US-based insurance intermediary and risk management services provider Valent Group has acquired Coastal Professional Insurance (CPI) for an undisclosed sum.
The acquired company specialises in offering coastal property coverage and flood insurance solutions.
Through the acquisition, Valent seeks to bolster its position as an insurer in the coastal regions of the US.
With more than three decades of experience, CPI has an understanding of the particular difficulties experienced by owners of seaside real estate, Valent said.
The deal is in line with Valent’s aim to grow its market share and improve its array of specialised insurance products, including flood experience.
With enhanced capabilities, Valent hopes that it will be able to provide complete insurance solutions that are tailored to the unique requirements of coastal enterprises and communities.
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The deal will enable CPI to benefit from gaining access to Valent’s resources including its technology platforms, insurance markets, and a wider range of risk management options.
Valent Group president Kurt Close said: “We could not be more excited to have CPI joining our organisation. La Donna and her team are a great culture fit and bring a strong customer-focused growth mentality to our Mobile office.
“In addition to the personal lines synergies created, CPI’s industry-leading flood expertise will allow us to strengthen our commercial condominium specialisation as we look to expand our customer base in that area.”
CPI president La Donna Douglas said: “We are excited to join forces with Valent Group, a company that shares our passion for excellence and dedication to client satisfaction.
“With their extensive resources and expertise, we look forward to expanding our reach and enhancing our services to better serve and protect our valued clients along the coast.”