With merger and acquisition activity heating up across the specialty lines segment, NU asked several wholesalers whether they had been approached to be acquired this year. While some said they had received invitations, the prospective dance partners remain choosy about their suitors, their responses revealed.
“Every week we are approached by somebody,” said Tap Johnson III, president of TAPCO Underwriters based in Burlington, N.C. “Sometimes, we listen to their price, but we've been saying no,” Mr. Johnson reported.
“To find the right strategic partner, it has to be a very unique combination. Not that we wouldn't, but it would be someone who really embraced our ideas,” he said, referring to the thinking behind an advanced technology model and call center that enable his firm to quote and bind a high volume of business on the phone in five minutes.
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