New York City-based private equity company Southport Lane has acquired Imperial Management Corporation along with its subsidiary, Imperial Fire & Casualty, in an all-cash transaction.
Headquartered in Louisiana, US, Imperial Fire & Casualty is a provider of insurance products, such as personal auto, commercial auto, personal property and flood policies.
Following the acquisition, Imperial Fire & Casualty president and CEO Marcus Carter, and Imperial Management Corporation chairman John Emmett Brignac will continue to function as directors.
Additional terms of the transaction, which follows the acquisition of Delaware-based property and casualty insurer, Dallas National Insurance Company, remain undisclosed.
Carter said the company will continuing to provide stellar services to policyholders by leveraging Southport Lane’s resources.
”Southport Lane’s unrivaled insurance know-how will benefit all of Imperial’s stakeholders,” Carter added.
Founded in 2010, Southport Lane’s private equity fund focuses investments in insurance, reinsurance, energy, and consumer businesses.