With the Nevada General acquisition, Southlake expands its admitted product portfolio. Credit: Juli_Ash /Shutterstock.

Texas, US-based Southlake Financial Group has bolstered its national presence with the purchase of Nevada General Insurance Company.

Financial terms of the deal remain undisclosed.

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Nevada General, a property and casualty insurer licensed to operate across several Western US states, has been acquired from Western National Mutual Insurance.

This move is expected to extend Southlake’s reach and enhance its product offerings across multiple Western US states.

Through the acquisition of Nevada General, with more than $800m in premiums written, Southlake aims to improve its service capabilities.

The integration of Nevada General into the company’s operations will allow the latter to offer an expanded admitted product portfolio to its business partners.

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Nevada General will now operate under Southlake’s AM Best Credit Rating of A- (Excellent) and will be part of the Financial Size Category VIII, indicating assets between $100m and $250m.

Southlake owner and CEO Yogesh Kumar said: “We are thrilled to announce the successful acquisition of Nevada General Insurance Company.

“This milestone is a key component of our growth strategy, enabling us to broaden our reach in the admitted market while reaffirming our commitment to delivering innovative solutions and outstanding financial security. We’re eager to grow and diversify our product offerings through this valuable addition.”

The acquisition is expected to diversify Southlake’s coverage solutions, catering to a broader market segment.

Southlake Financial Group, through its subsidiaries including Southlake Specialty Insurance, Westlake Specialty Insurance, and now Nevada General Insurance, provides a diverse range of specialty insurance products.

The company offers insurance infrastructure as a service, licensed across all 50 states in the US.