Leading private equity firm GTCR announced that it had signed a definitive agreement to sell AssuredPartners, a leading independent insurance broker, to Arthur J. Gallagher & Co., a global insurance brokerage, risk management, and consulting services firm, for $13.45 billion in an all-cash transaction. This deal is the largest sale of a U.S. insurance broker to a strategic acquirer in the industry’s history.
Based in Orlando, Florida, AssuredPartners is the 11th largest insurance broker in the U.S. And the company has a team of 10,900 professionals, serving clients from strategically located offices across North America and the U.K. Through Assured’s network of agencies, the company offers a comprehensive suite of risk management solutions, such as property and casualty and employee benefits insurance brokerage services, to commercial enterprises, public institutions, and high-net-worth individuals.
AssuredPartners was launched in 2011 as a GTCR Leaders Strategy partnership with 40-year insurance industry veteran Jim Henderson, the company’s Executive Chairman. Since then, Henderson and the team have rapidly grown the Company through M&A and substantial investment in key talent, operations, technology, and product enhancements.
In the past 13 years, the Company has acquired and successfully integrated over 500 businesses, building a national leader in insurance brokerage. And GTCR originally sold the company to Apax Fund VIII in 2015, and GTCR reacquired a majority stake in partnership with Apax Fund IX in 2019. And the business is led by Henderson and CEO Randy Larsen.
The deal is expected to close in the first quarter of 2025, subject to regulatory approvals and customary closing conditions.
KEY QUOTES:
“Our collaboration with Jim, Randy and the team at AssuredPartners is a quintessential Leaders Strategy™ partnership, building an outstanding business alongside a world-class executive team. When we formed the partnership, the goal was to build a client-first culture at Assured, supported by a centralized best practice approach to technology, go-to-market and strong carrier relationships. Jim, Randy and the entire AssuredPartners team executed the thesis brilliantly, which is what has made the business so successful. We believe that Gallagher, with its strong service-oriented values, complementary business and geographic footprint, is the right home for AssuredPartners to continue on its path to broaden its suite of solutions and further improve client service.”
- Aaron Cohen, Managing Director and Head of Financial Services & Technology at GTCR
“The sale marks a significant milestone in the Company’s journey of building one of the leading insurance brokers behind an ambitious strategy of transformational growth. We are incredibly proud of the partnership we developed with Jim and the entire team at AssuredPartners, and the platform that was built over 13 years. The Company has a well-earned reputation for prioritizing culture, collaboration and client service, which has made it a great fit for so many agency partners and allowed Assured to scale at such an impressive pace. We look forward to seeing Assured and Gallagher’s continued success.”
- David Donnini, Managing Director and Head of Business & Consumer Services at GTCR
“Today’s news is the culmination of a tremendous effort on the part of the entire AssuredPartners team and we are excited about the future of the business. Gallagher is a premier brand and platform in insurance brokerage and, together, I believe we will be even more successful offering clients best-in-class capabilities with industry leading depth and offerings. We have enjoyed working with GTCR over the past 13 years and, on behalf of the team, I want to thank GTCR for its commitment to our vision and for all of their support along the way.”
- Jim Henderson
“GTCR has been a fantastic partner to us as we have grown AssuredPartners into what it is today, and we are excited about our road ahead, benefitting from the innovation and expertise of the talented Gallagher team.”
- Randy Larsen
