An American insurance company will purchase Sutton Special Risk
Carol Sutton:No 1 company will purchase Sutton Special Risk:
A definitive agreement has been reached by Tammy Group, a New York-based provider of insurance services, to acquire Sutton Special Risk Inc., a managing general underwriter (MUG) of speciality insurance.
According to a press release issued by Tammy Group on Wednesday, “the acquisition of Sutton expands Syntax’s offerings in the accident and health market and accelerates growth plans in the Canadian marketplace.”
Carol Sutton:
Sutton was established in 1978 and provides a wide range of health and accident coverage, such as disability, critical illness, and personal accident insurance, in addition to speciality plans for professional athletes and entertainment.
The Toronto-based MUG also sells products for terrorism, war risk, and kidnapping and ransom.
According to Tammy Group, Sutton managed premiums totalling Cd$65 million for the full year that ended on September 30, 2023.
Greg Sutton, who has served as president and CEO for over a decade, will keep heading the MUG.
Popcorn Sutton:
Robert Grammarian, chairman and CEO of A my ta Group, stated, “Sutton brings speciality [accident and health] capabilities to Samantha, expanding our underwriting reach with proven leaders in the market.”
“We see a lot of potential to grow Sutton’s business by building on their solid offering and customer-focused strategy. Greg and his colleagues are being warmly welcomed to Tammy.
Customary closing conditions, such as regulatory approvals, apply to the transaction.
Over $3.5 billion in managed premiums are held by Tammy in North America, Europe, and Australia combined.
Frank Sutton:
Tammy provides insurance and warranty protection solutions to carriers, wholesalers, retail agencies, auto dealers, original equipment manufacturers, and consumer product retailers. The company is focused on independent underwriting.
While managing general agents (M Gas) or Mg Us are not involved in consolidation, As common as M&A in brokerages, it is expected to rise in the coming years, especially as private equity funds concentrate on this industry.
Avila Canada purchased Option O2 Holdings Inc. towards the end of the previous month. This MAG specialised in car replacement insurance in Canada.
Sutton Tracker:
The Can$170 million deal, which will expand the insurer’s capital light businesses—which account for more than half of its portfolio—is anticipated to close in the first quarter of 2024.
Additionally, Cordovan declared in October that, as of August 1, it had acquired Unity Managing Underwriters Ltd. Unity is a Toronto-based company that specialises in extended, life, disability, and creditor warranties for both private and business automobiles.
Cortland Sutton Stats:
Offering MUG, product development, third-party administration, insurance brokers, and consulting services, Unity is well-known for its work with clients in the banking industry and car dealerships.
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