(Image credit: Adobe Stock.)
A group of investors has announced the formation of DOXA Insurance Holdings, LLC (Fort Wayne, Ind.), a company built to partner with and acquire managing general agents (MGAs) that focus on specialty commercial property and casualty niches. A DOXA statement says the company seeks small to medium, independently owned and operated MGAs that have established brand recognition within their niche markets, have track records of success, and whose ownership anticipates or is actively seeking a business succession option without limiting or sacrificing full control of operations.
“Medium and small MGAs are often overlooked by firms that are actively acquiring within the insurance industry—the ‘bigger is better’ mindset prevails,” explains Matt Sackett, CEO, DOXA Insurance Holdings. Sacket is an industry veteran who formerly held the position of senior VP of national sales for K&K Insurance, as well as having been president and CEO of Leisure Sports Specialists.
Enhanced Service and Efficiency
“From our experience, there is a tremendous amount of knowledge, passion, and creativity within what the industry refers to as a ‘small MGA,’” Sackett adds. “DOXA’s goal is to partner with these smaller to mid-sized agencies, assist their growth and operational objectives with DOXA’s experience, and allow each proprietor to continue managing but with the freedom to consider his or her next steps.”
DOXA is a privately held corporation which states its mission as being to partner with and acquire MGAs with an established brand; to support the MGA’s initiatives to increase revenues; to enhance customer service; to improve agency efficiencies; and to sustain underwriting and industry integrity.