FARMINGTON HILLS, MI; FRISCO, TX – H.W. Kaufman Group Inc. is acquiring Frisco-based premium financing company Stonemark Inc. Terms of the deal were not disclosed.
Farmington Hills, Michigan-based Kaufman will merge its Royal Premium subsidiary with Stonemark to form a new organization under the Stonemark brand, according to a company statement. Kaufman owns several excess and surplus lines-related firms, including Burns & Wilcox.
“Stonemark’s leadership in premium financing – with more than $125 million in annual loan volume in 2017 – combined with Royal Premium, will create an even more powerful and dynamic firm to serve retail insurance brokers and agents across the United States and Canada, with the capacity to expand globally,” said Alan Jay Kaufman, Chairman, President and CEO, H.W. Kaufman Group. “Stonemark has created a smart, solid, and successful operating model, and we welcome them to the Kaufman family.”
Stonemark CEO Elizabeth Davies, whose family founded the company more than 30 years ago, will lead the combined organization as president, and Laura Tate, who was chief operating officer, will become chief administrative officer.
“The strength of our longstanding relationships and our expertise has driven Stonemark’s continued momentum and success,” said Davies. “Kaufman’s investment in our future means that we will have the ability to expand our service offerings and become an even more valuable partner to our clients.”
Stonemark will maintain the group’s associates at its current location in Frisco. The Royal Premium Detroit/Farmington Hills, Michigan, office will operate under the Stonemark name. Stonemark will also position premium financing specialists throughout more than 60 Kaufman and Burns & Wilcox offices, according to the statement.
Colonnade Securities LLC acted as exclusive financial advisor to Stonemark Inc.
About H.W. Kaufman Group
H.W. Kaufman Group has over 60 offices across the United States, Canada, and the United Kingdom and employs more than 2,000 professionals. Founded in 1969 and headquartered in Metro Detroit, H.W. Kaufman Group also includes: Burns & Wilcox, Burns & Wilcox Brokerage, Burns & Wilcox Canada, Burns & Wilcox Re, Atain Insurance Companies, Afirm, Global Excess Partners, R.B. Jones, Stonemark, Minuteman Adjusters, and London-based, Chesterfield Insurance Brokers, Lochain Patrick, and Cranbrook Underwriting. www.hwkaufman.com
About Stonemark, Inc.
Stonemark, Inc. is a full service premium finance company. Based in Frisco, Texas, Stonemark has been providing superior premium financing services in commercial and personal insurance for retail brokers and agents for more than 30 years. www.stonemarkinc.com
Colonnade is a boutique investment banking firm that specializes in merger and acquisition advisory services. The firm provides financial advice to clients in the financial services and business services sectors and advises business owners in selling their companies, buying competitors, and raising capital. www.coladv.com