A group of investors led by Matthew Sackett, former senior vice president of national sales for K&K Insurance and former president and CEO of Leisure Sports Specialists, has announced the formation of DOXA Insurance Holdings LLC (DOXA), a Midwest domiciled private equity fund
The Fort Wayne, Ind.-based company was created to partner with and acquire managing general agents that focus on specialty commercial property and casualty niches.
More specifically–and by design–DOXA seeks small to medium, independently owned and operated MGAs that have established brand recognition within their niche markets, have track records of success, and whose ownership anticipates or is actively seeking a business succession option without limiting or sacrificing full control of operations.
“Medium and small MGAs are often overlooked by firms that are actively acquiring within the insurance industry. The ‘bigger is better’ mindset prevails,” explained Sackett, CEO of DOXA Insurance Holdings, in a media statement. “From our experience, there is a tremendous amount of knowledge, passion, and creativity within what the industry refers to as a ‘small MGA,'” he said, adding that DOXA aims to partner with MGAs and assist them with growth and operational objectives. He said such arrangements “will allow each proprietor to continue managing but with the freedom to consider his or her next steps.”