GeoVera Announces Agreement To Be Acquired By Flexpoint Ford
FAIRFIELD, Calif., May 2, 2012 /PRNewswire/ -- GeoVera Insurance Group Holdings, Ltd. ("GeoVera"), a leading provider of specialty residential property insurance, today announced a definitive agreement to be acquired by affiliates of Flexpoint Ford, LLC, a private equity firm focused on the financial services and healthcare sectors. Terms of the transaction were not disclosed. GeoVera is currently owned by affiliates of Friedman Fleischer & Lowe, LLC ("FFL") and Hellman & Friedman LLC ("H&F"), two leading private equity firms based in San Francisco. Affiliates of FFL and H&F jointly acquired GeoVera from The St. Paul Travelers Companies, Inc. in 2005.
GeoVera is a leading provider of specialty residential property insurance. Since its formation in 1995, the company has been underwriting innovative insurance products with a focus on markets that are underserved by other insurance carriers. GeoVera's primary products include residential earthquake insurance in the Western United States and specialty homeowners insurance in wind-exposed areas across the Southeast United States and Hawaii.
"We believe this latest development speaks to the strength of our customers, agents, brokers and employees who have each contributed to GeoVera's continued success," said Kevin Nish, President and CEO of GeoVera. "We have been fortunate to have two excellent financial partners, FFL and H&F, who enabled GeoVera to come into its own as a well-capitalized, independent company. We are excited to partner with Flexpoint Ford whose expertise will further support the company's future growth."
Rajat Duggal, Managing Director of FFL said, "GeoVera represented an attractive opportunity to combine the knowledge and the insurance expertise of each of our firms to create value for our investors and GeoVera's customers. We believe GeoVera has a strong future as it continues to serve an important segment of the insurance industry.""We have had a tremendously successful partnership with the entire GeoVera team and FFL," added David Tunnell, Managing Director of H&F. "We are proud of the company's performance and believe it is well positioned for the future." The acquisition is expected to close in the summer of 2012, subject to customary regulatory approvals. Following the close of the transaction, GeoVera will continue to operate as an independent company.
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