DOXA targets ‘hot’ rental market with latest acquisition
DOXA targets ‘hot’ rental market with latest acquisition | Insurance Business America
Property
DOXA targets ‘hot’ rental market with latest acquisition
M&A target is its 15th deal
Property
By
Mika Pangilinan
DOXA Insurance Holdings has moved to boost its presence in the rental market with the acquisition of Renters Legal Liability (RLL), a managing general agency (MGA) specializing in renters’ legal liability products.
Founded in 2005, RLL offers a fully insured and captive program to multifamily owners and managers across the US. It utilizes a unique model that eliminates the need for tenants to secure separate rental insurance by designating the property owner as the insured, thereby simplifying the process and enhancing coverage for both parties.
The swoop for RLL marks DOXA’s 15th acquisition. In an emailed release, the Indiana-based holding company described the deal as part of a strategy to penetrate and leverage opportunities within growing sectors.
“Given the ongoing housing shortage in the US. and the still hot rental market, the acquisition of RLL is another step for DOXA to expand into growing sectors of the economy,” said Matt Sackett, CEO of DOXA. “With a nationwide client base, extremely navigable customer interface and unique product, RLL adds another successful and profitable business to the DOXA portfolio.”
RLL is backed by an A+ A.M. Best rated carrier. With DOXA’s acquisition, the MGA will gain access to enhanced back-office, actuarial, and underwriting support.
Chet Goodwin, president of RLL, also commented on the acquisition, noting how the company will benefit from DOXA’s support and “longstanding experience in the insurance space.”
“RLL has long been managed by professionals with vast experience in the risk and property management spaces,” he said. “We are advocates for our clients and support them with the skills, technology, and problem-solving expertise necessary for success. In partnering with DOXA, we are pleased to take both our experience and product offerings to the next level.”
Goodwill will continue to lead RLL post-acquisition, according to DOXA’s release. COO Brent Daines, will also maintain his role within the company’s leadership.
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