SIAA (Strategic Insurance Agency Alliance), a network of independent insurance agencies, has announced that private equity firm Odyssey Investment Partners has partnered with the SIAA management team to acquire the company.
“We’ve been exploring our perpetuation options for some time now, with special consideration to the ongoing success of our master agencies and member agencies across the country,” said Jim Masiello, chairman and founder of SIAA. “This transaction provides for the continued success of our model and all who participate in it.”
Jim Masiello will be leaving the organization. Matt Masiello, CEO of SIAA, will continue to lead the alliance along with the rest of the SIAA management team.
“This transaction sets the stage to take our business to the next level based on our proven model,” Matt Masiello said. “We’ve had great success as the original and largest network of independent insurance agencies in the country, and now we will have the resources to move forward more decisively in M&A, technology and investing in other growth initiatives.”
“We are excited to partner with Matt and his team to invest in and accelerate the growth of SIAA and the independent agent channel,” said Jeff Moffett, managing principal at Odyssey. “Building on the decades of success Jim, Matt and the SIAA team have achieved, we share a common vision for the potential of SIAA and its alliance partners.”
Originating in 1983 with the Satellite Agency Network (SAN) Group, SIAA was formed in 1995. It will continue operations under its current model.
Read more: SIAA posts record written premium in 2020
“There’s no desire to disrupt our proven methods for success,” Matt Masiello said. “We exist to help independent agents grow and thrive. The challenge is to identify what we can do better and provide accelerators to expand upon our core competencies.”
At year-end 2020, SIAA reached $9.6 billion of total in-force premium, up from $8.9 billion the year before. SIAA also signed 527 new member agencies in 2020, the second-highest number in the history of the alliance.