The MarshBerry Platform announced it has merged with First Choice Agents Alliance (FCAA).
The merger will position the combined firms as one of the insurance brokerage industry’s top agency partnerships. MarshBerry Platform and FCAA, each on their own, represent two of the nation’s largest aggregators. According to Insurance Journal’s ranking, in 2021, MarshBerry Connect Platform’s represented $626,586,272 in total 2020 P/C revenue while FCAA represented $307,232,311 in total 2020 P/C revenue.
MarshBerry Platform and FCAA will be known as FirstChoice. The terms of the transaction were not disclosed.
MarshBerry, an investment banking and consulting firm serving the insurance distribution and wealth management industries, initially launched the MarshBerry Platform in 2019, which was designed as an exclusive benefit for MarshBerry’s Connect members.
First Choice was created in 2015 as a wholesale outlet for Nationwide captive agents looking for commercial market access. In 2017, the model moved to an agency member network to provide direct carrier access, strategic planning, education, and technology as well as market access.
John Wepler, MarshBerry Chairman & CEO, said that FCAA’s business model fully align in that both organizations strive to develop tools, resources, and capabilities to help participating firms grow while remaining independent.
“We’re not going to have a right of first refusal to force agencies to sell their company to us,” Wepler told Insurance Journal. “We don’t want to buy them and we’re not going to force them to aggregate or terminate a [carrier] contract,” he said.
The merger will allow the combined First Choice to serve independent agencies writing less than $1 million in revenue to those with greater than $1 billion in revenue, he said. “Our vision for the future is to have an independent insurance agency be able to act like, or have the resources of, a national broker,” he said.
FirstChoice will offer the complete suite of aggregation solutions with customized offerings for independent insurance agencies and brokers of all sizes. “We are excited to bring together the finest of what both firms offer in best practices, technology, thought leadership, assets, broader access to carrier partners and importantly the ability to help even more clients regardless of size,” Wepler said.
Keith Captain, FirstChoice’s president, said the ability of the combined group to help everybody from a frontline retail agency, all the way up to a sophisticated firm, is what will set them apart. “There is no other network or group out there that’s able to provide the breadth of support that we’re going to be able to provide. And that’s really what takes this to a whole new level for all of us.”
“We continually strive to diversify and deepen offerings and solutions to meet the business lifecycle needs of our members,” said Mike Griffin, CEO of FCAA.
Earlier this year, MarshBerry announced its partnership with Atlas Merchant Capital which supported efforts to grow and improve all facets of the business. Combining efforts with FCAA is one example of that intentional growth and adds a presence in the SE United States with an office in FCAA’s home state of North Carolina.
Source: MarshBerry, FCAA
Topics Agencies
Was this article valuable?
Here are more articles you may enjoy.
Brett Favre’s Defamation Suit Against State Auditor Can Move Forward, Court Says 
Q1 Shows ‘Clear’ Signs of Commercial P/C Softening, Says CIAB 
AIG Settles Lawsuit Against E&S Rival Dellwood and Former Employees 
Central US Severe Weather Outbreak Caused Billions in Damages, AccuWeather Says 
