If you own an underwriting agency with a very specialized, quality book of business—and have no plans to sell it—then Stephen Way may want to talk about making a deal.

The chair and CEO of Houston International Insurance Group (HIIG), which added to its portfolio in February Birmingham, Ala.-based managing general underwriter Casualty & Surety Inc. (CSI), a specialist in mining and energy risks, says he’s on the hunt for more acquisition targets—but that only MGUs without “For Sale” signs attract his attention.

“Some deals get flogged around everywhere”—getting sent to 50 or so potential buyers, Way says. “On the deals we prefer, we may be one of only two parties” looking at an MGU.

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