June 8, 2021 – Wholesale insurance broker and managing general agent, Scottish American, has acquired Fastcomp of Boston Heights, Ohio.
Terms of the transaction were not disclosed.
Fastcomp was created in 1998 by an experienced team of insurance underwriting professionals to provide independent agents with the opportunity to unbundle and place monoline workers’ compensation coverage profitably. Fastcomp’s proprietary technology platform enables multiple quotes with a single submission.
Giordano, Halleran & Ciesla provided legal counsel to Scottish American. Alvarez & Marsal provided financial diligence, and Filament AI provided technological diligence. Stark & Knoll Co. provided legal counsel to Fastcomp and MarshBerry advised them on the transaction.
No other advisors, diligence firms or legal counsel were disclosed.
Source: Scottish American