Insurance Buyout Acquisitions in 2019
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December 31, 2019
- Buyer
- Alera Group
- Target
- Sylvia Group
- Industry
- Insurance
- Location
- Massachusetts, United States
- Type
- Buyout
Alera Group, a national employee benefits and insurance firm, acquired Sylvia Group, a Dartmouth, Massachusetts-based insurance and employee benefits agency, effective December 31, 2019. The deal brings Sylvia Group's property & casualty and employee benefits expertise into Alera's national platform to strengthen capabilities and service coverage in New England; terms were not disclosed.
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December 17, 2019
- Buyer
- BRP Group, Inc., Baldwin Krystyn Sherman Partners, LLC (BKS-Partners)
- Target
- Lanier Upshaw, Inc.
- Industry
- Insurance
- Location
- Florida, United States
- Type
- Buyout
BRP Group, through its subsidiary Baldwin Krystyn Sherman Partners (BKS-Partners), agreed to acquire substantially all assets of Lanier Upshaw, an independent insurance agency based in Lakeland and Tampa, Florida. The transaction (expected to close Jan 1, 2020) will fold Lanier Upshaw into BRP's Middle Market Operating Group to expand its Central Florida market presence and broaden client capabilities in healthcare, higher education, construction and nonprofit segments.
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December 17, 2019
- Buyer
- Tiptree Inc.
- Target
- Smart AutoCare
- Seller
- Peter Masi
- Industry
- Insurance
- Location
- Texas, United States
- Type
- Buyout
Tiptree Inc., through its insurance subsidiary, agreed to acquire Smart AutoCare, a vehicle warranty solutions provider led by founder and CEO Peter Masi, in an all-cash transaction with incentive-based earnouts. The deal will make Smart AutoCare a wholly owned subsidiary of Tiptree Warranty Holdings LLC and is intended to materially expand Tiptree’s warranty distribution channels and fee-based cash flows outside its regulated insurance subsidiaries.
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December 16, 2019
- Buyer
- USI Insurance Services LLC
- Target
- Marcotte Insurance Agency, Inc.
- Industry
- Insurance
- Location
- Nebraska, United States
- Type
- Buyout
USI Insurance Services has acquired Omaha, Nebraska-based Marcotte Insurance Agency, Inc., a multi-line insurance agency specializing in employee benefits, retirement and risk management advisory services. The deal (terms undisclosed) brings Marcotte’s 48 employees into USI and establishes a new USI presence in Nebraska while maintaining Marcotte’s local leadership under President David Bushey.
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December 10, 2019
- Buyer
- Risk Strategies
- Target
- Gowrie Group, Maritime Program Group
- Seller
- Gowrie Holdings, Inc.
- Industry
- Insurance
- Location
- Connecticut, United States
- Type
- Buyout
Risk Strategies, a privately held national insurance brokerage, acquired two subsidiaries of Gowrie Holdings, Inc. — Gowrie Group (a specialty retail insurance brokerage) and Maritime Program Group (a marine-focused managing general agent). The deal adds marine, private client and wholesale/program underwriting capabilities to Risk Strategies' specialty and private client offerings; terms were not disclosed.
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December 10, 2019
- Buyer
- AmeriLife Group, LLC
- Target
- Agent Support Group (ASG)
- Industry
- Insurance
- Location
- New York, United States
- Type
- Buyout
AmeriLife Group, LLC has acquired a majority interest in Agent Support Group (ASG), a long-established life insurance brokerage agency serving the New York metropolitan area. ASG's three partners will continue to lead the business from its New York office as part of AmeriLife's expanded annuity and retirement planning brokerage distribution channel, enhancing AmeriLife's advanced case, underwriting and high-net-worth capabilities.
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December 5, 2019
- Buyer
- Hub International Limited
- Target
- Blair Jarcik Insurance Agency, Inc.
- Seller
- Blair Jarcik Insurance Agency, Inc.
