Oklahoma City-based privately held independent insurance agency, INSURICA, announced it has acquired Guaranty Insurance Services, headquartered in Plano, Texas.
INSURICA President and CEO Mike Ross said the acquisition significantly expands the agency’s market reach and nearly doubles the company’s revenue to more than $75 million.
The transaction increases INSURICA’s staff size from 245 employees to 465. The number of office locations expands from 12 to 27, with an increased presence in Texas and California in addition to the company’s locations in Oklahoma, Arkansas, Arizona, Oregon and Kansas.
“This major expansion comes almost two years to the day of our rebranding from North American Group to INSURICA Insurance Management Network,” Ross said.
Both Guaranty and INSURICA specialize in construction, education, energy, hospitality, ministries, municipalities and technology. Ross said the combined companies have additional expertise in areas such as staffing, environmental, healthcare and transportation, as well as real estate, professional services, and agribusiness and wineries.
Mystic Capital Advisors Group LLC provided advisory services to INSURICA on the transaction.
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