AssuredPartners completes purchase of Stoutamire-Pavlik & Associates
AssuredPartners has acquired Stoutamire-Pavlik & Associates Inc. A portfolio company of private equity firm GTCR, AssuredPartners holds headquarters in Lake Mary, Florida. Its investments and acquisitions are focused on insurance brokerage firms all over the US and London. Stoutamire-Pavlik & Associates Inc, meanwhile, is an independent insurance company based in Monticello, Florida. Its property and casualty insurance products are offered for clients in the forest industry. Financial terms of the transaction were not disclosed.
Ten employees of Stoutamire-Pavlik & Assoiates will be joining the workforce of AssuredPartners as part of the deal. Ric Stoutamire and Ryan Pavlik of Stoutamire-Pavlik & Associates will continue to lead the company.
Stoutamire-Pavlik & Associates President Ric Stoutamire said about the transaction, "With more than 30 years of experience insuring loggers and forest industry specific companies, we are excited to take this next step for our business and join with AssuredPartners. Our goal is to always protect our clients, whether they work in logging, with raw lumber or with the finished product. Partnering with AssuredPartners gives our staff access to more insurance services and resources to benefit our clients and their businesses."
AssuredPartners said the acquisition is in line with their portfolio. AssuredPartners Inc Chairman and Chief Executive Officer Jim Henderson said, "Our acquisition strategy includes identifying and seeking out agencies with a specific niche focus. In this case, the Stoutamire-Pavlik & Associates team brings a thorough understanding of the forestry industry to AssuredPartners. We welcome the Stoutamire-Pavlik & Associates agents and staff to the AssuredPartners family of agencies "
Since it was established two years ago, AssuredPartners has posted annualized revenues of about USD 280 million. It continues to be a fast-growing insurance brokerage company. In the US, it currently has over 80 offices in 24 states as well as an office in London.