PE-backed AssuredPartners acquires CBS Coverage Group

AssuredPartners, a portfolio company of GTCR, has acquired CBS Coverage Group. No financial terms were disclosed. Based in Plainview, NY, CBS Coverage Group is a provider of commercial insurance, employee benefits, financial planning services and personal insurance.

PRESS RELEASE

Lake Mary, FL (PRWEB) April 16, 2014
AssuredPartners Inc., through its subsidiary Assured SKCG Inc., has acquired CBS Coverage Group, Inc., headquartered in Plainview, N.Y. The agency specializes in commercial insurance, employee benefits and financial planning services, and personal insurance. CBS Coverage Group reports revenues of approximately $12 million.
Founded in 1947, CBS Coverage Group has locations in Plainview, New York City and Westhampton Beach, N.Y., and in Summerville, S.C. As part of the acquisition, 68 CBS Coverage Group employees will join Assured SKCG. Local operations will continue under the leadership of CBS Coverage Group CEO Gerry Levy.
“At CBS Coverage Group, our goal is to establish trusted relationships with each client through excellent service, counseling, and by designing comprehensive and competitive insurance programs,” said Gerry Levy, CEO of CBS Coverage Group. “As part of Assured SKCG, our agents will leverage exciting new tools and resources to build on our trusted client relationships.”
“CBS Coverage Group is an insurance industry leader, with long history of success. Assured SKCG will benefit from the expertise of CBS Coverage Group’s talented and passionate staff,” said Tom Kozera, Chairman and Chief Executive Officer of Assured SKCG. “We welcome the CBS Coverage Group team and clients to Assured SKCG.”
“The CBS Coverage Group acquisition illustrates AssuredPartners’ commitment to growing our presence in the Northeast,” said Tom Riley, President and COO of AssuredPartners, Inc. “We welcome CBS Coverage Group to the AssuredPartners family.”
Assured SKCG is located in White Plains, N.Y., and became an AssuredPartners company in 2011. For more information about Assured SKCG, please visit: http://www.skcg.com. For more information about CBS Coverage Group, Inc., please visit: http://www.cbsinsurance.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 $360 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 27 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.