New York-based private equity firm Southport Lane, through its subsidiary Lonestar Holdco, has inked a definitive agreement with Dallas National Insurance to acquire 100% of Dallas National Insurance Company.
The deal's terms and transition amount have not been revealed by the firms, and is expected to close during the third quarter of current fiscal after getting regulatory approval.
Southport Re, Southport Lane's reinsurance affiliate CEO Glenn Weber said that the firm is devoted to providing additional capital to strengthen Dallas National and provide further security to policyholders.
"This acquisition underscores our long-term strategic interest in building a significant presence in the insurance sector. Dallas National enjoys a large pool of clients throughout the U.S., complementing our insurance and reinsurance operations," Weber commented.