AssuredPartners, an insurance brokerage firm based in the US, has snapped up a home-grown insurance agency Safeguard Insurance for an undisclosed sum.
Established in 1998, Safeguard Insurance is based in Las Vegas, Nevada. At present the agency reports $2.1m in annualised revenues.
Pursuant to the terms of the agreement, the team of 20 staff of Safeguard Insurance will continue under the operational leadership of president Ryan Dye.
Ryan said: “Helping our clients find the right insurance coverage at the right price has been the goal of Safeguard Insurance. We have built a fast-growing agency in the Southern Nevada marketplace and most of that success is because of our family run business with a focus on our clients.
“With our client focus, most of our business over the past two decades has been earned through client referrals as we always have our client’s best interests at heart. Keeping this in mind, finding a likeminded partner to help us continue with our growth strategy led us to AssuredPartners.”
AssuredPartners president and COO Tom Riley said: “We work hard to build a trusted relationship with our clients and when we find an agency that already has a solid foundation within their community, we know it is a good fit. We are pleased to have the team at Safeguard Insurance join AssuredPartners.”
AssuredPartners buys and invests in insurance brokerage businesses including property and casualty, employee benefits, surety and MGU’s in the US and the UK. The company has purchased more than 200 insurance agencies since 2011.