Palladium Equity Partners has made an investment in Pronto General Agency Ltd. in the latest insurance deal.
Pronto General, headquartered in Brownsillve, Texas, manages sales, distribution, underwriting and claims administration for the non-standard auto insurance market in Texas. Palladium picked up a majority stake in the company for an undisclosed amount.
Private equity firm Palladium, headquartered in New York, has more than $2.5 billion in assets under management. The firm says it plans to grow Pronto organically and through acquisitions inside and outside of Texas.
Sica Fletcher advised Pronto on the deal.
Other private equity firms are also getting in on insurance M&A. In September, Boston private equity firm TA Associates announced an investment in Groupe Cipres, which provides insurance in France. Before that, Palo Alto, California-based PE firm HGGC bought a stake in Pearl Holding Group.
For more on insurance consolidation, see Racking Up Regional Insurers.