Newport Specialty Partners, a recently launched specialty insurance platform backed by Lovell Minnick Partners, has completed a majority investment in Complex Coverage, Inc., a New York managing general agency specializing in homeowners and personal lines.
Newport Specialty Partners is focused on developing a diversified managing general agency and specialty insurance distribution platform and is strategically and financially supported by Lovell Minnick Partners, a private equity investor in financial services, business services and fintech companies.
Founded in 1997 and headquartered in Huntington, New York, Complex Coverage provides manufacturers with customized property insurance solutions through long-term relationships with carriers.
Newport Specialty Partners noted that Complex Coverage has established its position in the market through underwriting capabilities, responsive service and a deep understanding of the New York insurance landscape.
“We have long admired the business the Complex Coverage team has built,” said Dennis DiCapua, CEO of Newport Specialty Partners. “CCI has established a strong position in important markets, and we are excited to partner with Michael and his team to support the company’s next phase of growth. We believe Newport can help expand CCI’s capabilities while retaining the underwriting discipline and service orientation that are critical to its success.”
Newport Specialty Partners described the investment as its first acquisition and positioned it as a key step in executing a broader strategy to build a scalable, diversified platform in the managed general agency and specialty insurance distribution space. Lovell Minnick Partners partnered with Newport Specialty Partners to support the formation of the platform and the closing of the Complex Coverage transaction.
Complex Coverage’s current leadership team will continue to oversee the business and remain involved, Newport Specialty Partners said. The partnership is designed to support further growth through increased carrier capacity, expanded product offerings and continued investment in operational infrastructure to enhance service offerings to producer partners.
Newport Specialty Partners also said Houlihan Lokey served as financial advisor to Newport Specialty Partners and Lovell Minnick Partners in the transaction.
Complex Coverage President Michael Eigen added, “Newport brings long-term capital, strategic support and deep insurance industry experience. Just as importantly, they share our commitment to providing underwriting discipline and service to our producers. This partnership allows us to expand our capabilities while retaining the culture and relationships that have defined CCI for nearly three decades.”
Eigen continued, “Mike played a central role in integrating Complex Coverage into the business it is today. We are grateful for his leadership, his contribution to the company’s success and the strong foundation he helped create.”
“We are pleased to support Newport Specialty Partners’ acquisition strategy in the MGA space. Newport’s differentiated team and value-added model make it a compelling home for high-quality projects looking to accelerate growth,” commented Trevor Rich, Partner at Lovell Minnick.
“Complex Coverage has established itself as a market leader with a strong leadership team, loyal producer base and long-standing operator relationships. We are pleased to partner with Michael Eigen and his team to support CCI’s high-growth strategy.”
