Edgewood Partners Insurance Center will buy Homeplace Insurance Brokers Inc.
Homeplace, founded in 1998 and headquartered in Ontario, Calif., specializes in the oversight and risk management insurance programs for the transportation, warehousing and logistics industries.
Edgewood provides retail property and casualty insurance. The company is also an employee benefits consultant. Terms of the deal weren’t disclosed.
The deal follows many others in the insurance sector. On Jan. 4, insurance company the Guardian Life Insurance Company of America announced it would buy Reed Group, a company that helps employers comply with state regulations surrounding employees leave plans.
New York-based Guardian is a mutual life insurance company that provides employee benefits. Reed, headquartered in Westminster, Colo., aims to help its clients reduce the cost and risk of company leave plans and disability programs. Terms of the deal were not disclosed Cain Brothers & Co. LLC served as Reed’s financial adviser, while DLA Piper served as its legal counsel, on the deal.
The transaction was announced on the heels of Confie Seguros’ acquiring three insurance brokerages in Florida for an undisclosed price. The targets include Second City Insurance, in Holiday; Insurance of Lauderdale Lakes, in Lauderhill; and Harmony Insurance, in Kissimmee. Confie provides personal lines insurance for the Hispanic community.
In December, WellPoint Inc. (NYSE: WLP) completed its purchase of health insurance company Amerigroup Corp. and Markel Corp. (NYSE: MKL) said it would acquire Alterra Capital Holdings Ltd. (Nasdaq: ALTE, BSX:ALTE.BH) as part of a $3.13 billion merger agreement.