XPT Partners, LLC announced today the acquisition of LP Risk, a full service Managing General Agency (MGA) and surplus lines broker with a wide range of commercial property and casualty coverages distributed to retail agents through in-house and brokerage markets. XPT’s transportation expertise continues to expand by partnering with this Houston, San Antonio & Dallas based company and its in-house Commercial Auto programs and brokerage markets. LP Risk also expands and compliments XPT’s current expertise and unique carrier relationships to provide coverage for General Liability, Excess/Umbrella, Property, Cargo, Equipment and more. Through LP’s brokerage markets alone, nearly any coverage and class of business can be provided to the regions retail agent & broker community. The partnership with Landon Parnell and LP Risk is a perfect fit with XPT’s existing operations and represents a significant platform for XPT’s expansion into the P&C Brokerage space.
“LP Risk has spent many years developing the technical knowledge of our underwriters and the market relationships of our brokers, while making service our main priority. XPT’s commitment to launch innovative products while using a modern platform to access new markets will allow us to raise our service level and realize lasting growth,” detailed Landon Parnell who will continue as President of LP Risk and take on the new role of leading XPT’s National P&C Brokerage Division.
Mark Smith, XPT Partner, stated, “The variety of product offerings Landon has cultivated with his team’s expertise make LP Risk a great complement to our growing portfolio. As we expand within the transportation industry, we are also able to share LP Risk’s extensive knowledge in environmental, construction, manufacturing, ocean marine, hospitality and oilfield and energy related exposures. Our collaborative partnership culture will allow LP Risk to offer more products while maintaining their commitment to service.”
“Landon brings with him an impressive track record of success and knowledge that will strengthen our executive committee. We are thrilled to have him and his team join the XPT family,” said Tom Ruggieri, XPT Partners CEO.
XPT continues to develop their expert wholesale insurance broking and Managing General Agency platform through acquisitions and rapid operational growth. This is XPT’s sixth investment preceded by Western Security Surplus (WSS), WE Love & Associates (WEL), SVA Underwriting (SVA), Klein & Costa (K&C) and Sierra Specialty (Sierra).
The transaction closed on April 22, 2020 and LP Risk will continue to operate under its established brand name, so client business will not be affected. XPT was represented in the acquisition by TAG Financial.
About XPT Group
XPT is a specialty insurance distribution company formed through a partnership of highly experienced management executives and an institutional investor who backs insurance distribution firms. XPT brings together underwriting and wholesale brokerage firms across many specialty lines through acquisitions and new product development. XPT stands apart by delivering expertise through a collaborative partnership culture. www.xptspecialty.com
Contact: Mark Smith 917-843-1243 msmith@xptspecialty.com
About LP Risk
LP Risk, Inc. is a full service managing general agency and surplus lines broker with a wide range of commercial property and casualty to retail agents through in-house and brokerage markets. In-house markets can provide coverage for General Liability, Excess/Umbrella, Commercial Auto, Property, Cargo, Equipment and more. Through brokerage markets nearly any coverage can be provided. Developed over many years, LP Risk is set apart with technical knowledge, experience and market relationships.
Contact: Landon Parnell 713-939-8585 Ext 503 lparnell@lp-risk.com