North Carolina-based Arbour National, a privately held insurance holding company, has become majority owner in Southern Trust Insurance and it sister wholesale company, Southern Specialty Underwriters, the firms announced.
Terms of the deal were not disclosed in the news release, except that Arbour National will contribute $20 million to Southern Trust’s surplus amount.
Southern Trust, based in Macon, Georgia, is a 55-year old company that offers property/casualty products for independent agents. It will continue to operate independently and CEO Les Cole will remain at the helm, the statement said. Southern Trust founder Billy Anderson will remain as a board member and shareholder.
Southern Specialty is a wholesale provider of specialized coverage for personal and commercial operations.
The merger is subject to regulatory approval.
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