To form new subsidiary
Rockwood Programs has partnered with Modern Insurance to establish a new subsidiary company named Modern Insurance Consultants, which will focus on its core expertise of errors and omissions insurance for insurance agents, insurance companies and miscellaneous professional liability classes.
Mark Lann will serve as the president and CEO of the new entity. The operation will be located in Homestead, Florida.
Glenn Clark, president of Rockwood, said: We feel this new arrangement capitalises on the unique strengths of each partner. Mark Lann and his team have a proven track record of success in the errors and omissions arena. Our aggregated resources will be used to bolster our business relationship with two key groups — Target Markets and the Strategic Independent Agents Alliance members. The partnership will also benefit the property and casualty agent retail community, as we will be able to offer a wider array of pricing and coverage term options.
Mr Lann added: For some time now, we have been looking to affiliate ourselves with a larger agency. To accomplish this goal, we retained the services of Mystic Capital Advisors Group. They helped identify Rockwood as a potential partner and have advised both parties on all aspects of the merger. We are excited to be a part of this new enterprise.