- Industry
- Insurance
- Location
- California, United States
- Type
- Buyout
Hub International Limited acquired the assets of Blair Jarcik Insurance Agency, Inc., a Novato, California-based commercial and personal insurance agency. Terms were not disclosed; Blair Jarcik, President of the agency, will join Hub California and report to Bryan Costello as part of the integration.
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December 4, 2019
- Buyer
- Hub International Limited
- Target
- SilverStone Group
- Seller
- SilverStone Group shareholders
- Industry
- Insurance
- Location
- Nebraska, United States
- Type
- Buyout
Hub International Limited has acquired SilverStone Group, a Omaha-based insurance brokerage and the largest brokerage in Nebraska. The acquisition creates a new regional unit, Hub Great Plains, expanding Hub's geographic footprint and adding SilverStone's capabilities in insurance, surety, employee benefits, retirement plans, and wealth management.
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December 3, 2019
- Buyer
- Hub International Limited
- Target
- HMBD Insurance Services, Inc.
- Industry
- Insurance
- Location
- California, United States
- Type
- Buyout
Hub International Limited has acquired Hamman--Miller--Beauchamp--Deeble, Inc. d/b/a HMBD Insurance Services, Inc., a Long Beach, California-based full-service insurance agency. The acquisition strengthens Hub's specialty practices by adding HMBD's capabilities in construction, dental professional liability, transportation (railroads) and expands Hub's presence in the Southern California market.
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December 1, 2019
- Buyer
- Heffernan Insurance Brokers
- Target
- Henderson Insurance
- Industry
- Insurance
- Location
- California, United States
- Type
- Buyout
Heffernan Insurance Brokers has acquired the assets of Newport Beach-based Henderson Insurance, integrating the firm into its HeffDirect division effective December 1, 2019. The acquisition brings Henderson's 47 years of specialty expertise in dry cleaner and laundry insurance to Heffernan, expanding the firm's niche practice capabilities and national service footprint.
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November 25, 2019
- Buyer
- AssuredPartners, Inc.
- Target
- Surety Solutions Insurance Services, Inc. (Surety1)
- Industry
- Insurance
- Location
- California, United States
- Type
- Buyout
AssuredPartners, Inc. has acquired Surety Solutions Insurance Services, Inc. (Surety1), a Rancho Cordova, California-based surety bond specialist. The 15-person agency, which reports approximately $3.3 million in annualized revenue, will continue to operate under John Page and Ryan Tash as part of AssuredPartners' nationwide insurance brokerage platform.
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November 25, 2019
- Buyer
- The Carlyle Group, T&D Holdings
- Target
- Fortitude Group Holdings (Fortitude Re)
- Seller
- American International Group (AIG)
- Industry
- Insurance
- Location
- United Kingdom
- Type
- Buyout
A Carlyle-managed fund together with T&D Holdings acquired a 76.6% interest in Fortitude Group Holdings (which operates as Fortitude Re) from American International Group (AIG) for approximately $1.8 billion (AIG received about $2.2 billion including additional consideration). Post-closing ownership is Carlyle and its fund investors ~71.5%, T&D 25% and AIG 3.5%; the deal positions Fortitude Re as an independent platform focused on reinsurance and run-off management for legacy insurance liabilities.
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November 25, 2019
- Buyer
- Specialist Risk Group Ltd
- Target
- David Codling & Associates Ltd
- Industry
- Insurance
- Location
- United Kingdom
- Type
- Buyout
Specialist Risk Group Ltd (SRG) has acquired David Codling & Associates, a boutique specialist in Specie and Jewellers' Block insurance. The deal adds David Codling's specialist capabilities to SRG's distribution channels and expands the group's specialty insurance offerings.
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November 22, 2019
- Buyer
- AssuredPartners, Inc.
- Target
- Mack, Mack & Waltz Insurance Group, Inc.
- Industry
- Insurance
- Location
- Florida, United States
- Type
- Buyout
AssuredPartners, Inc. has acquired Mack, Mack & Waltz Insurance Group, Inc., an insurance agency based in Deerfield Beach, Florida. The 22-person agency, which reports $5.2 million in annualized revenue, will remain under its existing leadership while joining AssuredPartners to expand the firm's Florida operations and capabilities.
