CONSHOHOCKEN, Pa., Dec. 1 /PRNewswire/ — Independent Insurance Investments, Inc. (“Independent”) today announced that it has completed the acquisition of the Omni Insurance Group (“Omni”) from The Hartford Financial Services Group Inc. .
Omni is a non-standard auto insurance company that generated net written premiums of $174 million in 2005, employs approximately 250 people and distributes its products through a significant network of independent agents. Omni writes business in over 40 states.
Independent, a non-standard auto insurance specialist, was itself acquired in December 2004 in a transaction backing incumbent management with equity capital provided principally by Inverness Partners II, LP (“Fund II”), a private equity fund managed by Inverness Management LLC (“Inverness”). Inverness and certain of its limited partners provided substantially all of the equity capital required for the Omni acquisition.
Bill Lockhorn, Chief Executive Officer of Independent, said: “The acquisition of Omni expands our footprint into a number of important markets. The Omni acquisition represents a strong step to expand distribution of auto insurance to individuals who might otherwise have difficulty finding high quality insurance at a fair price. We look forward to working with the exceptional Omni associates and maintaining a strong, growing presence at the Omni operating base in Atlanta.”
About Independent Insurance Investments, Inc.
Independent Insurance Investments, Inc. is a rapidly growing regional non- standard auto insurance specialist that writes in excess of $220 million in annual direct premium. Independent has approximately 430 employees who specialize in providing affordable automobile insurance with low down payments and convenient payment plans to fit any budget. Independent’s flexible product offering allows customers to tailor their coverage to meet their specific needs.
About Inverness Management LLC
Inverness Management LLC is a privately held investment firm managing private equity funds with capital commitments of approximately $400 million. Fund II was closed in 2002 with $240 million of committed capital. Inverness provides equity for leveraged acquisitions, recapitalizations, and companies seeking additional capital.
Independent Insurance Investments, Inc.
CONTACT: Bill Lockhorn of Independent Insurance Investments, Inc.,+1-610-832-1199
Web site: http://www.invernessmanagement.com/