Constellation Affiliated Partners has announced the acquisition of Coastal Insurance Underwriters (Coastal) and Cybercom.
Through these acquisitions, Constellation hopes to continue to expand its product offerings to the Condominium Association and Homeowner’s Association marketplace.
“These new business classes complement many of our existing programs and will provide increased product access to our clients,” said Bill Goldstein, CEO of Constellation.
“The Coastal and Cybercom team bring a wealth of knowledge and innovative web-based programs. Their proprietary technology platform and deeply experienced underwriters will be a great addition to our growing portfolio of innovative, high-quality MGAs, program administrators, and wholesalers in the insurance industry.”
Coastal Insurance Underwriters, founded by President/CEO Charles Bushong in 2007, is an insurance program administrator providing unique products to the Community Association marketplace.
The company underwrites property, general liability, crime, D&O, golf & country club, equipment breakdown, workers’ compensation, inland marine, umbrella, small business, and private flood insurance products.
Coastal currently underwrites insurance in Florida, California, Alabama, Texas, Georgia, Kentucky, and Tennessee.
“Over the last 13 years Coastal has grown to offer a multitude of unique insurance products and cutting-edge technology designed to meet the needs of the ever-changing insurance marketplace,” said Bushong.
“We look forward to accelerating our growth as part of the Constellation portfolio of companies, utilizing Constellation’s established relationships to continue to diversify our programs and expand our footprint throughout the U.S.”
Constellation also plans to take advantage of the web-based platform designed by the team at Coastal subsidiary company Cybercom.
“This powerful tool quotes, underwrites, binds, and issues insurance policies to agents in real-time,” Bushong added. “The platform was designed to leverage automation and provide agents with a simple, 24/7 solution to even the most complex insurance opportunities, while providing carriers access to timely underwriting data and risk exposure information.”
“The acquisition of Coastal and Cybercom demonstrates Constellation’s commitment to technology-enabled and data-driven programs and to the continued diversification of programs and product offerings available throughout our company,” said Goldstein.