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GI Partners-backed Patriot acquires insurance agency BBG

Patriot Growth Insurance Services, which is backed by GI Partners, has acquired Business Benefits Group and its subsidiary Incisive Financial Group.

Patriot Growth Insurance Services, which is backed by GI Partners, has acquired Business Benefits Group and its subsidiary Incisive Financial Group. No financial terms were disclosed. Based in Virginia, BBG is an insurance agency.

PRESS RELEASE

FORT WASHINGTON, PA, April 26, 2022 – Patriot Growth Insurance Services, LLC (Patriot), one of the nation’s largest and fastest-growing insurance agencies, announces its recent partnership with Business Benefits Group (BBG) in Virginia, along with BBG’s subsidiary, Incisive Financial Group (IFG). This move extends Patriot’s footprint into the important Virginia and District of Columbia marketplaces. BBG is one of the largest remaining independent insurance agencies in the region.

BBG, founded 27 years ago by brothers Jerry and Dino Andreatos, is headquartered in Fairfax, Virginia. With two offices and 55 employees, BBG provides employee benefits, property and casualty insurance, retirement benefits, wealth management services, human resources, compliance, and benefits technology services. BBG has experienced extraordinary organic growth over the last several years, and their investments in talent, tools and business solutions have them well-positioned to continue this impressive growth.

“The entire team at BBG is thrilled about our new relationship with Patriot and all the collaborative resources we will have access to as we continue to focus on our clients and their growth strategies. We look forward to bringing Patriot’s name to the region and showcasing their capabilities along the way,” said Brandon Downs, COO of BBG. “I’m also personally grateful to have the opportunity to lead BBG into the future and continue to grow the firm as Jerry and Dino envisioned 27 years ago.”

BBG has extensive expertise within the government contractor and emerging business sectors given their proximity to the metro D.C. area. Incisive Financial Group, a division of BBG, focuses on implementing group retirement plans and specific strategies for C-level executives of closely held corporations.

Matt Gardner, Founder and CEO of Patriot said, “We are really excited to welcome the BBG team into the Patriot family. Since our formation in 2019, we have searched for the right partner in the Virginia marketplace, and BBG checks every single box we care about when entering a partnership. BBG has a consistent track record of impressive growth and is led by a dynamic and energetic young leadership team that shares our values, culture, and vision for the future.”

About Patriot Growth Insurance Services
Founded in 2019, Patriot is a growth-focused national insurance services firm that partners with employee benefits and property & casualty agencies across the United States. In 2021, Patriot was ranked as the 27th largest privately held broker in the U.S. by Business Insurance. With over 1,400 employees operating in 120 locations across 22 states, Patriot’s collaborative model delivers resources and strategic support to its agencies, whose leaders continue to operate with a high degree of autonomy in their local markets. Patriot creates true alignment with its partner agencies, and its operating philosophy fosters enhanced career opportunities for its dedicated and professional team. Patriot is backed by GI Partners and Summit Partners. For more information, please visit www.patriotgis.com.