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Target Markets Program Administrators Association Program Administrator Liquor Pak Associates Over the last year, a major element of Lighthouse Underwriters’ goals has been engaging in mergers and acquisitions. As evidenced by the headline on this page, this goal has been accomplished. Lighthouse, a Virginia-based firm, was acquired by Dallas-based U.S. Risk Insurance Group during the past year, with the merger taking effect on January 1, 2006. The largest component piece of the U.S. Risk group is U.S. Risk Underwriters with offices in Scottsdale, Arizona; Austin, Dallas and Houston, Texas; Lafayette, Louisiana; Trenton, New Jersey; and at Lighthouse headquarters in Annandale, Virginia. Art Seifert, former president of Lighthouse, assumes the role of U.S. Risk Underwriters president while continuing as Lighthouse Underwriters’ CEO. Under terms of the acquisition agreement, Lighthouse continues to manage specialty insurance programs and market them through agents and brokers. Its three largest national programs—staffing, elder care, and entertainment—remain at the firm’s forefront. During the past year, newly added elder care programs include hospice care, home health care, a recently rolled out program for adult day care, and a service called ‘We Care’ that focuses on residentially disabled persons. In some categories U.S. Risk/Lighthouse is scouting smaller programs where it already has some established centers of expertise. As an example, Seifert cites the entertainment area, where smaller programs can be dropped into “our entertainment program box without incurring incremental expenses.” U.S. Risk Underwriters will develop new program opportunities by mining the U.S. Risk Brokers and the U.S. Risk Underwriters Commercial Contract Underwriting books of business. “We’ve found pockets of business in the $3 million to $4 million range that represent an excellent base from which to launch a new program,” says Seifert. U.S. Risk’s acquisition of Lighthouse was a major strategic move for both parties. “The new organization,” Seifert notes, “is developing new programs, and it provides an opportunity for both groups to complement each other. Combined, we have more than $400 million in premium business. That’s an excellent base from which to grow. I hope we can launch and support four or five new programs a year.” Joining Seifert in headquarters posts are two veteran insurance industry leaders. Randall Goss is chairman and CEO at U.S. Risk Insurance Group, and Mac Wesson is U.S. Risk Insurance Group’s president and chief operating officer. Seifert is well accustomed to handling executive responsibilities. At next month’s national meeting, he’ll conclude a two-year term as the Target Market Program Administrators Association president. A Target Markets association leader since its 2001 inception, Seifert points to two of the benefits of TMPAA membership. “For insurance companies interested in program business, there’s no other place you can go to access three dozen or more program administrators over a two-day period than to one of our two annual meetings. Secondly, it’s an ideal place to explore acquisition opportunities. Where else can you find 130 program managers? Our program administrators association is a perfect venue for accomplishing strategic acquisition and finding new markets.” * |
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