Summit Business Media has sold its insurance financial information unit.
Another financial information firm, SNL Financial, said it has acquired the Summit Business Media insurance information services unit, Highline Data, which resells insurance company data from regulatory agencies. Terms were not disclosed.
As part of the acquisition, the companies said that Highline Data’s clients will be able to access SNL’s own financial institutions database that includes profiles on U.S. financial institutions, including banks and thrifts, broker/dealers, investment companies and mortgage lenders.
At the same time, Summit will retain long-term access to the same insurance industry financial data and analysis previously available through Highline Data for use in its own products and services, according to the announcement.
The announcement said that the sale of Highline Data will have no impact on Summit’s Marketing Data Group, including Judy Diamond, Agent Media and Kirschners.
The acquisition bolsters SNL’s position as a supplier of U.S. insurance financial information across the property/casualty, health and life insurance sectors.
Summit Business Media is the parent of The National Underwriter Co. and other publications. The company filed for bankruptcy protection in January when it was $252 million in debt. In May, the United States Bankruptcy Court for the District of Delaware approved the company’s reorganization plan to cut $140 million of the firm’s debt.
SNL is based in Charlottesville, Virginia. Summit’s corporate headquarters is in New York and its home office is in Erlanger, Kentucky.
Topics USA Mergers & Acquisitions
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