Sanders Morris Harris Group, the Houston-based financial services holding company, announced today that it has acquired a majority interest in Dickenson & Associates, a provider of insurance solutions and consulting services.
Financial terms of the transaction were not disclosed. The acquisition is Sanders Morris Harris Group's second in the past two months. In September, the firm acquired a 25 percent ownership interest in iPro One Inc. and a note convertible into an additional 25 percent.
iPro One provides CPA practices with revenue-enhancing investment systems and products through its proprietary platform.
The acquisition of Solon, Ohio-based Dickenson "further demonstrates our commitment to search out high-quality niche firms that can benefit from our specialized platform," said Stephen R. Cordill, president of Sanders Morris Harris Group's Asset & Wealth Management Division.
He added that combining SMH's asset and wealth management capabilities with Dickenson's insurance footprint will result in "a more robust suite of services for all clients."
Dickenson, founded in 1962, provides corporate and individual clients with life, disability, long-term care and voluntary insurance programs for individuals and families and supplemental retirement programs for highly compensated professionals.
The companies' announcement of the acquisition noted that several Dickenson clients are located in the Cleveland area, including The Cleveland Clinic.
David Dickenson III, president of Dickenson & Associates, said, "SMH clients and contacts will benefit from our very specialized insurance capabilities."
In addition to its insurance offerings, Dickenson also specializes in outsourced benefits and compensation communication, as well as benefits enrollment technology.
SMH said it manages approximately $16 billion in client assets and has over 600 employees in 21 states.
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