Stephens Insurance sells personal lines business to Davis & Haynes
US broker Stephens Insurance, an affiliate of independent financial services firm Stephens, has agreed to divest a substantial portion of its personal lines business to Davis & Haynes Insurance. Stephens said the sale will enable each company to focus on its operational priorities.
Davis & Haynes was established by former Stephens Insurance members Gene Davis, Ben Haynes and Doug Lowe. Haynes, Lowe and the account management team that will be joining Davis & Haynes largely managed the personal lines business being divested. The Davis & Haynes team has 130 years of combined insurance industry experience.
“We are very excited for Gene, Ben, Doug, and their team and look forward to building on the partnership between our companies,” said Stephens Insurance president and chief executive officer, Miles Stephens. “For Stephens Insurance, this transaction is consistent with our strategy of focusing on the building momentum in our commercial lines business.”
Both companies said they are committed to providing a smooth transition for policyholders, partners, employees and other stakeholders. It is anticipated that all current Stephens Insurance Personal Lines clients will retain their policies with no change in coverage.
“We are proud of Gene, Ben and Doug’s accomplishments during their respective tenures at Stephens,” said Stephens Chairman, president and chief executive officer Warren Stephens. “Gene has spent approximately 18 years at Stephens, and we are excited for him and his colleagues as they establish, build and grow Davis & Haynes.”
