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GTCR Announces Partnership with Former Brown & Brown Veterans to Form Middle Market Brokerage

Posted on 02 Mar 2011

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GTCR, a leading private equity firm, today announced it has entered into a partnership with Jim Henderson and Tom Riley to form Assured Agencies. The new company, headquartered in Lake Mary, Florida, will focus on building a leading middle market insurance brokerage firm.  GTCR, the firm that pioneered the Leaders Strategy of partnering with proven executives in growing industries to create market-leading companies, plans to invest up to $250 million of equity capital to support the strategy.

Henderson, a 35-year insurance industry veteran, was formerly Vice Chairman and COO of Brown & Brown, a leading insurance brokerage firm. There, he executed numerous acquisitions and had operating responsibilities over various business segments.  Throughout Henderson’s impressive career, he has developed extensive experience within the industry. Henderson will serve as CEO. Mr. Riley will join Assured as COO and President. Riley spent 21 years at Brown & Brown, where he was most recently Regional President and Chief Acquisition Officer.

“We believe this is an attractive time to invest in the insurance brokerage industry,” Henderson said. “The middle market insurance brokerage marketplace provides significant opportunity for consolidation.  There are a large number of agencies looking to take their business to the next level, and I am excited to begin exploring investment opportunities with quality agencies.  GTCR’s track record of working with management teams to invest in growth and build leading companies makes them the ideal partner for this venture.”

“We are excited to partner with Jim and Tom,” said Aaron Cohen, Vice President at GTCR.  “Their experience in acquiring and leading businesses in the sector is top-notch.  We look forward to building a leading insurance brokerage firm through acquisitions and organic growth.”

“GTCR has deep sector expertise in the insurance brokerage industry, and Jim and Tom’s proven success in this industry make them the ideal leaders for Assured Agencies,” said David Donnini, a GTCR Principal. “This is another great example of GTCR’s strategy of partnering with proven leaders to build companies in attractive industries.”

GTCR is currently investing its tenth fund, a private equity fund with $3.25 billion of committed capital.