DOXA Insurance Holdings, a company headquartered in Fort Wayne, was launched by Matt Sackett and Tim Wiggins in June 2016 to provide more viable succession plan options for specialized insurance owners throughout the United States. Kevin Wall joined as DOXA’s CFO in July of 2017.
In addition to Matt and Tim, DOXA’s Board of Managers includes Tom Ellis (The Ellis Company), Gabe Sheehan (founding partner at NXTStar Ventures and retired CEO of Lincoln National Reinsurance), Chris Popp (executive VP and part owner of Aunt Millie’s Bakeries), Tim Alford (retired SVP at Lincoln National Insurance) and Kevin Kolar (president of Bradford-Scott Data Corporation and founder of The Tube Car Wash).
DOXA raised an equity pool locally to acquire small-to-medium sized managing general agencies (MGAs). Due to success that exceeded original projections, DOXA is actively raising its second round of capital locally to support its revised and expanded business plan.
MGAs act as sub-contractors to insurance companies to provide insurance to businesses in need of specialized coverage. About 1,000 privately held MGAs exist in the U.S. with $36 billion in sales. “These MGAs contain decades of expertise in providing insurance for unique exposures,” explains Sackett, president of DOXA Insurance Holdings. DOXA’s goal is to roll up multiple MGAs, retain the insurance expertise and leverage best practices.
Wiggins and Sackett recognized that owners of small to medium sized MGAs were finding it difficult to sell their businesses and retire – 75 percent of these owners are approaching retirement age. The industry solution prior to DOXA was not palatable to many of these owners.
The founders are often loyal to their staff and the brand that they have built over decades,” states Wiggins, chief operating officer of DOXA. “Selling to an enterprise that places little value on what is important to them is difficult for these owners.”
Sackett adds, “DOXA’s entire plan was built to provide thoughtful transitions for these businesses and their employees. While change is inevitable, knowing that DOXA is willing and able to provide a flexible alternate offers comfort to these owners.
DOXA closed on its first acquisition in May 2017, Promont Insurance, a Chicago-based excess and surplus insurance entity. DOXA is currently building relationships with 30 MGAs across the U.S.
When asked why Fort Wayne, Sackett responds, “We look to build further upon the foundation of successful insurance companies in Fort Wayne. Medical Protective, Brotherhood Mutual, Ash Brokerage, K&K Insurance, to name a few. Fort Wayne offers a pool of insurance knowledge that will be beneficial as DOXA grows.”
Address: 6203 Constitution Drive Fort Wayne, Indiana 46804
Phone: (888) 747-3692