Houlihan Lokey Advises LimitFi

Houlihan Lokey is pleased to announce that LimitFi, a leading capital and credit-risk insurance platform specializing in default-risk transfer and alternative credit solutions, has been acquired by DOXA, a specialty insurance platform that acquires and grows niche-market-focused insurance program administrators, underwriting, and program distribution companies. The transaction closed on July 31, 2026.

LimitFi connects banks and lenders seeking capital relief and risk transfer with insurance and reinsurance capital providers while focusing on higher-value specialty transactions in often-underserved markets.

“LimitFi’s experience and strength in structured credit markets contribute well to our continued strategic expansion of specialty insurance Managing General Agents (MGAs),” said Kevin Wall, President of DOXA. “LimitFi co-founders Adam Budnick, Zach Smith, and their team have built deep expertise in credit risk transfer, and we look forward to supporting the next phase of their growth.”

LimitFi brings an experienced team with extensive backgrounds in credit insurance, private capital, and structured finance to DOXA. The organization is supported by specialists in credit, analytics, and portfolio management.

“As our leadership team discussed how we want to evolve LimitFi, we knew it would take a unique partner to help us get there,” said Mr. Budnick. “DOXA is exactly that partner, with an impressive track record in supporting niche MGAs in achieving their growth potential.”

Following the acquisition, Mr. Budnick and Mr. Smith will continue to lead LimitFi as Co-Presidents of the business. LimitFi employees will also remain in place to further support the company’s continued growth.

Aligning with DOXA’s continued growth strategy, the LimitFi acquisition expands DOXA’s portfolio of niche insurance offerings. The move also strengthens the company’s capabilities across insurance, banking, private credit, structured finance, and capital markets.

Houlihan Lokey acted as the exclusive financial advisor to LimitFi.

RELATED: Insurance, Mergers and Acquisitions