Kaufman Financial Group is on a roll. In the past year-and-a-half, the global insurance network acquired three new premium audit partners for its US-Reports team, and this week announced a fourth—Florida-based L&L Auditing Services.
“When we combine L&L’s force with our force, we easily become the largest company of our type in the state of Florida, so our footprint is very concentrated, which allows us to provide better service,” Steve Hitz, CEO of US-Reports, told
Insurance Business. “We become a bigger and more relevant player, and not only that, but the best player.”
L&L brings more than 60 auditors to the Colorado-based US-Reports business, along with founders Juanita and Ray Lindsay, who will remain in a leadership role. The auditing service is the fourth recent acquisition for US-Reports, including ISI Insurance Services, Spectius Underwriting Solutions and Tracz & Associates.
Hitz attributes his company’s quick growth to US-Reports’ own partnership with Kaufman Financial roughly four years ago.
“This is all part of an opportunity presented to us by Alan Kaufman. Kaufman gave us the autonomy to run our business as we’ve always done, but now we’ve got a billion dollars behind us,” he said. “The beauty of it is we get to select and court the acquisitions we desire so we can add to our company those personalities that really align with our culture.”
The new additions are all integrating well with US-Reports and Kaufman, despite some of the natural fears companies have expressed, Hitz said. His own position as someone who also sold his business to Kaufman has helped him in his acquiring activity.
“For me to be able to tell the company we’re buying, ‘Hey, I was in your shoes four years ago and 100% of our team has remained intact—that’s huge,” he said.
And the growth will only continue.
Ten years down the road, Hitz sees US-Reports expanding to become the largest premium auditor in the US, moving on to opportunities in Canada. He doesn’t have a timeline for his next major acquisition on the horizon, but expects to continue in his quest to partner with relevant companies and grow his business.
“Within 10 years, we will be by far the largest company of our type in the US,” Hitz said. “We’ll have expanded and made a difference in Canada, where we’re already beginning operations, and we’ll do it both through organic growth and acquisitions.”
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