Complex Coverage Acquired by Newport Specialty Partners | Financial Services M&A Deal

Newport Specialty Partners has acquired Complex Coverage, a insurance brokerage business in New York, for $500M. Complex Coverage acquisition brings a managing general agency focused on homeowners and personal lines, administering dwelling fire, builder’s risk, boat, umbrella, flood, and related coverage through carrier partnerships. Newport Specialty Partners acquisitions expand NY acquisitions in wholesale distribution by adding underwriting capacity and program administration capabilities in Huntington, New York. The platform acquisition is Newport’s first platform acquisition, backed by private equity acquisition partner Lovell Minnick Partners, and is sized over $100M with an announced deal value of $26.5B. Houlihan Lokey advised Newport and Lovell Minnick as the buyer pursues a diversified MGA and specialty insurance distribution platform.