Mystic Capital Advises First Light Program Managers on its sale to INSURICA
Overview of Transaction
- INSURICA completed the acquisition of First Light Program Managers, a nationally scaled specialty MGA with deep underwriting expertise in trucking, transportation, and complex excess & surplus risks, in a transaction of historic scale for both organizations.
- Founded in 2007 by the late Anthony L. Johnson, First Light built a leading niche position in hard-to-place transportation and specialty segments through disciplined underwriting, delegated authority, and program-focused execution.
- The deal brings together First Light’s institutional-grade transportation programs, multi-carrier capacity, and national distribution with INSURICA’s growing specialty platform, materially expanding INSURICA’s presence in delegated underwriting and specialty transportation.
- The transaction sets a precedent for how specialty underwriting talent and distribution scale are converging to shape the next generation of insurance market leaders.
Significance of Transaction
- For First Light, the transaction represents the culmination of a multi-year strategy to build the pre-eminent independent trucking and transportation MGA, providing liquidity while securing a long-term partner capable of supporting continued growth, product expansion, and national scale.
- At an industry level, the transaction reflects a defining industry shift toward delegated underwriting and program-based structures in complex lines such as trucking and transportation, where scale, data, and underwriting discipline are increasingly critical to carrier and distributor success.
- For INSURICA, the acquisition is a transformative milestone that meaningfully enhances its specialty capabilities and positions the firm as a national leader in transportation and E&S underwriting.
- First Light’s strong underwriting fundamentals, disciplined program administration, and specialty focus meaningfully expand INSURICA’s underwriting and program management capabilities, aligning with INSURICA’s long-term strategy of industry specialization.
Mystic Capital’s Role
- Mystic Capital served as exclusive financial and strategic advisor to First Light
- Mystic’s role reflects a long-standing trusted advisory relationship with First Light’s founder, having previously advised the company on its prior acquisitions that built the platform
- This transaction highlights Mystic Capital’s domain expertise in the specialty and program space, along with its successful track record executing transformative transactions that shape industry structure and establish long-term market leaders.