AssuredPartners, through its subsidiary ProAccess, has acquired the Chicago location of Cygnet Underwriting Agency.
Cygnet Underwriting Agency specializes in medical professional liability risks for individual physicians, dentists, and group physician practices.
As part of the acquisition, Mike Magnuson, President of Cygnet, will join ProAccess. Operations will move into the ProAccess office, located at 120 Riverside, Suite 2160 in Chicago.
"By aligning with AssuredPartners, I now have access to a greater number of insurance carriers to provide clients with more options for their hard to place medical professional liability coverage needs," said Magnuson. "I am excited to become part of a large and growing national agency."
"ProAccess specializes in professional liability coverage for lawyers, accountants, health care professionals, dentists and more," said Jim Young, Director of ProAccess. "Mike’s book of business is a great fit for ProAccess and we look forward to working with Mike."
"The Cygnet acquisition in Chicago supports the AssuredPartners growth strategy by expanding our diverse portfolio of coverage offerings," said Tom Riley, President and COO of AssuredPartners, Inc. "We welcome Mike and his clients to the AssuredPartners team."
Headquartered in Lake Mary, Florida and led by Jim Henderson and Tom Riley, AssuredPartners, a portfolio company of Chicago-based private equity firm GTCR, acquires and invests in insurance brokerage businesses (property and casualty, employee benefits, surety, MGA/wholesalers) across the US and in London.