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November 21, 2019
- Buyer
- MRI Software
- Target
- Multifamily Insurance Partners
- Industry
- Insurance
- Location
- Ohio, United States
- Type
- Buyout
MRI Software has acquired Multifamily Insurance Partners, a Ohio-based provider of resident renters insurance programs and insurance compliance solutions for the U.S. multifamily rental market. The deal integrates Multifamily Insurance Partners' resident insurance capabilities into MRI’s MRI Living residential suite to streamline leasing/onboarding and help property owners close insurance gaps and reduce uninsured losses.
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November 15, 2019
- Buyer
- EPIC Insurance Brokers & Consultants
- Target
- Prime Risk Partners
- Industry
- Insurance
- Location
- Georgia, United States
- Type
- Buyout
EPIC Insurance Brokers & Consultants has completed its acquisition of Atlanta-based Prime Risk Partners, combining the two brokers to expand EPIC's national footprint and broaden specialty support offerings. Prime Risk Partners will initially operate as Prime Risk Partners – an EPIC Company and continue to serve clients from its existing locations.
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November 12, 2019
- Buyer
- Risk Strategies
- Target
- Zito Insurance Agency
- Industry
- Insurance
- Location
- Ohio, United States
- Type
- Buyout
Risk Strategies, a privately held national insurance brokerage, has acquired Zito Insurance Agency, a full-service brokerage headquartered in Mentor, Ohio. Zito, founded in 1963 with 36 employees and a second office in Rocky River, will join Risk Strategies to expand the buyer's presence and capabilities in Ohio while preserving Zito's client-focused approach.
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November 9, 2019
- Buyer
- Arthur J. Gallagher & Co.
- Target
- Garrett-Stotz Company
- Industry
- Insurance
- Location
- Kentucky, United States
- Type
- Buyout
Arthur J. Gallagher & Co. (Gallagher) has acquired Garrett-Stotz Company, a Louisville, Kentucky-based full-service commercial and personal lines property/casualty and benefits agency founded in 1931. The deal expands Gallagher’s presence in Kentucky and Indiana, adds expertise in construction and surety, and creates cross-selling opportunities across Gallagher’s retail insurance and employee benefits operations; terms were not disclosed.
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November 8, 2019
- Buyer
- Hub International Limited
- Target
- W.R. Carey Corporation
- Seller
- W.R. Carey Corporation
- Industry
- Insurance
- Location
- Manitoba, Canada
- Type
- Buyout
Hub International Limited has acquired the assets of W.R. Carey Corporation, an employee benefits consulting firm based in Winnipeg, Manitoba. The deal brings Bill Carey and all Carey Corp employees into Hub International Manitoba Limited to expand Hub's Canadian employee benefits and retirement services capabilities.
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October 30, 2019
- Buyer
- The Carlyle Group
- Target
- The Hilb Group
- Seller
- Abry Partners
- Industry
- Insurance
- Location
- Virginia, United States
- Type
- Buyout
The Carlyle Group has signed a definitive agreement to acquire a majority interest in The Hilb Group from Abry Partners; financial terms were not disclosed. Hilb, a Richmond-based insurance brokerage with more than 900 associates and 91 branch offices, will retain significant ownership by its management team and employee shareholders as Carlyle supports further organic growth and targeted M&A.
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October 25, 2019
- Buyer
- Adelis Equity Partners
- Target
- Säkra AB
- Seller
- Existing Säkra shareholders (brokers and management)
- Industry
- Insurance
- Location
- Sweden
- Type
- Buyout
Adelis Equity Partners will become majority owner of Säkra AB as the Swedish insurance brokerage consolidates affiliated offices to form a leading broker focused on P&C, life, pension and savings. The transaction — which is subject to competition and Swedish Financial Supervisory Authority approval — appoints Eva Pantzar Waage as CEO while Säkra's brokers and management remain significant shareholders. Adelis intends to support geographic and product expansion and use Säkra as a platform for market consolidation.
