NEW YORK, Nov. 03, 2020 (GLOBE NEWSWIRE) — Constellation Affiliated Partners (Constellation) today announced the acquisition of Trinity Transportation Services (Trinity) and Global Claims Service (Global). Financial terms of the transactions were not disclosed.
“The acquisition of Trinity & Global has given Constellation the opportunity to partner with a leading MGA in the Towing and Recovery Insurance marketplace. The Trinity team brings a wealth of industry knowledge, as well as a proven track record of success in the niche, towing and recovery space. Trinity’s product offerings and underwriting principals complement our already diverse transportation portfolio, giving our network of agents expanded access to the transportation insurance products they need,” said Bill Goldstein, CEO of Constellation.
Walt Sliva, CEO of Trinity Transportation and Global Claims Service, states, “We are excited by the opportunity to join Constellation’s platform of MGAs. Their network of carriers and programs will offer a broad footprint and room to continue growing within the industry. Trinity has been dedicated to the transportation industry for more than 25 years with no plans of slowing down. Our transportation team looks forward to utilizing these new relationships to develop an even more robust line of product and service offerings for our agency partners.”
Additionally, the acquisition of Global Claims Service provides increased claims capacity for the growing network of companies within the Constellation umbrella.
“The deep-rooted transportation knowledge the Global Claims team will bring to our internal claims unit will be a great asset to our Transportation programs,” added Goldstein. “As the Constellation portfolio of companies expands, our goal is to give our brands access to an experienced group of professionals dedicated to their success. The new Global Claims team will be a solid addition to the significant services shared by our MGA platforms, including IT, finance and accounting, legal and compliance, human resources, program and capacity development, marketing, and claims and loss control services, all at-the-ready to help our brands thrive.”
About Constellation Affiliated Partners
Constellation Affiliated Partners is a New York-based insurance consolidator platform that specializes in acquiring MGA, program administrator and wholesale companies in the United States and Canada. Constellation’s partners use a set of core values to evaluate and pursue strategic partnerships with companies that have demonstrated superior underwriting principles and have earned a solid industry reputation. The diverse group of companies within Constellation’s portfolio bring a vast array of insurance and re-insurance offerings to the North American marketplace. Constellation is backed by RedBird Capital Partners, a private investment firm focused on building high-growth companies with flexible, long-term capital.
About RedBird Capital Partners
RedBird Capital Partners is a private investment firm focused on building high-growth companies with flexible, long-term capital in partnership with its Entrepreneur & Family Office Network. Founded by former Goldman Sachs Partner Gerry Cardinale, RedBird today manages $4 billion of capital principally across its core industry verticals in Sports, TMT, Financial Services and Consumer. RedBird invests with an entrepreneurial, company-building mentality, with an emphasis on capital appreciation and compounding equity returns over longer holding periods. RedBird’s network of business founders and entrepreneurs is central to its investment sourcing strategy, and its highly curated group of limited partners are active co-investors who provide scalable capital support. For more information, please go to www.redbirdcap.com
About Trinity Transportation Services
Trinity Transportation Services was founded in 2004 and is a leading managing general agent in the towing and recovery insurance space. This program offers Commercial Auto, General Liability, Property, Inland Marine and Excess/Umbrella coverages for towing and recovery operations and vehicles. Trinity is headquartered in Jacksonville, Florida.
About Global Claims Service
Global Claims Service is a property and casualty third party administrator founded in 1999 that exclusively handles claims for Trinity Transportation Services. Global is headquartered in Raleigh, NC.