PEAK6 today announced that its insurance operations subsidiary, PEAK6 InsurTech, will acquire Team Focus Insurance Group, a Sunrise, Fla.-based insurance provider whose businesses and brands are dedicated to serving the property and casualty (P&C) insurance industry. Team Focus is most widely known for its Managing General Agency (MGA) MacNeill Group. Its other activities include customized business solutions and technology offerings for agents and carriers in the P&C space, and an insurance carrier that issues P&C policies regionally.
This acquisition, which will follow PEAK6’s 2018 acquisition of National Flood Services, will expand PEAK6’s insurance services offerings in the P&C space, including by providing a channel to distribute new private flood insurance products.
“Team Focus Insurance Group’s technology is robust, functionally superior, and backed by a team with several decades of proven experience,” said Deb Franklin, managing director of PEAK6 InsurTech. “We see enormous potential in their core offering and, combined with our demonstrated expertise in technology and insurance services, our entities are a perfect complement to enable rapid scale into new markets.”
PEAK6 InsurTech will leverage Team Focus Insurance Group’s customized service offerings and policy management system, PolicyPort – a cloud-based platform that drives profits for insurance carriers and MGAs via self-service digital portals, proactive risk management tools, smart underwriting, and speed-to-market capabilities for the marketplace and investor community.
“We’re excited to expand our insurance offerings,” said Jenny Just, co-founder and managing partner of PEAK6. “Today’s insurance market is volatile, particularly in Florida, but in that uncertainty we see tremendous potential. We are excited to grow Team Focus under the strong leadership of President and CEO Kevin Tromer, who will have an equity stake in PEAK6 InsurTech.”
In 2018, PEAK6 acquired National Flood Services, a technology-first flood insurance solution provider that was recently appointed by the Federal Emergency Management Agency (FEMA) as the National Flood Insurance Program (NFIP) Direct Servicing Agent. National Flood Services is a leader in flood insurance, managing over $1.4 billion of annual premiums and more than 1.5 million policies, in partnership with the FEMA and Write Your Own (WYO) carriers.
The Team Focus acquisition, which is subject to regulatory approval, is expected to close in the fourth quarter of 2021. Waller Helms Advisors has served as financial advisor to Team Focus.