Schinnerer acquiring underwriting manager specializing in auto dealers and repair shopsReprints
Managing general underwriter Victor O. Schinnerer & Co. Inc. is set to acquire Overland Park, Kansas-based MGU SeaFire Insurance Services L.L.C. from Preferred Concepts Holdings L.L.C.
The deal is expected to close by the end of the year and is subject to customary closing conditions, Chevy Chase, Maryland-based Schinnerer said in a statement released Tuesday.
A spokeswoman for Schinnerer declined to comment on the terms of the deal.
SeaFire underwrites property/casualty insurance for auto dealerships and repair shops, including garage liability, property, pollution, auto physical damage and umbrella liability, Schinnerer said in the statement. The acquisition expands Schinnerer's property/casualty portfolio, which includes products for oil and gas contractors, loggers and public entities, according to the statement.
SeaFire will “tap into” Schinnerer's technology, distribution opportunities and specialty products, SeaFire President Dennis Kane said in the statement.
Upon closing, SeaFire will retain its name for the immediate future and Mr. Kane will continue to head the business, the spokeswoman said in an email Wednesday. All of SeaFire's employees will become Schinnerer employees, she said. SeaFire will remain in its current location, according to the statement.