Raleigh-based Arbour National, a start-up backed by Investors Management Corp., is making its first acquisition — Southern Trust Insurance, a family-owned insurance company based in Macon, Georgia.
Arbour National is adding $20 million to Southern Trust’s surplus as part of the deal, which requires regulatory approval. Founder Billy Anderson started Southern Trust 55 years ago and will be a board member and shareholder.
Raleigh insurance executive Dale Jenkins and IMC formed Arbour National in 2021, with Connor Leonard as president. IMC is a private investment company started by James Maynard, best known as the owner of Golden Corral, the largest U.S. buffet restaurant chain.
Southern Trust has the potential to expand its pool of independent insurance agents, providing a good growth opportunity for Arbour National, Leonard says. The two companies started talking last year.
“Our group is thrilled about the opportunities for growth this partnership will bring,” Southern Trust CEO Les Cole said in a release.
Jenkins is the former CEO of Medical Mutual Insurance, the Raleigh-based company now called Curi. He’s among the state’s most active business leaders.
Terms were not disclosed.