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US-based non-public fairness firm BharCap Companions, by means of its affiliate, has acquired insurance coverage companies holding firm Insurvia for an undisclosed quantity.
Gemspring Capital, together with the administration workforce, had been the promoting shareholders within the transaction.
Insurvia, which specialises in distributing insurance coverage insurance policies from greater than 50 insurance coverage firms, has established long-standing relationships spanning greater than a decade to supply cost-effective insurance coverage protection choices to its clients.
With its headquarters in Las Vegas, Insurvia consists of subsidiaries Fiesta Auto Insurance coverage and La Familia Company.
Fiesta Insurance coverage, a retail franchisor, has 60 franchisees throughout eight states, working greater than 220 retail shops. La Familia Insurance coverage, an impartial company, affords insurance coverage companies by means of 70 retail storefronts in Texas.
In keeping with Gemspring, below its possession, Insurvia acquired a number of firms to drive its progress throughout numerous retailer areas, created an omnichannel gross sales mannequin and launched numerous new merchandise to cater to purchasers’ necessities.
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The most recent acquisition of Insurvia is according to BharCap’s strategic plan to put money into insurance coverage distribution companies.
BharCap co-founding companion Ethan Wang stated: “Danish Charanya and his workforce have constructed a number one insurance coverage distribution platform targeted on an enormous and underserved auto insurance coverage market with a number of confirmed levers for future progress.
“This transaction matches one among BharCap’s key themes of investing in insurance coverage distribution companies given its recurring, fee-based enterprise mannequin pushed by state-mandated insurance coverage legal guidelines.”
The authorized advisory workforce for BharCap included Skadden, Arps, Slate, Meagher & Flom and Kirkland & Ellis.
McDermott Will & Emery offered authorized counsel to Insurvia and the promoting shareholders through the acquisition course of, whereas Robert W. Baird & Co. and William Blair had been their monetary advisors.
Insurvia CEO Danish Charanya stated: “Insurvia gives a gorgeous worth proposition to our shoppers, insurance coverage carriers and franchisees by means of our scale, entry to hard-to-reach clients, aggressive charges and specialised customer support.”
Final yr in October, BharCap closed the acquisition of ARMStrong Receivable Administration.
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