The Illinois-based Corkill Insurance Agency currently reported s $23m in annualised revenues
Image: AssuredPartners acquires Illinois-based agency. (Credit: Pixabay/Pete Linforth)
AssuredPartners has acquired Elk Grove Village, Illinois-based Corkill Insurance Agency for an undisclosed amount.
The transaction marks AssuredPartners’ first acquisition for this year. The agency has reported $23m in annualised revenues. Luke Praxmarer and Paul Praxmarer will remain as the operational leaders of Corkill Insurance Agency and the agency’s 104 staff will continue working under them.
Corkill Insurance Agency was founded by Philip Corkill in 1959.
AssuredPartners regional president Todd Stocksdale said: “Corkill Insurance is a trusted agency that has established solid foundations within its communities.
“This partnership will strengthen our operations as we continue to expand our services and grow throughout the Chicago area.”
AssuredPartners president and chief operating officer Tom Riley said: “We are pleased to have the talented team of Corkill Insurance join AssuredPartners.
“Our corporate cultures align with a client-centered focus and dedication to delivering innovative insurance solutions. We welcome the clientele and team to AssuredPartners.”
Luke Praxmarer said: “Corkill Insurance Agency has been a trusted adviser and expert council for clients since the 1950s. “Our dedication to our clients and employees led us to join one of the largest insurance brokerage agencies in the country and we are truly excited to partner with AssuredPartners.”
AssuredPartners records 53 acquisitions for 2019
For 2019, AssuredPartners reports a total of 53 acquisitions totaling $190m. With the acquisitions, the company has secured new partners throughout the US and England.
AssuredPartners expects a same level of acquisition activity in 2020, with plans to enter into new states.
Recently, the company announced the addition of The Jordan Insurance Group, located in Columbia, MD. The agency’s annualised revenues currently stand at $1.1m.
AssuredPartners said that the company’s team of 5 will remain under the operational leadership of Bill Jordan.
Headquartered in Lake Mary, Florida, AssuredPartners in engaged in acquiring and investing in insurance brokerage businesses that include property and casualty, employee benefits, surety and MGU’s, across the US and in London.
Following its founding in March of 2011, the company has now grown its annualized revenue to more than $1.3bn. With over 170 offices in 30 states, it claims to be one of the fastest growing insurance brokerage firms in the US.
Image: AssuredPartners acquires Illinois-based agency. (Credit: Pixabay/Pete Linforth)