Dallas-based Wingspan Portfolio Advisors has acquired hazard insurance claims management company Dimont & Associates.
The deal, which expands Wingspan's capabilities and adds about 2,000 employees, is the second largest transaction for the company in 2013. Details of the transaction were not disclosed.
In February, Wingspan acquired the JPMorgan Chase servicing facility in Melbourne, Fla., retaining the existing staff to service loans for Chase as well as Wingspan's other clients.
Dimont & Associates, which specializes in filing and negotiating insurance claims for lenders, servicers, investors and the GSEs, will become a wholly owned subsidiary of Wingspan Portfolio Holdings Inc. It will retain its name, leadership and company structure. Founder Bernie Dimont, who launched the firm in 1996, is expected to continue in his leadership role.
Steven Horne, CEO and president of Wingspan, said the acquisition gives his company ‘brand power in the claim recovery services arena, where Dimont is already successfully managing claims for many of the country's highest volume servicers and GSEs.’ He said the two companies ‘will complement each other to bring an even more impressive array of services to our clients.’
As a result of the acquisition, Wingspan will now have offices in Dallas, Frisco and Carrollton, Texas; and in Melbourne, Fla., along with Dimont & Associates' offices in Dallas and San Diego.