Highstreet Insurance Partners (HSIP) has revealed its acquisition of Michigan-based Paragon Underwriters.
Paragon Underwriters is a program manager specializing in serving attorneys and law firms.
“We are delighted to have Paragon Underwriters join our Specialty Risk group of agencies at Highstreet,” said HSIP founder and CEO Scott Wick. “Paragon Underwriters brings their legal insurance expertise, coupled together with an exclusive professional liability program providing greater coverage to our law firm clients.”
Wick added that the partnership with Paragon will strengthen HSIP’s efforts in “bringing exceptional expertise to [its] legal services vertical.”
“We are excited to join Highstreet, and expand our reach, serving the law community,” commented Paragon Underwriters president David Lipson. “Our expertise combined with the existing Highstreet legal industry focus will allow us to expand the first-class coverage provided to our clients today and tomorrow.”
Paragon Underwriters is HSIP’s 29th transaction for 2022. A release said that HSIP has currently completed 125 transactions since its formation in 2018.
Read more: Insurance M&A deals up in Q2
Financial advisory firm Sica | Fletcher ranked HSIP as one of the second most active insurance brokerage acquirers in the second quarter of 2022. HSIP is joined by Acrisure and Hub International in second place. The three are surpassed by PCF, which had managed to close 54 deals in Q2 2022 to earn first place.