US-based private equity firm GTCR has signed an agreement with Apax Partners to sell property and casualty (P&C) insurer AssuredPartners.
Terms of the deal have not been disclosed.
Established in 2011, AssuredPartners is claimed to be the sixth largest independent P&C insurance brokerage in the US. It has offices in around 30 states of the US, the District of Columbia and London.
GTCR managing director David Donnini said: "The acquisitions and growth that Jim and Tom and the entire Assured team accomplished over the last four years represent another excellent example of GTCR successfully executing The Leaders Strategy.
"The entire Assured team has built a tremendous platform that is well-positioned for long-term success."
Through its network of agencies, Assured offers property and casualty and employeebenefits insurance brokerage services to commercial enterprises and individuals.
In 2011, GTCR collaborated with insurance brokerage industry leaders Jim Henderson and Tom Riley to form AssuredPartners to execute its leaders strategy.
According to GTCR, Assured completed 101 acquisitions since its formation in 2011, turning into one of the major middle market insurance brokers in the country.
The deal is expected to complete in the third quarter of this year.
Image: AssuredPartners provides property and casualty and employeebenefits insurance brokerage services. Photo: courtesy of Stuart Miles/ FreeDigitalPhotos.net.