Sale is the Culmination of Successful 13-year
Relationship Between GTCR and AssuredPartners that Began as a
Leaders Strategy™ Partnership with Insurance Industry
Veteran Jim Henderson
CHICAGO, Dec. 9, 2024
/PRNewswire/ -- GTCR, a leading private equity firm, announced
today that it has signed a definitive agreement to sell
AssuredPartners ("Assured" or the "Company"), a leading independent
insurance broker, to Arthur J.
Gallagher & Co. (NYSE: AJG) ("Gallagher"), a global
insurance brokerage, risk management and consulting services firm
for $13.45 billion in an all-cash
transaction. This transaction is the largest sale of a U.S.
insurance broker to a strategic acquiror in the history of the
industry.
Based in Orlando, Florida,
AssuredPartners is the 11th largest insurance broker in
the U.S. The Company has a team of 10,900 professionals, serving
clients from strategically located offices across North America and the U.K. Through Assured's
network of agencies, the Company provides a comprehensive suite of
risk management solutions, including property and casualty and
employee benefits insurance brokerage services, to commercial
enterprises, public institutions and high-net worth
individuals.
AssuredPartners was founded in 2011 as a GTCR Leaders Strategy™
partnership with 40-year insurance industry veteran Jim Henderson, currently Executive Chairman of
the Company. Since that time, Mr. Henderson and the team have
rapidly grown the Company through M&A and substantial
investment in key talent, operations, technology and product
enhancements. Over the past 13 years, the Company has acquired and
successfully integrated over 500 businesses, building a national
leader in insurance brokerage. GTCR originally sold the Company to
Apax Fund VIII in 2015, and GTCR reacquired a majority stake in
partnership with Apax Fund IX in 2019. Today, the business is led
by Mr. Henderson and CEO Randy
Larsen.
"Our collaboration with Jim, Randy and the team at
AssuredPartners is a quintessential Leaders Strategy™ partnership,
building an outstanding business alongside a world-class executive
team," said Aaron Cohen, Managing
Director and Head of Financial Services & Technology at GTCR.
"When we formed the partnership, the goal was to build a
client-first culture at Assured, supported by a centralized best
practice approach to technology, go-to-market and strong carrier
relationships. Jim, Randy and the entire AssuredPartners team
executed the thesis brilliantly, which is what has made the
business so successful. We believe that Gallagher, with its strong
service-oriented values, complementary business and geographic
footprint, is the right home for AssuredPartners to continue on its
path to broaden its suite of solutions and further improve client
service."
"The sale marks a significant milestone in the Company's journey
of building one of the leading insurance brokers behind an
ambitious strategy of transformational growth," said David Donnini, Managing Director and Head of
Business & Consumer Services at GTCR. "We are incredibly proud
of the partnership we developed with Jim and the entire team at
AssuredPartners, and the platform that was built over 13 years. The
Company has a well-earned reputation for prioritizing culture,
collaboration and client service, which has made it a great fit for
so many agency partners and allowed Assured to scale at such an
impressive pace. We look forward to seeing Assured and Gallagher's
continued success."
"Today's news is the culmination of a tremendous effort on the
part of the entire AssuredPartners team and we are excited about
the future of the business," said Mr. Henderson. "Gallagher is a
premier brand and platform in insurance brokerage and, together, I
believe we will be even more successful offering clients
best-in-class capabilities with industry leading depth and
offerings. We have enjoyed working with GTCR over the past 13 years
and, on behalf of the team, I want to thank GTCR for its commitment
to our vision and for all of their support along the way."
"GTCR has been a fantastic partner to us as we have grown
AssuredPartners into what it is today, and we are excited about our
road ahead, benefitting from the innovation and expertise of the
talented Gallagher team," added Mr. Larsen.
The transaction is expected to close in the first quarter of
2025, subject to regulatory approvals and customary closing
conditions.
About GTCR
Founded in 1980, GTCR is a leading private equity firm that
invests behind The Leaders Strategy™ – finding and partnering with
management leaders in core domains to identify, acquire and build
market-leading companies through organic growth and strategic
acquisitions. GTCR is focused on investing in transformative growth
in companies in the Business & Consumer Services, Financial
Services & Technology, Healthcare and Technology, Media &
Telecommunications sectors. Since its inception, GTCR has invested
more than $25 billion in over 280
companies, and the firm currently manages $40 billion in equity capital. GTCR is based in
Chicago with offices in
New York and West Palm Beach. For more information, please
visit www.gtcr.com.
About AssuredPartners
Based in Orlando, Florida, AssuredPartners is a global
front-runner in the insurance brokerage landscape, with special
expertise in industry-specific insurance solutions for both
businesses and consumers. We offer a comprehensive range of
services, including commercial insurance, risk management, and
employee benefits. As strategic advisors in the insurance domain,
our unparalleled expertise empowers us to deliver tailor-made
solutions designed to meet the unique needs of our clients. With a
team of over 10,000 professionals, we serve clients from
strategically located offices across North America, England, Ireland, Belgium, and Scotland. Committed to building strong,
long-lasting relationships, we foster an environment of trust,
transparency, and mutual respect with our partners. This ethos is
encapsulated in our guiding principle: Power through Partnership.
For further information, please visit www.assuredpartners.com.
About Gallagher
Arthur J.
Gallagher & Co. (NYSE:AJG), a global insurance
brokerage, risk management and consulting services firm, is
headquartered in Rolling Meadows,
Illinois. Gallagher provides these services in approximately
130 countries around the world through its owned operations and a
network of correspondent brokers and consultants. For more
information, visit www.ajg.com.
GTCR Contact
Andrew
Johnson
212.835.7042
Andrew.Johnson@gtcr.com
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SOURCE GTCR