XPT Group, a speciality insurance distribution company, has acquired Sierra Specialty, a California-based managing general agency (MGA) and wholesale insurance underwriter/broker, for an undisclosed price.
The New York-based XPT Group said that the acquisition will help it further expand its US west coast footprint.
Sierra Specialty is said to specialise in a range of products such as agribusiness, property and casualty brokerage, general authority underwriting, and transportation and garage. XPT Group said that the products complement its other offerings within its platform.
Established in 2005 by Kathy Schroeder and Mark Schroeder, Sierra Specialty offers underwriting and brokerage services to retail insurance professionals.
As an MGA, the company writes various lines of business, that include general liability, property, packages, professional liability, EPLI, cyber, commercial auto, inland marine, garage, trucking and cargo, agriculture and farm and ranch.
Kathy Schroeder said: “Mark and I are continuously focused on delivering high service to the small and medium marketplaces and it was clear XPT’s team of partners are focused on this market segment and were the perfect experts to help us expand our product offerings and achieve sustained growth.”
Kathy Schroeder will continue to be the president of Sierra Specialty, which will continue to operate under its own brand name to ensure that client businesses are not impacted. Likewise, Mark Schroeder will continue his role with the company in the role of a chief operating officer.
Sierra Specialty marks fifth investment for XPT Group
XPT Group plans to continue to develop its wholesale insurance broking and MGA platform by means of acquisitions and rapid operational growth. The acquisition of Sierra Specialty marks XPT Group’s fifth investment to date.
The previous investments of the speciality insurance distribution firm are Western Security Surplus (WSS), WE Love & Associates (WEL), SVA Underwriting (SVA) and Klein & Costa (K&C).
XPT Group partner Tom Ruggieri said: “Kathy and Mark’s leadership in the industry and in central California will greatly enhance our partnership. Sierra Specialty reinforces XPT’s collaboration as they will partner in our existing product segments in general authority underwriting, transportation and hospitality, while moving us into agri-business.”
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