Constellation adds MGA Trinity to transportation portfolio
Constellation Affiliated Partners – the RedBird Capital Partners-backed consolidator platform led by Bill Goldstein – has bought Trinity Transportation Services and Global Claims Service (GCS) as it continues to build out its platform, The Insurer can reveal.
Goldstein said the acquisition gives his firm the opportunity to partner with a leading MGA in the towing and recovery insurance marketplace.
“The Trinity team brings a wealth of industry knowledge, as well as a proven track record of success in the niche towing and recovery space.
“Trinity’s product offerings and underwriting principals complement our already diverse transportation portfolio, giving our network of agents expanded access to the transportation insurance products they need,” he commented.
Jacksonville, Florida-based Trinity was launched in 2004 and its core program offers commercial auto, general liability, property, inland marine and excess/umbrella coverages for towing and recovery operations and vehicles.
GCS is a P&C third-party administrator that exclusively handles claims for Trinity and is based in Raleigh, North Carolina.
Trinity and GCS have a relationship with Randall & Quilter’s Accredited Surety and Casualty Company fronting carrier.
Accredited is the issuing carrier for Trinity’s tow truck operators’ business, which offers commercial liability and property coverages for towing, transport and recovery services.
Trinity and GCS CEO Walt Sliva said Constellation’s network of carriers and programs will offer the MGA the “broad footprint and room to continue growing within the industry”.
“Trinity has been dedicated to the transportation industry for more than 25 years with no plans of slowing down. Our transportation team looks forward to utilising these new relationships to develop an even more robust line of product and service offerings for our agency partners,” he added.
Goldstein said the addition of the GCS team will bring “deep-rooted transportation knowledge” to its internal claims unit that will be a “great asset” to its existing transportation programs.
“As the Constellation portfolio of companies expands, our goal is to give our brands access to an experienced group of professionals dedicated to their success.
“The new Global Claims team will be a solid addition to the significant services shared by our MGA platforms, including IT, finance and accounting, legal and compliance, human resources, program and capacity development, marketing, and claims and loss control services, all at the ready to help our brands thrive,” he continued.
Terms of the transaction were not disclosed.
M&A pipeline
Constellation is thought to have a number of acquisitions in the pipeline following its biggest deal to date this summer, when it bought into Atlanta-based MGA and wholesale broking platform Allstar Financial.
At that time it was thought that Allstar, in addition to earlier acquisitions concluded by Constellation, represented an estimated $900mn+ of premium volume and $35mn+ of Ebitda.
The platform was officially launched earlier this year by former Integro CEO Goldstein, and is understood to have already concluded several transactions as it targets specialty MGAs, program administrators and wholesalers.
It is thought the start-up will not look to fully integrate the companies it acquires but has been building an integrated common technology platform that MGAs, program administrators and wholesalers will operate from.