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Milestone Partners builds out specialty insurance holdings

22nd January 2021 - Author: Matt Sheehan

Investment firm Milestone Partners has announced the formation of a specialty insurance holding company, Insure Homes Holdings LLC, through which it has acquired control of Cypress Group Holdings, Inc., including reinsurance brokerage subsidiaries Access Re and Vista Re.

Cypress is a holding company that owns managing general agent and insurance carrier subsidiaries, which have operated throughout the Southeast and Gulf Coast since its formation in 1998.

In 2014, Cypress was purchased by reinsurance executives Joe King, Enda McDonnell and Adrian Ryan, who have partnered with Milestone in its 2020 recapitalization.

As part of the transaction, Insure Homes acquired four affiliated insurance service technology entities founded by King, McDonnell and Ryan

These include Access Re and Vista Re, as well as the IT implementation and administration software company, Cornerstone Operations Group, and claims restoration business Allied Restoration.

Approval for the change of control is still subject to approval from the domestic regulator of each insurance company.

“Joe, Enda, and Adrian have leveraged their deep expertise in reinsurance and the P&C sector broadly to create a true technology enabled platform, uniquely positioned to better serve its clients,” said James Billmyer, Principal at Milestone.

“We are excited to partner with an exceptional, entrepreneurial management team during this transformational period in the insurance and reinsurance marketplaces.”

Joe King, Co-CEO of Insure Homes, also commented: “We could not be more pleased with a partner like Milestone supporting our strategic initiatives. Given their targeted sector focus on financial service and technology companies, we are looking forward to working with them in this next stage of growth of our enterprise.”

Citizens Bank, N.A., led a senior credit facility alongside Hancock Whitney and CIBC to support Insure Homes in the transaction.

Stonybrook Capital acted as investment banking advisor to Cypress and Troutman Pepper LLP acted as legal advisor to Insure Homes and Milestone.

“Cypress is a high-quality platform, with a superlative management team, and strong prospects for strategic growth, now even more so with Milestone’s backing. We are pleased to have been able to support the coming together of this partnership,” said Ravi Arps, Partner and Board Member of Stonybrook Capital.

Founded in 1995 and located in Radnor, PA, Milestone Partners is a lower middle market private equity firm focused on financial services and technology driven businesses.

Its financial services experience includes investments in eCommission Financial Services, Mariner Finance, PayLink Payment Plans, Southern Management, and USAuto Sales.

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