Mergers and acquisitions are key words today in the insurance industry. Many changes were brought on because of health care reform and other key indices in the industry requiring rapid growth and efficiencies to stay competitive.
Local leaders in the insurance industry have not been immune to these dramatic changes and the unique challenges they present. Many in the industry believe that this is a perfect storm of opportunity to merge and grow.
So, seeing an opportunity to build on their growth and success, Brian Glenn and Sean Davis, principles of Glenn Davis Insurance, decided recently to merge their firm with AssuredPartners, Inc. The deal is not a simple acquisition of a local company, but a true partnership, much like we saw when Synovus purchased Sea Island Bank.
AssuredPartners is headquartered in Lake Mary, Fla., and led by Jim Henderson and Tom Riley. It is the 13th largest independent insurance brokerage firm in the nation.
They acquire and invest in insurance brokerage businesses (property and casualty, employee benefits, surety and MGU's) across the United States and in London. From their founding in March 2011, AssuredPartners has grown to $500 million in annualized revenue and continues to be one of the fastest growing insurance brokerage firms in the United States with more than 120 offices in 30 states and an office in London.
Glenn Davis associates was founded in 1989 by Brian Glenn and focuses on commercial property and casualty, as well as employee benefits insurance offerings. They have a team of 28 employees who will all remain in place. Glenn Davis's culture, identity and local presence in Statesboro will continue under the leadership of Sean Davis.
"Our success has been in building relationships," Davis said. "Our clients range from the single policy holder to large corporate accounts, but we strive to listen, learn and understand the needs of our clients. We gear our company toward personalized service and attention. Joining AssuredPartners allows us to expand on our company dynamics and build on these strengths."
Glenn Davis's clients will benefit from both dealing with the same team members they have relationships with backed now by the strength, carrier options and resources of a national company that serves more than 30,000 clients. From more efficient processing of claims to having more expanded carrier options, it certainly seems like a win for their existing and future clients.
"This partnerships gives us resources that would be unobtainable for an agency the size of ours," Glenn said. "We have built a reputation with our clients of searching for the best value and being as innovative as possible to assure the highest quality of coverage. This partnership will give us even more carriers, options and best practice efficiencies that will allow us to ensure our clients that they are getting the best deal available, period."
In addition to great opportunities for their clients, both Glenn and Davis have incentives and capital to seek out other locally owned independent insurance agencies to bring under the AssuredPartner umbrella.
"AssuredPartners has an incredible amount of capital to support their aggressive growth plan," Davis said. "To meet their growth objectives, we are looking to purchase other local agencies in Statesboro and surrounding markets. Our initial targets are within a 100 mile radius of Statesboro. We are looking for agencies with a minimum of $500,000 in revenue. We are in negotiations with two additional agencies and hope to grow that number rapidly."
Both Glenn and Davis said they have made a long commitment as part of the merger to lead and grow the company. With an aggressive strategy in place, the capital and resources available from AssuredPartners, their growth opportunities are endless.
They are positioned, with this deal, to continue to be large player in our region in the insurance industry for years to come.