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AssuredPartners: Building on Success with Exceptional Management Leaders

February 10, 2016

Building on the firm’s success in the insurance brokerage industry—where it built Alliant Resources into a leading U.S. middle-market broker in the early 2000s—GTCR worked proactively over a five-year period to find a proven management team to build another middle-market brokerage firm through consolidation within the highly fragmented industry. In executing its Leaders Strategy™, GTCR first identified and then developed a deep relationship with industry veterans Jim Henderson and Tom Riley. Both Mr. Henderson and Mr. Riley had extensive leadership experience at industry leader Brown & Brown. Throughout this time, the industry landscape remained fragmented with valuations that GTCR believed to be compelling relative to historical averages due to the recent recession.

In early 2011, GTCR partnered with Mr. Henderson and Mr. Riley to form AssuredPartners. To build a premier middle-market insurance brokerage firm, Assured’s strategy was to selectively acquire small- to-middle market property casualty and employee benefits insurance brokerage agencies across the U.S. When integrated into the Assured national platform, the acquired local agencies benefitted from stronger carrier relationships, deeper specialty expertise, expanded product offerings available to customers and enhanced operating efficiencies.

With management’s deep industry relationships and strong operational experience, AssuredPartners established itself as an acquirer of choice within the mid-market insurance brokerage industry. Within four short years, Assured acquired over 100 agencies, both regional platform agencies and smaller, highly accretive tuck-in acquisitions. Throughout this period, GTCR provided management with the necessary capital and support to capitalize on these transformational opportunities and position Assured for long-term growth. By executing its Leaders Strategy™, GTCR was able to create a leading national insurance brokerage firm, resulting in GTCR’s successful exit in late 2015.

Ultimately, it was GTCR’s partnership with an industry-leading management team that positioned the firm to successfully execute its transformational investment thesis and create a market-leading insurance broker.