US-based private equity firm GTCR portfolio firm AssuredPartners has acquired Alabama-based Colonial Insurance Agency.
The acquired business will allow AssuredPartners to expand its operations in Alabama and the Southeast region.
AssuredPartners president and CEO Tom Riley said: "We welcome Colonial’s 31 employees and are excited about the industry specialization they bring and our quickly growing footprint in Alabama."
Since 50 years, Colonial Insurance has been offering insurance and financial services to clients across the country, including traditional property, casualty and workers’ compensation products.
The agency also provides multiple niche and specialty insurance programs for industries such as real estate, construction, hospitality, emergency medical services, medical professional and social services.
The $4.5m revenue agency will continue to carry out operations from its current Montgomery location under the local leadership of president W. Mark Pierce.
Pierce said: "Colonial values our long-term relationships, and we are excited about the additional resources and benefits this national partnership will bring to our clients, employees and underwriter partners."
AssuredPartners operates insurance brokerage businesses, providing property and casualty, employee benefits and surety services.