INSURICA Insurance Services has finalized its purchase of First Light Program Managers, a Florida-based wholesale insurance provider, in what the company describes as the largest acquisition in its history.
First Light operates as a wholesale brokerage and delegated underwriting program with a focus on the transportation sector, particularly trucking and marine insurance. The late Anthony L. Johnson founded the company in 2007.
John Hester and Mark Bridges, who led the acquisition for INSURICA, characterized the transaction as a strategic move to expand the company's presence in the US transportation insurance market.
Approximately 100 First Light employees, based primarily in Florida and North Carolina, will join INSURICA as part of the transaction.
The acquisition comes as the commercial auto sector faces market hardening. Trucking firms are contending with depressed spot and contract rates, while orders for new extra-heavy tractors have fallen approximately 15% year over year.
The deal also coincides with broader industry shifts toward delegated underwriting. Net written premiums by managing general underwriters rose 40% over the past year, and INSURICA leadership indicated they expect the trend toward program structures in hard-to-place business lines to persist.
Read more: Surviving the commercial auto hard market
INSURICA president Dillon Rosenhamer (pictured above) pointed to alignment between the two organizations as a key factor in the transaction.
"We are impressed with First Light's strong fundamentals and their commitment to underwriting excellence," Rosenhamer said, adding that the acquisition supports INSURICA's emphasis on industry specialization.
Janet Fender, First Light's president, CEO and chief underwriting officer, said the partnership positions the company for continued expansion.
"INSURICA's strong culture, shared values, and commitment to specialty insurance closely align with our approach to serving its partners and clients," Fender said. She noted that the deal would enable First Light to advance its data and technology platforms.
INSURICA CEO and Chairman Mike Ross said the acquisition continues a growth trajectory the company has maintained over the past decade.
"I believe our colleagues, clients, and partners will see a substantial benefit resulting from the acquisition of First Light," Ross said.
