Newport Specialty Partners announced that it has made a majority investment in Complex Coverage, marking the firm’s first platform acquisition and establishing a foundation for its specialty insurance growth strategy.
Backed by Lovell Minnick Partners, Newport is positioning itself as a builder of a diversified managing general agency (MGA) and specialty insurance distribution platform. The investment in Complex Coverage provides an entry point into the New York personal lines insurance market.
Founded in 1997 and headquartered in Huntington, New York, Complex Coverage specializes in homeowners and personal lines insurance solutions. The company has developed long-standing relationships with insurance carriers and is known for its underwriting expertise and service-oriented approach to producers.
The partnership is expected to support Complex Coverage’s next phase of growth by expanding carrier capacity, broadening product offerings, and investing in operational infrastructure. The company’s leadership team will remain in place, continuing to manage the business and drive its strategic direction.
Newport aims to leverage its platform to scale high-quality MGA businesses while preserving underwriting discipline and entrepreneurial culture, key factors in the sector’s performance. The investment also reflects increasing private equity interest in insurance distribution models that offer specialized expertise and recurring revenue streams.
Financial terms of the transaction were not disclosed.
KEY QUOTES:
“We have long admired the business that the Complex Coverage team has built. CCI has established a strong position in an important market, 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 broaden CCI’s capabilities while preserving the underwriting discipline and service orientation that have been central to its success.”
Dennis DiCapua, Chief Executive Officer, Newport Specialty Partners
“Newport brings long-term capital, strategic support, and deep insurance industry experience. Just as importantly, they share our commitment to underwriting discipline and service to our producers. This partnership positions us to expand our capabilities while preserving the culture and relationships that have defined CCI for nearly three decades.”
Michael Eigen, President, Complex Coverage Inc.
“We are excited to back Newport Specialty Partners’ acquisition strategy in the MGA space. Newport’s differentiated team and value-add model make it a compelling home for high quality programs looking to accelerate growth. Complex Coverage has established itself as a market leader with a strong leadership team, a loyal producer base, and long-standing carrier relationships. We are thrilled to partner with Michael Eigen and his team to support CCI’s high-growth strategy.”
Trevor Rich, Partner, Lovell Minnick Partners
