Virginia-based financial information provider SNL Financial has acquired Summit Business Media's insurance information services unit, Highline Data.
As part of the acquisition, Highline Data’s clients will now have the ability to access SNL’s robust financial institutions database with detailed profiles on more than 20,000 US financial institutions, including banks & thrifts, broker/dealers, investment companies and mortgage lenders.
The acquisition bolsters SNL’s position in US insurance financial information provider across the property & casualty, health and life insurance sectors.
As part of the deal, Summit will retain long-term access to the same insurance industry financial data and analysis previously available through Highline Data for use in its own products and services.
SNL Insurance director Jon Wright said the aqusition of SNL and Highline Data will provide all clients with the new standard for data, features, and functionality in the insurance information industry.
Summit president & CEO Andrew Goodenough said as a primary redistributor of US regulatory insurance data, Highline Data provides valuable information on the strength of the insurance industry and of individual companies to the industry itself, as well as to analysts and investors.
DeSilva & Phillips was Summit Business Media’s financial adviser in the deal and BMO Capital Markets acted as financial advisor for SNL and Dennis Rooker was legal advisor.
Terms of the transaction were not disclosed.