Stephens Insurance LLC, an affiliate of independent financial services firm Stephens Inc. of Little Rock, said Monday that it would divest a substantial portion of its personal lines business to Davis & Haynes Insurance Inc.
Financial terms of the deal were not disclosed. The companies said the sale will enable each firm to focus on its operational priorities.
Davis & Haynes was established by former Stephens Insurance members Gene Davis, Ben Haynes and Doug Lowe. The companies said Haynes, Lowe and the account management team that will be joining Davis & Haynes largely managed Stephens Insurance' personal lines business.
"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 news release. "For Stephens Insurance, this transaction is consistent with our strategy of focusing on the building momentum in our commercial lines business."
The companies expect that all 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. "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 has more than 170 employees at offices in Fayetteville; Dallas; Jackson, Tennessee; Houston; and Birmingham, Alabama. Stephens Inc. is a full-service investment banking firm.