Altamont Capital Partners invests in MGA
Private investment firm Altamont Capital Partners (ACP) has made a majority equity investment in Access Holdco Management, an insurance managing general agency (MGA) focused on the non-standard auto market.
Access is led by founder Michael McMenamin, who will remain president and chief executive officer of the MGA, as well as a significant shareholder.
Posternak Blankstein & Lund and Estabrook Advisors served as Access’ legal and financial advisors, respectively. Altamont was advised by Ropes & Gray.
Terms of the transaction have not been disclosed.
“We are very excited about this transaction and think that it positions Access very well for the future,” said McMenamin.
“With Altamont’s resources and capital base, we expect a greater opportunity to achieve our business goals while continuing to provide our producers and policyholders with the innovative technology and superior customer experience that have made our company so successful.”
Keoni Schwartz, managing director at Altamont added: “We are thrilled to partner with Access Holdco Management to build on the company’s successful history and support it in its future endeavors. The team’s achievement in profitably growing its business, and that of its insurance partners, is highly differentiated.
“Access also has very strong relationships with its independent insurance producers driven by the company’s focus on technology innovation to offer solid underwriting and great customer service.”