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October 15, 2019
- Buyer
- Apax Partners, GamaLife
- Target
- GNB Vida
- Seller
- Novo Banco
- Industry
- Insurance
- Location
- Portugal
- Type
- Buyout
Apax Partners has acquired Portuguese life insurer GNB Vida from Novo Banco as the inaugural deal for its newly created life and wealth platform, GamaLife. The transaction is part of Apax’s strategy to build a pan‑European consolidation platform for life insurance and wealth businesses.
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October 11, 2019
- Buyer
- Cornell Capital LLC
- Target
- Spectrum Automotive Holdings Corp.
- Seller
- Southfield Capital
- Industry
- Insurance
- Location
- New Jersey, United States
- Type
- Buyout
Cornell Capital LLC has acquired Spectrum Automotive Holdings Corp. from Southfield Capital; terms were not disclosed. Spectrum, headquartered in Fairfield, New Jersey, is an agent, marketer and administrator of finance and insurance (F&I) products serving more than 1,400 dealers, OEMs and administrators across the U.S. Southfield Capital had owned Spectrum since 2015 and the management team will remain as significant shareholders alongside Cornell Capital.
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October 10, 2019
- Buyer
- Arthur J. Gallagher & Co.
- Target
- Direct To PolicyHolder (DTPH) / The Doyle Group, Inc.
- Industry
- Insurance
- Location
- Florida, United States
- Type
- Buyout
Arthur J. Gallagher & Co. acquired The Doyle Group, Inc., which does business as Direct To PolicyHolder (DTPH), an e-commerce affinity platform focused on acquiring and retaining professional liability insurance policyholders in allied healthcare and wellness. The Doyle team, led by Nick Doyle, will continue to operate from Ponte Vedra Beach, Florida under Gallagher's North American Affinity operations to strengthen Gallagher's ecommerce marketing and affinity-channel capabilities.
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October 2, 2019
- Buyer
- AssuredPartners, Inc.
- Target
- Tutton Insurance Services, Inc.
- Industry
- Insurance
- Location
- California, United States
- Type
- Buyout
AssuredPartners, Inc. has acquired Tutton Insurance Services, Inc., a Santa Ana, California-based insurance agency with approximately 57 employees and estimated annual revenues of $11 million. The Tutton team will remain under the operational leadership of Bill Tutton as AssuredPartners expands its presence in the Western/California market.
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October 2, 2019
- Buyer
- Warburg Pincus
- Target
- Petplan
- Industry
- Insurance
- Location
- Pennsylvania, United States
- Type
- Buyout
Warburg Pincus, a global private equity firm, acquired Petplan, a leading North American pet health insurance provider headquartered in Newtown Square, Pennsylvania. The acquisition will provide Petplan with capital and resources to accelerate product innovation, customer experience improvements, and growth across the U.S. and Canada.
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September 23, 2019
- Buyer
- Arthur J. Gallagher & Co.
- Target
- Allied Insurance Brokers, Ascinsure Specialty Risk
- Industry
- Insurance
- Location
- Pennsylvania, United States
- Type
- Buyout
Arthur J. Gallagher & Co. has acquired Pittsburgh-based Allied Insurance Brokers, including its subsidiary Ascinsure Specialty Risk. The acquisition adds niche crane, scaffold and equipment-dealer insurance expertise and a program underwriting capability to Gallagher’s construction practice and U.S. wholesale operations.
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September 17, 2019
- Buyer
- Centerbridge Partners
- Target
- GoHealth
- Seller
- Norwest Equity Partners (NEP)
- Industry
- Insurance
- Location
- Illinois, United States
- Type
- Buyout
Centerbridge Partners has acquired Norwest Equity Partners' investment interest in GoHealth, the leading online and telephonic health insurance marketplace; NEP retains a minority ownership stake post-transaction. The deal, originally announced August 19, 2019, closed on September 13, 2019, and financial terms were not disclosed.
