AssuredPartners buys Lee F. Murphy Inc for undisclosed amount
Assured Partners Inc purchased insurance company Lee F. Murphy Inc. No financial terms were given about the acquisition which was done through AssuredPartners of Minnesota, a subsidiary of AssuredPartners Inc. Based in St. Paul, Minnesota, Lee F. Murphy was named a Top Insurance Broker for this year by the Minneapolis/St. Paul Business Journal. The insurer said it had revenues of USD 8 million.
Lee F. Murphy was established in 1977. Its products included commercial insurance, risk management, employment benefit programs and personal insurance. Providing high quality service to its clients is the focus of Lee F. Murphy.
Lee F. Murphy President and Chief Executive Officer Bob Murphy said about the transaction, "Our company promise is to deliver innovative and comprehensive insurance programs to our clients to help them achieve their goals. We do this by developing personal relationships, explaining coverage in easy to follow terms, and through our knowledge and expertise. As part of AssuredPartners, we will continue to help clients achieve their goals, while accessing new resources and support services."
As part of the deal 50 employees from Lee Murphy Inc will become part of the team of AssuredPartners of Minnesota. However, Bob Murphy will continue to lead the insurance company. The firm's local operations will remain in St. Paul.
AssuredPartners Inc President and Chief Operating Officer Tom Riley said, "Lee F. Murphy, Inc. is known as an insurance leader in the St. Paul area. Their industry expertise, carrier relationships and excellent client service make them a great fit for AssuredPartners."
Based in Lake Mary, Florida, AssuredPartners Inc is a portfolio company of GTCR, a private equity firm based in Chicago. AssuredPartners was established two years ago and has posted annualized revenue of about USD 280 million. It is one of the fastest growing insurance brokerage firms companies in the US. AssuredPartners has over 80 offices in 23 states. It also has an office in London.