The acquisition, which closed January 31, 2013, compliments Swett & Crawford’s growing portfolio of underwriting businesses and adds valuable underwriting expertise to the Company’s operations.
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The firm also currently places coverage on a brokerage basis for independent and assisted living facilities, SHU, founded in 1998, placed approximately $14.5 million in premium for 2012.
Brad Brown, President and Founder of Southern Hospitality Underwriters moves to Swett and Crawford to become the program’s Sales Leader. Brown, who founded SHU and has more than 20 years of experience in property and casualty insurance, is a University of Georgia graduate.
J. Neal Abernathy, President & CEO of Swett & Crawford stated, "Our acquisition strategy has been to wrap strong companies of varying sizes into Swett & Crawford that have a complementary expertise and book of business that is a natural fit. We believe Southern Hospitality Underwriters is a classic example. While their current reach is primarily in the Southeast, we see the potential for a broader geographic rollout, especially given the large number of limited service hospitality properties throughout the United States. We also see the potential to add additional products to the program, particularly professional lines and workers’ compensation. SHU continues our commitment to expanding our underwriting offering to our retail agents."
Brown adds, "The acquisition of Southern Hospitality Underwriters by Swett & Crawford will enable us to bring added value in many ways to the base of brokers and hospitality/habitational companies we serve. We look forward to significantly expanding our base and leveraging the relationships and market clout of Swett & Crawford to take this segment of the business to greater premium levels."
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