Altamont Capital Partners has signed a definitive agreement to acquire Calabasas, Calif.-based Topa Insurance Group from its long-time owner, Topa Equities Ltd.
Terms of the deal weren’t disclosed. The transaction is subject to customary closing conditions, including receipt of required regulatory approvals.
While Altamont will assume majority control, Topa Equities will maintain a minority equity stake in the business following the closing.
Topa is the parent company of Topa Insurance Co., and Dorchester Insurance Co. Topa wrote a reported $130 million of gross written premium in 2018 that it sold through wholesale brokers and managing general agents.
The company said its strategy for the business will remain “largely the same in terms of a focus on specialty P&C lines, but with added support from Altamont to further build the business through acquiring both new capabilities and areas of expertise.”