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September 17, 2019
- Buyer
- Five Arrows Principal Investments
- Target
- SUCSEZ Groep
- Seller
- Capital A
- Industry
- Insurance
- Location
- Gelderland, Netherlands
- Type
- Buyout
Five Arrows Principal Investments (FAPI), the corporate private equity arm of Rothschild & Co, has acquired a majority stake in the SUCSEZ Groep. Capital A sold its entire holding while SUCSEZ management (including CEO Marco Gregoor and CCO Frank Germans) retain a material stake; the deal supports SUCSEZ's acquisitive growth and market consolidation plans from its Doetinchem base.
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August 14, 2019
- Buyer
- Brown & Brown, Inc., Brown & Brown of Massachusetts, LLC
- Target
- Yozell Associates
- Seller
- Yozell Associates, John Yozell
- Industry
- Insurance
- Location
- Massachusetts, United States
- Type
- Buyout
Brown & Brown of Massachusetts, a unit of Brown & Brown, Inc., acquired substantially all assets of Yozell Associates, a Boston-based group employee and executive benefits firm. The Yozell team will operate as a stand-alone office within Brown & Brown's Retail Segment, strengthening the firm's employee benefits capabilities in the New England market.
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August 14, 2019
- Buyer
- Alera Group
- Target
- Benefit Commerce Group
- Industry
- Insurance
- Location
- Arizona, United States
- Type
- Buyout
Alera Group, a national insurance brokerage and wealth management firm, has acquired Benefit Commerce Group, an employee benefits consulting firm based in Scottsdale, Arizona. Benefit Commerce Group will continue operating under its name as an Alera Group company; terms were not disclosed. The acquisition expands Alera's employee benefits consulting capabilities and strengthens its national footprint.
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- Buyer
- Genstar Capital
- Target
- Worldwide Facilities, LLC
- Seller
- Lovell Minnick Partners
- Industry
- Insurance
- Location
- California, United States
- Type
- Buyout
Genstar Capital will become a new investor in Worldwide Facilities, a national wholesale insurance broker, as Lovell Minnick Partners exits its investment; financial terms were not disclosed. Headquartered in Los Angeles with more than 700 employees across 37 offices, Worldwide will partner with Genstar to pursue organic growth and strategic add-on acquisitions while enhancing its technology and product offerings; the deal was expected to close in Q3 2019.
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July 19, 2019
- Buyer
- Alera Group
- Target
- Landmark Benefits, Inc.
- Industry
- Insurance
- Location
- New Hampshire, United States
- Type
- Buyout
Alera Group acquired Landmark Benefits, Inc., an employee benefits broker based in Windham, New Hampshire, effective July 1, 2019; terms were not disclosed. The deal expands Alera's presence and capabilities in New England by adding Landmark's benefits, HR consulting, compliance and wellness services and team.
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July 11, 2019
- Buyer
- Alera Group
- Target
- Austin & Co., Inc.
- Industry
- Insurance
- Location
- New York, United States
- Type
- Buyout
Alera Group, a national independent insurance firm based in Deerfield, Illinois, acquired Albany-based Austin & Co., Inc., effective July 1, 2019. The acquisition expands Alera Group's employee benefits and property & casualty capabilities and strengthens its presence in the Northeast; financial terms were not disclosed.
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July 9, 2019
- Buyer
- Hub International Limited
- Target
- Crichton, Brandon, Jackson & Ward, Inc. (d/b/a The Crichton Group)
- Industry
- Insurance
- Location
- Tennessee, United States
- Type
- Buyout
Hub International Limited acquired Crichton, Brandon, Jackson & Ward, Inc. (d/b/a The Crichton Group), a Nashville-based commercial and employee benefits insurance agency. The deal creates a new regional Hub Mid‑South operation covering Tennessee and Kentucky and strengthens Hub's specialty capabilities in construction, real estate, healthcare and nonprofit markets.
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- Buyer
- Worldwide Facilities, LLC
- Target
- Benchmark Management Group, Inc.
- Industry
- Insurance
- Location
- Illinois, United States
- Type
- Buyout
Worldwide Facilities, a national wholesale insurance broker and MGA, has acquired Benchmark Management Group, a managing general agent and wholesale insurance broker with operations in the Chicago and Milwaukee metro areas. The deal expands Worldwide Facilities' MGA platform by broadening its geographic footprint and specialty product offering; Benchmark principals Tim and Shawn Makowski joined Worldwide Facilities. Marsh, Berry & Company served as financial advisor to Benchmark.
