Private equity group Apax has snapped up fast growing US insurance broker AssuredPartners.
The broker, which was founded four years ago, was previously owned by buyout firm GTCR and is led by former Brown & Brown executive Jim Henderson.
It is currently the sixth largest property and casualty broker in the US, and also has a presence in London. Mitch Truwit, the US-based co-chief executive of Apax Partners, said: “We have been following Assured closely since its inception and have been impressed with the strategy and vision articulated by the management team.
“We are excited to back the company as it pursues its next phase of growth.”
GTCR founded AssuredPartners alongside Henderson in 2011 as an acquisition vehicle to take over insurance, ploughing up to $250m (£161m) into the group.
It has made 101 acquisitions since its founding – a rate of about 25 takeovers a year.
“We look forward to our partnership with the Apax team as we pursue the next chapter in our vision to build one of the leading middle market retail insurance brokerage firms in the nation,” Henderson said on the announcement yesterday.