SNL Financial L.C. and Summit Business Media have announced that SNL is acquiring Summit’s Highline Data unit.
SNL, Charlottesville, Va., is making the deal to bolster its position as a U.S. insurance financial information provider in the property & casualty, health and life insurance sectors.
Highline Data has more than 20 years of experience in the insurance data market.
Highline Data clients will now have the ability to access SNL’s financial institutions database, which provides detailed profiles on about 20,000 U.S. financial institutions, including banks & thrifts, broker/dealers, investment companies and mortgage lenders.
Summit, Erlanger, Ky., will continue to have long-term access to the same insurance industry financial data and analysis it previously obtained from Highline Data.
The Highline Data sale will have no effect on Summit’s Marketing Data Group, which includes Judy Diamond, Agent Media and Kirschners.
“SNL has earned the trust and respect of the insurance community through our commitment to accuracy, depth of coverage, client support, and ever-evolving enhancements to our products, and we are excited to be partnering with a team who shares our passion for these values,” says Jon Wright, director of SNL’s SNL Insurance division. “Highline Data is well-known for its industry expertise, timeliness and depth of analysis, as well as its longstanding track record of service to the industry. The marriage of SNL and Highline Data will provide all of our clients with the new standard for data, features, and functionality in the insurance information industry.”
“As a primary redistributor of U.S. regulatory insurance data, Highline Data provides valuable information on the strength of the insurance industry and of individual companies to the industry itself, as well as to analysts and investors, making it a natural fit within SNL’s best-in-class information franchise,” says Andrew L. Goodenough, president of Summit.
DeSilva + Philips acted as financial advisor for Summit and SNR Denton was legal advisor.
BMO Capital Markets acted as financial advisor for SNL and Dennis Rooker P.C. was legal advisor. Terms of the transaction were not disclosed.