Startup makes acquisition
Sep 27, 2011
The following article was published in the Daytona Beach News Journal on September 27, 2011:
Startup Mkes Acquisition
By Tom Knox
A startup insurance brokerage led by two former Brown & Brown executives has made its first acquisition.
Lake Mary-based AssuredPartners, led by Jim Henderson and Tom Riley, last week acquired Neace Lukens, a Louisville, Ky., -based insurance brokerage with $88 million in annual revenue.
Henderson, AssuredPartners’ chief executive officer and chairman, had been an executive at Daytona Beach-based Brown & Brown since 1985 and vice chairman until leaving the insurance brokerage a year ago.
Riley, AssuredPartners’ chief operating officer, was a 21-year employee at Brown & Brown and was its chief acquisition officer when he resigned in January.
AssuredPartners is backed with $250 million from GTCR, a Chicago-based private investment firm.
Neace Lukens has more than 500 employees in 22 offices throughout the Midwest and Southeast.