A Drinker Biddle team led by Michael R. Halsband, New York partner and co-chair of the Insurance Transactional and Regulatory Team, advised Topa Equities Ltd. on the sale of its subsidiary Topa Insurance Group (Topa) to Altamont Capital Partners (Altamont). The transaction is subject to customary closing conditions, including receipt of required regulatory approvals. Following the closing, Altamont will assume majority control of Topa, with Topa Equities maintaining a minority equity stake in the business.
The team included Sujata P. Wiese, John F. Finston, Thomas Gray, Mona Ghude, Stephanie Dodge Gournis, Ira M. Kalina, Michael C. Woodruff, Logan A. Bolinger, Yuliya Feldman, Kristi M. Garrett, Yael I. Kalman and Sandra M. Lopez.
Topa is the parent company of Topa Insurance Company, an “A-“ A.M. Best rated property and casualty (P&C) insurance carrier, and Dorchester Insurance Company, the second-largest P&C carrier in the U.S. Virgin Islands.
Headquartered in Los Angeles, Topa Equities Ltd. was founded in 1956 by John E. Anderson. A private, family-owned company, Topa Equities owns more than 25 subsidiaries with primary locations in Southern California, Hawaii and the U.S. Virgin Islands. With more than 2,100 employees across the consolidated group, the company has four main lines of business: beverage distribution, automotive retail, insurance and real estate.