KENNESAW, Ga., June 23, 2010 — Breckenridge IS, Inc., a specialty underwriter and program management company, has acquired Overby-Seawell Company, the Georgia-based specialty insurance broker, which offers a full-range of lender-based insurance products and services. Overby-Seawell Company, which traces its roots back nearly 50 years, provides insurance outsourcing, tracking and technology services to the financial services industry.
Breckenridge IS, Inc. operates in multiple lines of insurance distribution and services overseeing businesses in specialty wholesale insurance brokerage, managing general agencies and underwriting and insurance services. Complementing its primary focus on specialty insurance markets, Breckenridge IS offers a full-range of commercial property-casualty insurance products and insurance services.
Overby-Seawell Company is a leader in collateral protection insurance and offers more than 20 lender-based insurance products to commercial and community banks, bank-holding companies, credit unions, consumer finance companies, acceptance companies, managing general agents, insurance brokers and agents, and insurance carriers.
Tracey Carragher, CEO of Breckenridge IS, said, “This strategic partnership will enable Breckenridge to accelerate Overby-Seawell’s growth, enhance Overby-Seawell’s national footprint with expanded geographic reach and enable Overby-Seawell to offer clients a wider range of insurance products and services.”
Larry Overby, CEO of Overby-Seawell, said that “We look forward to taking our growth to the next level as a part of the Breckenridge organization. Our operations will continue to be based in Kennesaw, Georgia and Coral Gables, Florida.”
Mr. Overby will continue as CEO along with the other members of the company’s senior management team. “We are fortunate to be able to bring Larry and his skilled team to the Breckenridge organization,” Carragher said.
Collateral protection insurance offers financial institutions critical insurance coverage, especially during difficult economic times. Policies can cover a variety of collateral ranging from vehicles to residential and commercial properties, usually in situations where coverage lapses in a mortgage or an auto loan.
Overby-Seawell Company is also an industry technology leader developing its own, proprietary collateral tracking system, which it markets separately to financial institutions and other general agents.
Additional information about Overby-Seawell can be found at www.overby-seawell.com.