Newport Specialty Partners, a new specialty insurance platform backed by Lovell Minnick Partners, announced that it has acquired Complex Coverage, Inc. (CCI), a managing general agency focused on homeowners and personal lines coverage in New York.
The transaction is Newport’s first platform acquisition, which the company said establishes a foundation for its strategy of building a diversified MGA and specialty insurance distribution platform.
Founded in 1997 by Mike Mahoney, CCI is headquartered in Huntington, New York. The company administers insurance programs in homeowners, dwelling fire, builder’s risk, boat, umbrella, flood, and related personal lines coverages through partnerships with insurance carriers.
CCI’s leadership team including Michael Eigen, president, will continue to manage the business and remain involved going forward. Eigen said Newport brings “long-term capital, strategic support, and deep insurance industry experience.”
Southlake, Texas-based Newport said it will support CCI’s next phase of growth, including expanded carrier capacity, broader product offerings, and continued investment in operational infrastructure.
“We believe Newport can help broaden CCI’s capabilities while preserving the underwriting discipline and service orientation that have been central to its success,” said Dennis DiCapua, chief executive officer of Newport.
Private equity firm Lovell Minnick partnered with Newport to support the launch of the new platform and the acquisition of CCI. Lovell Minnick targets middle market companies with a particular focus on companies in the financial services, business services, and financial technology sectors.
Houlihan Lokey served as financial advisor to Newport and Lovell Minnick.
Some Gulf Arab and European leaders believe that a US-Iran peace deal will take about six months to be agreed and that the warring sides should extend their ceasefire to cover that timeframe, according to officials from the regions familiar with the matter.
The leaders want the vital Strait of Hormuz opened immediately to restore energy flows and are warning in private that a global food crisis may develop if that doesn’t happen by next month, said the officials, who asked not to be identified discussing private talks.
Energy prices will probably rise even more should the war stretch beyond that, they said. Brent crude extended gains after the news, gaining about 4.5% on the day to more than $99 a barrel.
Gulf states believe Iran is looking to build a nuclear weapon and that hasn’t changed in the wake of the US-Israeli bombardment of the country, said the officials. They thus think a peace deal should ban Iran from enriching uranium or having long-range ballistic missiles, the officials said.
Still, Gulf leaders are mostly against any return to fighting and want the US to pursue diplomacy with Iran, said the officials.
