Four retail insurance brokers – Founders Insurance, Hutchinson Traylor Insurance, McGinty-Gordon & Associates, and Waites & Foshee – have signed definitive agreements to combine to form Oakbridge Insurance Agency LLC, a new insurance brokerage firm serving clients across Georgia and the Southeast U.S.
As part of the transaction, Corsair Capital LLC, a private equity firm focused on business and financial services, has made a strategic investment in Oakbridge.
Robert C. Smith, a veteran insurance executive with experience holding senior leadership roles at firms including Hamilton Dorsey Alston in Atlanta, MHBT in Dallas, and Reagan Consulting, will become chief executive officer of the newly created agency.
According to a statement, the combination of these agencies creates one of the largest privately-owned insurance, risk management, and employee benefits firms in the Southeast.
Oakbridge plans to grow organically through investments in new talent, client-focused infrastructure and through strategic acquisitions. Oakbridge sees future expansion opportunities in the Southeast through the strategic and geographic growth of each firm’s specialty practices, as well as by attracting similarly cultured firms committed to broadening their businesses and capabilities.
Oakbridge’s approximately 175 employees will work across 15 existing office locations throughout the state of Georgia. Each firm will maintain its current trade names and branding and will operate under the umbrella brand of Oakbridge Insurance Agency LLC upon the close of the transaction.
Hutchinson Traylor, based in LaGrange, Ga., is a regional provider of risk management, insurance services, and employee benefits services to clients throughout the Southeast, operating from seven offices throughout the state of Georgia.
Established in 1969, Waites & Foshee Insurance Group serves the state of Georgia with eight offices throughout the state.
McGinty-Gordon & Associates specializes in property and casualty coverages for families and businesses with a specialty in hard-to-place properties that have coastal exposures.
Founders Insurance is headquartered in Woodstock, Ga., and serves clients throughout Georgia and the Southeast.
Marsh, Berry & Company, Inc. acted as financial advisor to the four agencies in the transaction and Maynard, Cooper & Gale, P.C. acted as legal advisor. Dowling Hales acted as financial advisor to Corsair Capital and Simpson Thacher & Bartlett LLP and Chapman & Cutler LLP acted as legal advisor. The transaction is expected to close on Dec. 31, 2020.
Founded in 1981, MarshBerry serves the Insurance Brokerage industry, including insurance agents & brokers, specialty distributors, private equity firms, banks & credit unions and insurance carries, through industry-specific services that include: merger & acquisition advisory, debt & equity capital raising, organic growth consulting, intellectual capital and connect–peer exchange network.
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