Assured Partners, an independent insurance agent and a portfolio company of GTCR, has acquired the Colonial Insurance Agency.
Colonial Insurance Agency sells traditional property, casualty and workers’ compensation products, along with a number of niche and specialty insurance programs. The agency serves the emergency medical services, real estate, hospitality, medical professional, social services and construction industries. According to GTCR, the agency has approximately $4.5 million in annual revenues. Colonial Insurance Agency was founded in 1956 and is based in Montgomery, AL (www.colonial-insurance.com).
Assured Partners acquires and invests in insurance brokerage businesses (property and casualty, employee benefits, surety, managing general agencies, and wholesalers) across the United States and in the UK. Since founding in 2011, Assured Partners has acquired more than 90 insurance firms and today has approximately $475 million in annual revenue with more than 120 offices in 30 states as well as two London offices. The company is led by Jim Henderson (CEO) and Tom Riley (COO) and is headquartered north of Orlando in Lake Mary, FL (www.assuredptr.com).
The buy of Colonial advances Assured Partners’ goal of increasing its presence in Alabama and the Southeast region of the US. “We welcome Colonial’s 31 employees and are excited about the industry specialization they bring and our quickly growing footprint in Alabama,” said Mr. Riley.
© 2015 PEPD • Private Equity’s Leading News Magazine • 4-29-15
