AssuredPartners, the Florida-based manager of property and casualty and employee benefits brokerage businesses, completed its deal to buy Neace Lukens, the 24th largest, private insurance broker in the U.S. with $88 million annual revenue. GTCR owns AssuredPartners. Specifics of the deal were not publicized.
LAKE MARY, Fla., Sep 20, 2011 — AssuredPartners, Inc., a portfolio company of leading private equity firm GTCR, closed its inaugural investment today with the acquisition of Neace Lukens, the 24th largest, private insurance broker in the U.S.* with $88 million annual revenue. The acquisition provides AssuredPartners with a national insurance brokerage platform and strategic asset that can be leveraged through additional acquisitions in the property and casualty insurance and employee benefits brokerage space.
“This inaugural deal sets the course for AssuredPartners’ long-term vision to provide capital and growth support to property and casualty and employee benefits brokerage firms across the U.S.,” added Jim Henderson, chairman and chief executive officer of AssuredPartners. “Our partnership will equip Neace Lukens with additional financial means to expand its footprint nationally, and Neace Lukens’ strong market position will help us pave the way toward additional partnerships and investments in the insurance industry.”
“Since Joe Lukens and I founded the company in 1991, Neace Lukens has been poised for continued future growth due to our comprehensive product offerings, quality service and strong customer and carrier relationships,” says Neace Lukens chairman and founder John Neace. “Our new partnership with AssuredPartners will allow us to take our company to the next level by making us more competitive in the marketplace while allowing us to expand and add more talented employees in the future.”
As part of this partnership, AssuredPartners will provide Neace Lukens with strategic and financial support to drive continued growth. The insurance broker will maintain its day to day operations, and the company’s name and headquarters will remain the same. The financial terms of the deal were not disclosed.
ABOUT ASSUREDPARTNERS, INC
AssuredPartners Inc., headquartered in Lake Mary, Florida, acquires and invests in property and casualty and employee benefits brokerage businesses across the country. Jim Henderson can be contacted at (407) 708-0029 or firstname.lastname@example.org. Tom Riley can be contacted at (407) 708-0027 or email@example.com. For more information, please visit www.assuredptr.com .
ABOUT NEACE LUKENS
Neace Lukens, founded in 1991, has more than 150 licensed agents and more than 500 employees operating in 22 offices throughout Kentucky, Ohio, Indiana, Illinois, Michigan, Tennessee, Arizona, Georgia, Arkansas, Florida and South Carolina. Neace Lukens corporate headquarters is located in Louisville, Kentucky, at 2305 River Road. For more information, please visit: www.neacelukens.com . Neace Lukens can also be followed through social media channels at its blog and Facebook and LinkedIn pages.
Founded in 1980, GTCR is a leading private equity firm focused on investing in growth companies in the Financial Services & Technology, Healthcare and Information Services & Technology industries. The Chicago-based firm pioneered the “Leaders Strategy” — finding and partnering with world-class leaders as the critical first step in identifying, acquiring and building market-leading companies through acquisitions and organic growth. Since its inception, GTCR has invested more than $8.5 billion in over 200 companies. For more information, please visit www.gtcr.com .
*As ranked by Business Insurance magazine, published by Chicago-based Crain Communications, Inc., which provides information for business executives who are responsible for the purchase and administration of corporate insurance and self-insurance programs.
SOURCE: AssuredPartners, Inc.