Wilmington, Del.-based Rockwood Programs, the wholesale brokerage and managing general agency, announced it has partnered with Modern Insurance, the Miami-headquartered retail agency, to establish a new subsidiary company.
The new enterprise–named Modern Insurance Consultants, LLC–will focus on Modern's core expertise of errors and omissions insurance for insurance agents, insurance companies and miscellaneous professional liability classes.
“We feel this new arrangement capitalizes on the unique strengths of each partner,” said Rockwood President Glenn Clark.
Mark Lann, Modern's president, and his team have “a proven track record of success in the E&O arena,” noted Mr. Clark.
He added that Rockwood Programs possesses the markets, distribution outlets and legal status to transact business on a national scale.
“Our aggregated resources will be used to bolster our business relationship with two key groups–Target Markets and the Strategic Independent Agent's Alliance (SIAA) members. The partnership will also benefit the P&C agent retail community, as we will be able to offer a wider array of pricing and coverage term options,” said Mr. Clark.
Mark Lann will serve as the president and chief executive officer of the new entity. The operation will be located in Homestead, Fla.
Mr. Lann explained, “For some time now, we have been looking to affiliate ourselves with a larger agency. To accomplish this goal, we retained the services of Mystic Capital Advisors Group LLC. They helped identify Rockwood as a potential partner and have advised both parties on all aspects of the merger. We are excited to be a part of this new enterprise.”
More information about Modern Insurance Consultants, LLC is available by contacting Mr. Clark at 800-558-8808 or glenn.clark@rockwoodinsurance.com.
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