LAKE MARY, Fla. (PRWEB) January 20, 2014
AssuredPartners, Inc., through its newly formed operation AssuredPartners of West Virginia, has completed the acquisition of Commercial Insurance Services. The Commercial Insurance Services deal marks the first platform acquisition for AssuredPartners in West Virginia, and is the second acquisition for AssuredPartners in 2014.
Founded in 1932, Commercial Insurance Services specializes in commercial insurance, employee benefits services, workers’ compensation insurance, risk management, claims management, and personal insurance. The firm reports revenues of approximately $9.5 million.
“We’ve been a strategic partner for our clients for more than 80 years. Aligning our practice with a national agency allows us to better serve our clients through access to an increased number of insurance products and services offerings,” said Frank Baer, CEO of Commercial Insurance Services. “We’re excited to take this next step for our agency, and to continue to help our clients plan for the future and protect what matters most.”
As part of the acquisition, 45 Commercial Insurance Services employees will join AssuredPartners of West Virginia. The agency will continue to operate out of the existing Commercial Insurance Services locations in Charleston and Morgantown, W.Va., under the local leadership of Frank Baer and Raye King White. Commercial Insurance Services will become the seventh AssuredPartners platform entity, joining Neace Lukens, headquartered in Louisville, Ky.; SKCG, headquartered in White Plains, NY; Jamison, headquartered in West Orange, NJ; Dawson Companies, headquartered in Cleveland, Ohio; SRA, headquartered in Kansas City, KS; and AHM, headquartered in St. Louis, MO.
“Commercial Insurance Services embodies the attributes we evaluate when identifying firms for potential acquisitions. Their impressive business acumen, reputation and market footprint all fit with the AssuredPartners desired partner attributes, and this deal will help us grow the AssuredPartners presence in West Virginia” said Tom Riley, President and COO of AssuredPartners, Inc. “We welcome Commercial Insurance Services employees to the AssuredPartners family, and look forward to providing innovative insurance programs to their clients.”
For more information, please visit: http://www.ciswv.com/.
ABOUT ASSUREDPARTNERS, INC
Headquartered in Lake Mary, Florida and led by Jim Henderson and Tom Riley, AssuredPartners Inc., a portfolio company of Chicago-based private equity firm GTCR, acquires and invests in insurance brokerage businesses (property and casualty, employee benefits, surety, MGA/wholesalers) across the United States and in London. From its founding in March of 2011, AssuredPartners has grown to approximately $300 million in annualized revenue and continues to be one of the fastest growing insurance brokerage firms in the United States with more than 80 offices in 24 states and a London office. Since 2011, AssuredPartners has acquired more than 50 insurance firms. For more information, please contact Dean Curtis, CFO, at 407.708.0031 or dcurtis(at)assuredptr(dot)com, or visit http://www.assuredptr.com.