Doxa Insurance Holdings – a consolidator of US MGAs, program administrators and wholesale brokers – has received investment from Boston-based private equity firm Century Equity Partners to support its growth plans.
Century has acquired a majority interest in Doxa, whose senior management maintain an equity interest.
The private equity firm focuses on the insurance and financial services sectors. Its current portfolio of investments includes a recapitalisation of BroadStreet Partners in May this year while exited investments include Alliant, Argo, eReinsure, Relation and Catalina Holdings (Bermuda).
Fort Wayne, Indiana-based Doxa was set up in 2016 as a Midwest-based private equity fund that acquires small- to medium-size firms. It targets MGAs with less than $75mn in annual premium, as well as program administrators and wholesale brokers.
Matt Sackett, president of Doxa, was previously senior vice president at K&K Insurance Group.
Private equity has taken a major interest in broker acquisitions in recent years, while some have made investments in broker consolidators.
According to reports, Doxa has also acquired Marine Underwriters of America, a Texas-based agency with specialisation in ocean marine, inland marine and related property for commercial and recreational marine customers.
This acquisition follows Doxa in October announcing the acquisitions of AMS Professional Liability and Allsouth Professional Liability, which are both run by president Boyd Wolf and executive vice president David Gough.
In April Doxa acquired specialty insurance agencies Lawrence E Smith & Associates of St Louis, Missouri, and Scholastic Insurance of Orlando, Florida.
In February it acquired Ultra Risk Advisors, a wholesale broker with a focus on non-standard physicians, correctional healthcare, human services, aging services and miscellaneous medical facilities.