lender-based insurance, travel/accident and health risks. One80 serves commercial companies, non-profits, public entities, and individuals, and has access to all major insurance markets in the US, Canada and UK. Coverage spans all industry classes. One80 has offices in more than 35 locations in the US and Canada. For more information visit www.one80intermediaries.com