Southern Trust and Arbour National announce partnership and significant investment

Southern Trust Insurance , a provider of coverage across the Southeast for over 50 years, announced the signing of a definitive agreement for a partnership with Arbour National. The significant investment will support the continued growth of Southern Trust, reinforcing its commitment to independent agents and policyholders across the Southeast.

“This is the best thing for our people. We had a great fit with the Arbour team from the beginning, and our group is thrilled about the opportunities for growth this partnership will bring,” Southern Trust CEO & President Les Cole said. “With Arbour’s support and access to capital, we will be able to continue growing while staying true to the principles that have guided Southern Trust for decades.”

As part of the agreement, Southern Trust will continue to operate independently in Macon, Ga., led by Mr. Cole, who will remain a significant shareholder and board member. Founder Billy Anderson, who started the organization 55 years ago, will also continue as a board member and shareholder ensuring continuity of the company’s unique culture. Arbour National will become the majority owner of both Southern Trust Insurance Company and Southern Specialty Underwriters, with Cole and Anderson as key partners. To support continued expansion and hiring, at closing Arbour National will contribute an additional $20 million to Southern Trust’s surplus.

“We think this is a quality company that has a lot of potential,” Arbour National Chairman Dale Jenkins said. “We believe in Les Cole and think this team can continue to prudently grow across the Southeast.” Arbour National President Connor Leonard added “we deeply respect what the Andersons built over the first 55 years and plan to continue with a similar ownership approach that invests behind the team in Macon.”

The partnership is expected to close in 2023 subject to regulatory approval.