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The chief executive of Ceres Group Inc. plans to reach into some familiar pockets in his bid to acquire five more insurance companies by the end of this year.
"We have a circle of investors who have been rewarded handsomely and aren't afraid to invest again if we find the right acquisition targets," said Peter Nauert, president and chief executive of Ceres Group. The company offers group medical benefits for families and businesses through its subsidiaries, including Central Reserve Life Corp. of Strongsville.
At the center of this circle is Insurance Partners L.P., a New York investment partnership that owns 40% of Ceres Group's stock. The principals of Insurance Partners last August launched a $1.85 billion fund, dubbed "Capital Z Financial Services Fund fl," that invests in acquisition-oriented financial services and insurance firms.
Another investor is Richard Osborne, vice chairman of GLB Bancorp in Mentor and general partner of Turkey Vulture Fund XIII Ltd., a private fund that invests in underperforming companies. Mr. Osborne said...