Southlake Financial Group has successfully completed its acquisition of Nevada General Insurance Co., marking a significant milestone in its strategic growth and market expansion plans.
This acquisition enhances Southlake Financial’s ability to broaden its admitted product portfolio and solidify its presence in new markets. Yogesh Kumar, the owner and chief executive officer of Southlake Financial, emphasized the importance of the deal, calling it a pivotal step in the company’s evolution.
The journey to this acquisition began nearly a year ago when Southlake Financial’s subsidiary, Southlake Specialty, entered into an agreement to acquire Nevada General Insurance from Western National Mutual Insurance. While the financial details of the transaction remain undisclosed, the strategic implications are clear. By integrating Nevada General Insurance, Southlake Financial aims to expand its admitted product offerings across more states, providing multiple admitted carriers within the same state.
Following the acquisition, Nevada General Insurance will adopt Southlake Financial’s AM Best Credit Rating of A- (Excellent) and Financial Size Category VIII ($100 million to $250 million).
Texas-based Southlake Financial Group offers various insurance products through its subsidiaries, namely, Southlake Specialty Insurance Company, Westlake Specialty Insurance Company and Nevada General Insurance Company.
