Distinguished Programs Group LLC announced today that they have acquired a controlling interest in GreenLine Underwriters (GreenLine), a Dallas-based Program Administrator focused on delivering insurance products through industry-leading web-based technology.
The deal strengthens Distinguished’s leadership position in property & casualty insurance program management. The GreenLine platform enables agents and brokers to quote, bind and issue policies seamlessly in a straight-through process. “As we advance our corporate acquisition initiatives, this opportunity was an ideal match for Distinguished,” explains Distinguished Programs CEO Jeremy R. Hitzig. “We were attracted to GreenLine’s innovative technology and quality management team.”
Under the terms of the agreement, GreenLine principals Rod Taylor and Kellam Radford will join the executive management team at Distinguished Programs. “We are very excited to have Rod and Kellam become part of the Distinguished Programs organization. They bring significant experience and are at the forefront of efforts to revolutionize the insurance buying process,” said Hitzig. “GreenLine’s use of risk analysis and predictive analytics to inform the underwriting process also dovetails with our strategy,” he added.
Commenting on the deal, Taylor said “We couldn’t be more delighted to have joined forces with Distinguished Programs. Their strong access to insurance markets, distribution system and financial strength will enable us to accelerate our efforts to launch new products and advance our technology platform.”
The transaction is expected to close in first quarter 2011.
About Distinguished Programs
Distinguished Programs is a leading insurance underwriter and program administrator. Distinguished primarily focuses on offering tailored programs for residential and commercial real estate owners and property managers including property, liability, directors & officers’ liability, crime and high limits umbrella insurance. Products are distributed through a growing network of more than 2,000 independent agents and brokers. Distinguished’s subsidiary companies include SES Insurance Brokerage Services, Inc., the premier insurance program manager and service provider for bank-managed trust property portfolios and China-based ReSource Pro, the leading business process outsourcing company for insurance intermediaries. Distinguished is also a partner in IDP Holdings, a joint venture acquisition vehicle. Distinguished is the recipient of the “Best Practices Designation” by the Target Markets Program Administrators Association and was named by Inc. Magazine as one of the Fastest Growing Companies in America. For more information, please visit www.distinguished.com.