Orlando Insurance Brokerage AssuredPartners Sold in Landmark Deal
Orlando, FL – In a major development in the insurance brokerage sector, AssuredPartners has been sold in what is now considered one of the largest deals in the history of the industry. The transaction was announced on December 9, when private equity firm GTCR disclosed the sale of the Orlando-based brokerage to Arthur J. Gallagher & Co., a firm based in Rolling Meadows, Illinois, known for its extensive insurance services.
Who is Involved?
AssuredPartners is recognized as the 11th largest insurance broker in the United States, boasting a workforce of over 10,900 domestic employees. The company provides a diverse range of insurance products, including property, casualty, and employee coverage. Under the terms of this deal, funds advised by Apax Partners LLP have sold their minority stake in AssuredPartners.
What Does This Mean?
This sale signifies a pivotal moment in AssuredPartners’ ongoing journey, illustrating a commitment to growth and an ambitious strategy to become a leading force in the insurance brokerage market. David Donnini, managing director at GTCR, expressed pride in the partnership developed over the past 13 years, highlighting AssuredPartners’ dedication to culture, collaboration, and customer service as driving factors behind their impressive scale and success.
When Will the Deal Finalize?
The transaction is projected to close in the first quarter of 2025, pending necessary regulatory approvals. While executives from both AssuredPartners and Gallagher & Co. did not provide immediate comments, the expected merger is viewed as a significant change in the landscape of insurance brokerage.
Where is AssuredPartners Located?
Founded in 2011, AssuredPartners shifted its headquarters from Lake Mary to Orlando in 2022, a move that promised the creation of 200 new jobs. As of May 2024, the company has already fulfilled 131 of those promised positions, indicating strong growth and investment in the local economy.
Why Is This Deal Significant?
This acquisition by Gallagher & Co. highlights the continuous trend of consolidation within the insurance industry. By merging with AssuredPartners, Gallagher enhances its service capabilities and expands its market reach. Analysts view this transaction as a clear indicator of strength and stability, showcasing the evolving dynamics within the insurance brokerage field.
What’s Next for Employees and Partners?
The future for the employees at AssuredPartners and its partnership with Gallagher remains to be seen. The focus will likely center on maintaining the company’s core values while integrating into Gallagher’s broader operational framework. The leadership and corporate structure will play a vital role in ensuring a smooth transition during this significant merger.
Conclusion
The acquisition of AssuredPartners by Arthur J. Gallagher & Co. marks a remarkable moment in the insurance industry. As companies seek to adapt and grow amidst changing market conditions, such significant deals reflect the growing need for comprehensive insurance solutions tailored to a broad range of clients. Stakeholders will be keenly observing how this transaction unfolds in the coming months, especially as it may set the stage for further industry consolidation.
