Cleveland-based SelmanCo, an insurance broker and third-party administrator, has been acquired by Boston-based One80 Intermediaries, a specialty insurance broker for an undisclosed amount.
SelmanCo provides insurance services to more than 1.3 million customers, and serves over 800 financial institutions, 2,100 employers and 70 affinity groups. The company works with more than 55 insurance companies and maintains $300 million of annual insurance premium under administration. It
“We are pleased to join One80 Intermediaries as we are confident that our partnership will enable us to continue to grow in a nimble and efficient manner,” SelmanCo Managing Director David Selman said in a statement. "Further, the One80 platform will provide enhanced opportunities for our employees and expanded services to our clients and customers with the continued adherence to the values that have made us successful."
Dowling Hales acted as the exclusive financial advisor to SelmanCo and Jones Day provided legal representation for the transaction. One80 Intermediaries was represented by Ropes & Gray.