Wholesale consolidator platform One80 Intermediaries has continued its recent run of M&A deals with the acquisition of Minnesota-based van Wagenen Financial Services.
Headquartered in Eden Prairie, Minnesota, the business serves financial institutions of all sizes including local credit unions, regional banks and global lenders.
It offers residential and commercial property, blanket auto and mortgage insurance solutions, and collateral, mortgage impairment, equity and foreclosure protection programs.
The intermediary also specialises in insurance tracking products which include mortgage monitoring, auto lease and loan insurance tracking, and commercial real estate insurance tracking.
One80 president Matthew Power said the acquisition would enable One80 to diversify its product suite to include lender-placed insurance solutions and insurance tracking products.
“I anticipate significant growth in these industry verticals and was extremely impressed with van Wagenen’s leadership team and full range of custom, data-driven solutions,” he said.
Van Wagenen also provides collateral protection insurance claims support, commercial real estate stress testing, flood zone determinations and real estate tax services.
The van Wagenen deal is Boston-based One80’s third acquisition of 2021 and follows its January swoop for New York-based public entities-focused program administrator Corieri and Associates.
Also in January, One80 bought Colorado Springs-based broker and program manager Commercial Insurance Group in a deal that includes affiliates Strategic Insurance Agency and proprietary online platform Bigfoot Insurance.
The trio of deals follow an active 2020 for One80, which now has offices in more than 30 locations in the US and Canada.
One80’s parent Risk Strategies completed a recapitalisation transaction in March last year with its existing private equity backer Kelso & Co to provide funds that continue to support the group’s continued growth.