NU Online News Service, Sept. 28, 10:47 a.m. EDT
SNL Financial LC and Summit Business Media announced SNL’s acquisition of Highline Data, Summit’s insurance information services unit bolstering SNL’s position as the leading U.S. insurance financial information provider across the property and casualty, health and life insurance sectors.
Summit Business Media is the owner of National Underwriter.
With more than twenty years as an industry leader, Highline Data brings a wealth of history and proven experience to SNL Insurance’s existing offerings.
As part of the acquisition, Highline Data’s clients will now have the ability to access SNL’s robust financial institutions database with detailed profiles on more than 20,000 U.S. financial institutions, including banks and thrifts, broker and dealers, investment companies and mortgage lenders.
At the same time, Summit will retain long-term access to the same insurance industry financial data and analysis previously available through Highline Data for use in its own products and services.
The sale of Highline Data will have no impact on Summit’s Marketing Data Group, including Judy Diamond, Agent Media and Kirschners.
“SNL has earned the trust and respect of the insurance community through our commitment to accuracy, depth of coverage, client support, and ever-evolving enhancements to our products, and we are excited to be partnering with a team who shares our passion for these values,” commented Jon Wright, director of SNL Insurance, a division of SNL. “Highline Data is well-known for its industry expertise, timeliness and depth of analysis, as well as its longstanding track record of service to the industry. The marriage of SNL and Highline Data will provide all of our clients with the new standard for data, features, and functionality in the insurance information industry.”
“As a primary re-distributor of U.S. regulatory insurance data, Highline Data provides valuable information on the strength of the insurance industry and of individual companies to the industry itself, as well as to analysts and investors, making it a natural fit within SNL’s best-in-class information franchise,” said Andrew L. Goodenough, president and chief executive officer of Summit.
DeSilva & Philips acted as financial advisor for Summit and SNR Denton was legal advisor. BMO Capital Markets acted as financial advisor for SNL and Dennis Rooker, PC was legal advisor. Terms of the transaction were not disclosed.
SNL Financial provides financial information on more than 3,300 public companies and 50,000 private companies in the business sectors critical to the global economy: banking, financial services, insurance, real estate, energy and media and communications.