AssuredPartners Inc., a GTCR portfolio company, has inked a deal for Sheehan Insurance Group. No financial terms were disclosed. Based in Haymarket, Virginia, Sheehan Insurance Group specializes in insurance coverage for businesses.
Part of the agreement would see that 22 Sheehan Insurance employees join AssuredPartners.
This is the second deal AssuredPartners has announced in December. Earlier in the month, the company bought Baronsmead Partners for an undisclosed price.
Baronsmead, which provides specialist protection to investment fund managers, is a London-based company that has produced roughly $2.4 million in revenues. By contrast, Sheehan Insurance Group reported revenues of about $4 million. Both purchases follow other recent acquisitions by AssuredPartners, including Premiere Coastal Insurance Group in November and Casualty Assurance, as well as Hukill Hazlett Harrington Agency, in October.
The recent slate of deals by AssuredPartners illustrate the company's acquisitive strategy in 2014. In late September, the Lake Mary, Florida-based company picked up Crawford Advisors LLC, which specializes in employee benefits and compliance services for midmarket and large companies.
AssuredPartners competes with several other active acquirers in the space, including Confie Seguros, the Abry Partners-backed company that scooped up more than 70 businesses throughout 2014 including Carallo Insurance Group Inc., and a retail division of home- and commercial-insurance provider PayneWest Insurance.
Hub International, a Chicago-based insurance company, has also been active lately, adding assets of Marrs Maddocks & Associates Insurance Services and acquiring software company Algentis LLC and Peterson Milaney Insurance Associates Inc.