Flexpoint Partners Announces Acquisition of Norwich Group, Inc ...
CHICAGO, March 7 /PRNewswire/ -- Flexpoint Partners, LLC announced today that it has acquired a majority interest in Rosemont, PA-based Norwich Group, Inc. and its affiliated companies via a newly formed holding company. Norwich is a specialist in the development, implementation and administration of commercial insurance products targeted to narrowly-defined industry segments. In connection with the acquisition, Flexpoint will provide capital to Norwich to support the company's plan to increase its underwriting participation in the insurance programs it manages. The company's co-founders, Kirby Hill and William McPherson, will continue to serve as Chief Executive Officer and President, respectively, and will maintain minority equity ownership in the company.
Norwich was established in 1996, initially to provide comprehensive consulting services to program managers in the specialty insurance market, an approximately $10 billion industry.
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