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- Buyer
- Hub International Limited
- Target
- Foster & Parker Insurance Agency, Inc.
- Industry
- Insurance
- Location
- California, United States
- Type
- Buyout
Hub International Limited has acquired Foster & Parker Insurance Agency, Inc., a full-service independent insurance agency with offices in Madera, Oakhurst and Rancho Cordova, California. The acquisition expands Hub's geographic footprint in California and brings Foster & Parker's personal, commercial and farm insurance expertise and staff into Hub California.
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- Buyer
- Higginbotham
- Target
- Extraco Insurance (Extraco Banks commercial insurance operation)
- Seller
- Extraco Banks
- Industry
- Insurance
- Location
- Texas, United States
- Type
- Buyout
Higginbotham has acquired the commercial insurance operation (Extraco Insurance) from Extraco Banks, bringing five property/casualty insurance professionals and a book of more than 950 commercial clients into Higginbotham's Waco-area practice. The deal strengthens Higginbotham's presence in the Greater Waco market and expands its client base in Waco, Bell and Hamilton counties.
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- Buyer
- Goldman Sachs Merchant Banking Division, Bowmark Capital
- Target
- Aston Lark
- Seller
- Bowmark Capital
- Industry
- Insurance
- Location
- United Kingdom
- Type
- Buyout
Goldman Sachs' Merchant Banking Division has agreed to acquire Aston Lark, the UK’s fifth-largest independent chartered insurance broker, from Bowmark Capital, with Bowmark reinvesting alongside Goldman Sachs. Aston Lark operates 27 regional offices, serves over 100,000 customers and places in excess of £350 million of annual premium; the deal is intended to support the company’s next phase of growth both organically and via acquisitions.
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May 14, 2019
- Buyer
- Alera Group, Capital City Benefits & Insurance Services
- Target
- HighRidge Insurance Services
- Industry
- Insurance
- Location
- California, United States
- Type
- Buyout
Alera Group has acquired HighRidge Insurance Services, a Westlake Village, California-based employee benefits firm, effective May 1, 2019. HighRidge will join Alera through its California affiliate Capital City Benefits & Insurance Services and will operate under that name as Alera expands its presence in California.
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- Buyer
- First National Insurance Agency (FNIA)
- Target
- Coffey & Company, Inc.
- Seller
- Wayne Coffey / Coffey & Company shareholders
- Industry
- Insurance
- Location
- Maryland, United States
- Type
- Buyout
Pittsburgh-based First National Insurance Agency (FNIA) has acquired Baltimore-based independent broker Coffey & Company, Inc. The deal gives FNIA a significant presence in the Baltimore market and provides Coffey & Company shareholders and founder Wayne Coffey an ownership continuity outcome.
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April 2, 2019
- Buyer
- Marsh & McLennan Agency LLC
- Target
- Lovitt & Touché
- Industry
- Insurance
- Location
- Arizona, United States
- Type
- Buyout
Marsh & McLennan Agency LLC (MMA) has acquired Phoenix-based Lovitt & Touché, one of Arizona’s largest independent insurance agencies; terms were not disclosed. The acquisition adds 181 colleagues across Phoenix, Tucson and Las Vegas and Lovitt & Touché will operate as a Marsh & McLennan Agency company with Charlie Touché leading MMA’s Arizona operations.
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March 15, 2019
- Buyer
- The Advocator Group, LLC, Brown & Brown, Inc.
- Target
- MEDVAL, LLC
- Industry
- Insurance
- Location
- United States
- Type
- Buyout
The Advocator Group, a wholly owned subsidiary of Brown & Brown, Inc., has acquired MEDVAL, LLC, a provider of MSP‑compliant claims negotiation and settlement services with approximately $10.0 million in annual revenue. MEDVAL will continue to operate from its offices in California, Pennsylvania and Maryland under the leadership of Jon Gunter and will report to Julie Turpin, CEO of The Advocator Group.
