AssuredPartners Inc., through its subsidiary AssuredPartners of New Jersey, acquired Eastern Insurance Acquisition Agency (D/B/A Eastern Insurance Group) in Pennsylvania.
Eastern Insurance Group specializes in commercial insurance, personal insurance and life, health and employee benefit programs for individuals and businesses. The agency reports revenues of approximately $4.3 million.
As part of the acquisition, more than 45 Eastern Insurance Group employees will join AssuredPartners of New Jersey. Operations are based in Wilkes Barre and Hazleton, Penn., and will continue under the local leadership of Brian Corbett and Paul “Chip” Siegel.
AssuredPartners of New Jersey had also acquired another agency, AJM Insurance in Mt. Laurel, N.J. in early October.
Also in October, AssuredPartners announced it recently completed the acquisition of the Preferred Advantage branch located in Hartford, Conn. Preferred Advantage specializes in providing property/casualty insurance services to small and medium businesses, and is a division of Preferred Concepts LLC. The firm reports revenue of approximately $2 million and will operate as AP Advantage. AssuredPartners said 12 Preferred Advantage employees are joining the newly formed AP Advantage, with local leadership managing operations.
Headquartered in Lake Mary, Fla., 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/casualty, employee benefits, surety, MGA/wholesalers) across the United States and in London. Since its founding in 2011, AssuredPartners has grown to approximately $260 million in annualized revenue, with 81 offices in 15 states and a London office.