Propel Insurance, which is backed by Flexpoint Ford, has acquired South Carolina-based South Risk Management, a construction-focused insurance consulting firm. No financial terms were disclosed.
TACOMA, WA – June 1, 2021 – Propel Insurance (“Propel” or the “Company”), one of the nation’s largest privately-owned insurance agencies and a portfolio company of Flexpoint Ford (“Flexpoint”), announced today it has acquired South Carolina-based South Risk Management (“SRM”), a leading construction-focused insurance consulting firm.
The acquisition of SRM expands Propel’s presence into South Carolina and adds to the Company’s existing Southeast footprint, which includes Knoxville, Charlotte, Atlanta, and Orlando. The SRM team will be a valuable addition to Propel’s industry-leading construction risk practice.
“We are pleased to welcome SRM into the Propel family, underscoring our commitment to growing our specialties nationwide by welcoming strategic partnerships and top industry talent,” said Kurt Carlson, President and CEO of Propel. “Propel is recognized as a leader in providing creative insurance solutions for our clients. Our long-standing partnerships with many of the nation’s leading carriers, combined with our value services, translate into a competitive edge for our clients.”
“We are thrilled to be joining Propel, a highly-respected and innovative leader in the insurance industry,” said Patrick McKain, a founding partner of SRM. “We have shared values and a like-minded approach to delivering unparalleled advice and solutions to our clients.”
SRM founding partners David Wells, Tripp Hafner, and W.D. Morris look forward to expanding Propel’s existing construction practice with John Babson taking on a leadership role. The team will leverage the broader pool of resources available at Propel in order to continue providing risk management services to help their clients address complex issues and support their business growth.
Richard Todd, Regional Director in Propel’s Charlotte office, added, “This transaction will complement our footprint in the Southeast. We remain excited about our growth and will continue to provide a compelling opportunity for insurance advisors who are looking to join a national leader.”
About Propel Insurance
Propel Insurance is one of the nation’s largest privately-owned insurance agencies and provides a broad array of property, casualty, risk management, workers’ comp, employee benefits, personal insurance and other products across North America. Propel is dedicated to helping businesses and individuals manage their insurance needs and find their momentum. For more information, visit www.propelinsurance.com
About Flexpoint Ford
Flexpoint Ford is a private equity investment firm that has raised more than $5.0 billion in capital and specializes in privately negotiated investments in the financial services and healthcare industries. Since the firm’s formation in 2005, Flexpoint Ford has completed investments in more than 30 companies across a broad range of investment sizes, structures and asset classes. Flexpoint Ford is headquartered in Chicago, Illinois, with additional offices in New York, New York. For more information about Flexpoint Ford, please visit www.flexpointford.com.