Acrisure’s acquisition of Ohio based Britton
Gallagher breaks new ground for the insurance business. The purchase marks Acrisure’s first expansion into the Ohio market.
The two firms formally announced their partnership on May 12 following the completion of a $2.9 billion management-led buyout from Acrisure’s private equity sponsor Genstar.
Britton Gallagher has told Crain’s Business that it will now go shopping for independent agencies of its own following the Acrisure investment. Britton Gallagher will retain all of its staff and leadership.
“Our goal is to double in size in a year,” Britton Gallagher president Jeremy Bryant said in the report.
“Without a partnership with Acrisure, I don’t see that we’d be able to do that at the current setting with limited resources. Having them on the ground with corporate service and bench strength will really help us,” Bryant further said. Bryant has been President of the firm since last year. Joining it 4 years before that as an EVP.
“Northern Ohio has the population density we like to see and a growing business community. It’s exciting and we think there is a ton of opportunity here,” Acrisure chief executive Greg Williams also said in the report.
Britton Gallagher has a number of interesting specialities – including Pyrotechnics and Life Sciences. Currently chaired by Bruce Ball, it is celebrating its 75th anniversary. Ball joined BG in 1986 from
Travelers.
Acrisure has been on a shopping binge last year, completing 138 deals with retail brokerages while owned by private equity sponsors Genstar Capital. After the management led buyout, it is now 78% held by its management team.
Related stories:
FEMA owes the government $25 billion
GOP prepares new 5-year NFIP authorization
