AssuredPartners has acquired Ramsey Insurance Agency Inc., in Charleston, West Virginia.
Terms of the transaction were not disclosed.
Ramsey Insurance Agency reports revenues of approximately $1.5 million from selling insurance to 1,500 businesses and 2,500 families in West Virginia.
As part of the acquisition, 13 Ramsey employees will join AssuredPartners of West Virginia. Operations will continue in the Charleston location under Mary Kerns, president of Ramsey Insurance Agency, according to the announcement.
Tom Riley, president of AssuredPartners Inc., said the Ramsey agency will join the firm’s existing West Virginia-based offices, Commercial Insurance Services and Insurance Systems Inc.
Headquartered in Lake Mary, Florida AssuredPartners Inc. is a portfolio company of Chicago-based private equity firm GTCR that acquires and invests in insurance brokerage businesses. From its founding in March of 2011, AssuredPartners has grown to $360 million in annualized revenue with more than 80 offices in 27 states and a London office, according to the company. AssuredPartners said that since 2011 it has acquired more than 60 insurance firms.