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March 14, 2019
- Buyer
- Alera Group, Inc.
- Target
- TriSure Corporation
- Industry
- Insurance
- Location
- North Carolina, United States
- Type
- Buyout
Alera Group, a national insurance firm headquartered in Deerfield, Illinois, acquired TriSure Corporation, a Raleigh-based risk management and commercial P&C insurance advisory firm, effective March 1, 2019. The acquisition expands Alera Group’s capabilities and presence in North Carolina; TriSure will continue operating from its existing Raleigh location as TriSure Corporation, an Alera Group Company, LLC.
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March 11, 2019
- Buyer
- Hub International Limited
- Target
- The Insurance Exchange, Inc.
- Industry
- Insurance
- Location
- Maryland, United States
- Type
- Buyout
Hub International Limited acquired The Insurance Exchange, Inc., a Rockville, Maryland-based independent insurance agency. Terms were not disclosed; Joseph Brown, President and CEO of The Insurance Exchange, will join Hub Mid-Atlantic as the agency is integrated to expand Hub's footprint and retirement/benefits capabilities in the Mid-Atlantic.
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February 21, 2019
- Buyer
- GTCR, Apax IX (Apax Partners)
- Target
- AssuredPartners
- Seller
- Apax VIII (fund advised by Apax Partners)
- Industry
- Insurance
- Location
- Florida, United States
- Type
- Buyout
GTCR has agreed to acquire the entire stake in AssuredPartners from Apax VIII in a transaction led by a GTCR-led investor group, with Apax IX co-investing and AssuredPartners' management retaining a significant minority stake. The deal, which reflects a PE-to-PE ownership transition to support continued roll-up and organic growth of the insurance brokerage platform, is expected to close in Q2 2019; terms were not disclosed.
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February 12, 2019
- Buyer
- Alera Group
- Target
- Broad Reach Benefits, LLC
- Industry
- Insurance
- Location
- New Jersey, United States
- Type
- Buyout
Alera Group, a national independent insurance firm based in Deerfield, Illinois, acquired Broad Reach Benefits, LLC, an employee benefits advisory firm headquartered in Madison, New Jersey, effective February 1, 2019; terms were not disclosed. Broad Reach will continue operating out of its New Jersey and Tennessee locations as Broad Reach Benefits, an Alera Group Agency, adding benefits capabilities to Alera's growing northeast footprint.
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February 7, 2019
- Buyer
- AssuredPartners, Inc.
- Target
- Hardy Aviation Insurance, Inc.
- Industry
- Insurance
- Location
- Kansas, United States
- Type
- Buyout
AssuredPartners, Inc. has acquired Hardy Aviation Insurance, Inc., an aviation-focused insurance agency based in Wichita, Kansas. The Hardy team of 14 (reporting approximately $2 million in annualized revenue) will join AssuredPartners’ AP Aerospace group with founder Randy Hardy remaining in a leadership role, expanding AssuredPartners’ aviation insurance capabilities.
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February 1, 2019
- Buyer
- Acrisure LLC
- Target
- HNI Risk Services
- Industry
- Insurance
- Location
- Wisconsin, United States
- Type
- Buyout
Caledonia-based insurance distributor Acrisure LLC acquired Milwaukee-area HNI Risk Services, with the deal closing Dec. 31, 2018. Acrisure said HNI will retain local staff, leadership and its brand as part of the firm’s ongoing roll-up strategy to expand its network of partner agencies.
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January 22, 2019
- Buyer
- Marsh & McLennan Agency LLC
- Target
- Bouchard Insurance
- Seller
- Bouchard Insurance shareholders (employee-shareholders)
- Industry
- Insurance
- Location
- Florida, United States
- Type
- Buyout
Marsh & McLennan Agency LLC has acquired Bouchard Insurance, a 70-year-old Florida-based insurance agency headquartered in Clearwater. Bouchard will continue to operate under its name as a Marsh & McLennan Agency company, with CEO Doug Bishop remaining in place; terms were not disclosed.
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