Newport Specialty Partners, a recently established specialty insurance platform backed by Lovell Minnick Partners, has completed a majority investment in Complex Coverage, Inc., a managing general agency specialising in homeowners’ and personal lines insurance in New York.
Newport Specialty Partners is focused on developing a diversified managing general agency and specialty insurance distribution platform, with strategic and financial support from Lovell Minnick Partners, a private equity investor in financial services, business services and financial technology companies.
Established in 1997 and based in Huntington, New York, Complex Coverage offers producers access to tailored property insurance solutions through long-standing relationships with carriers.
Newport Specialty Partners notes that Complex Coverage has built its position in the market on underwriting capability, responsive service and an in-depth understanding of the New York insurance landscape.
“We have long admired the business that the Complex Coverage team has built,” said Dennis DiCapua, Chief Executive Officer of Newport Specialty Partners. “CCI has established a strong position in an important market, and we are excited to partner with Michael and his team to support the company’s next phase of growth. We believe Newport can help broaden CCI’s capabilities while preserving the underwriting discipline and service orientation that have been central to its success.”
Newport Specialty Partners describes the investment as its first acquisition, positioning it as a key step in executing its wider strategy to build a scaled and diversified platform in the managing general agency and specialty insurance distribution space. Lovell Minnick Partners worked alongside Newport Specialty Partners to support both the formation of the platform and the completion of the Complex Coverage transaction.
The current leadership team at Complex Coverage will continue to oversee the business and remain involved, with Newport Specialty Partners indicating that the partnership is intended to support further growth through additional carrier capacity, an expanded suite of products and ongoing investment in operational infrastructure to enhance service for producer partners.
Newport Specialty Partners also stated that Houlihan Lokey acted as financial adviser to Newport Specialty Partners and Lovell Minnick Partners in relation to the transaction.
Michael Eigen, President of Complex Coverage, added: “Newport brings long-term capital, strategic support, and deep insurance industry experience. Just as importantly, they share our commitment to underwriting discipline and service to our producers. This partnership positions us to expand our capabilities while preserving the culture and relationships that have defined CCI for nearly three decades.”
Eigen continued: “Mike played a central role in building Complex Coverage into the business it is today. We are grateful for his leadership, his contribution to the company’s success, and the strong foundation he helped create.”
“We are excited to back Newport Specialty Partners’ acquisition strategy in the MGA space. Newport’s differentiated team and value-add model make it a compelling home for high quality programs looking to accelerate growth,” commented Trevor Rich, Partner at Lovell Minnick.
“Complex Coverage has established itself as a market leader with a strong leadership team, a loyal producer base, and long-standing carrier relationships. We are thrilled to partner with Michael Eigen and his team to support CCI’s high-growth strategy.”
