Stephens Insurance LLC, an affiliate of independent financial services firm Stephens Inc. in Little Rock, announced Monday (March 2) it has entered into an agreement to sell a substantial portion of its Personal Lines business to a group of former employees.
Former Stephens Insurance members Gene Davis, Ben Haynes and Doug Lowe have formed a new company called Davis & Haynes Insurance Inc. Haynes, Lowe and the account management team that will be joining Davis & Haynes largely managed the Personal Lines business being divested. The Davis & Haynes team has 130 years of combined insurance industry experience, according to a Stephens Inc. news release.
Financial terms of the deal were not disclosed in the release.
“We are very excited for Gene, Ben, Doug, and their team and look forward to building on the partnership between our companies,” Stephens Insurance President and CEO Miles Stephens said in a statement. “For Stephens Insurance, this transaction is consistent with our strategy of focusing on the building momentum in our Commercial Lines business.”
It is anticipated that all current Stephens Insurance Personal Lines clients will retain their policies with no change in coverage.
“We are proud of Gene, Ben and Doug’s accomplishments during their respective tenures at Stephens,” Stephens Inc. Chairman, President and CEO Warren Stephens said in a statement. “Gene has spent approximately 18 years at Stephens, and we are excited for him and his colleagues as they establish, build and grow Davis & Haynes.”
Stephens Insurance is one of the largest privately owned insurance brokerages in the Mid-South. Its network of offices has more than 170 employees in Fayetteville, Dallas, Jackson, Miss., Houston, and Birmingham, Ala.