Dallas, TX - Novatae Risk Group ("Novatae”) announced today that it acquired the assets of American Management Corporation, ("AMC") of Conway, AR on September 1, 2023. Terms of the transaction were not disclosed.
AMC was founded over 60 years ago and has grown into a highly respected and specialized national agency. AMC began with a specialized program for service stations and convenience stores, later expanding to fuel marketers. By developing a top-rated, nationwide program for service stations and then for fuel marketers, it allowed AMC to implement plans for aggressive growth.
"AMC’s goal is to be a one-stop shop for our partners," says Stephen Strange, Jr., President, American Management Corporation. "The key to AMC’s success has been our ability to diversify, aggressive plans for growth, and unmatched service. I look forward to being a part of Novatae while continuing to exemplify high standards of excellence."
"AMC has a long history of successfully managing programs and providing retailers with a diverse array of options for most any risk," says Richard Kerr, Chief Executive Officer, Novatae Risk Group. "AMC's historical success in convenience stores and service stations will enable us to bring our retail agents yet another exclusive program. We expect the new service station and convenience store program to be quoting business by the first quarter of 2024."
Giordano Halleran Ciesla provided legal counsel, and Sica Fletcher advised Novatae. Mitchell Williams provided legal counsel to AMC on the transaction. No other advisors, diligence firms, or legal counsel were disclosed.
About Novatae Risk Group Novatae Risk Group (Novatae) is a full-service wholesale insurance brokerage, managing general agency and program manager providing brokers and their clients with specialty insurance products and services for complex and hard-to-place risks across property, casualty, workers’ compensation, cyber, professional, management, construction, environmental, garage, inland marine/ocean marine and more. Novatae serves more than 6,000 clients from 27 offices across the United States. For more information, please visit www.novatae.com.
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Mergers & Acquisitions Contact: Bradley Unger, Senior Vice President, Business Development 732-712-2230 Ext. 186