The investment from BHMS will be used by Inszone to expand its presence in insurance distribution through further acquisitions
BHMS invests in California-based P&C broker. (Credit: Pixabay/Capri23auto.)
BHMS Investments, a private investment firm, has invested an undisclosed amount in Inszone Insurance Services, a California-based insurance broker.
Founded in 2002, Inszone Insurance Services offers a wide range of property & casualty and employee benefits solutions.
The firm is claimed to have completed ten acquisitions over the last 15 months and has offices across California, Arizona and Nevada but serves all the 50 states.
The investment from BHMS will be primarily used by Inszone to continue with its growth through acquisitions.
In addition to the investment from BHMS, the insurance firm had also secured financing from Madison Capital Funding, a financing partner to the insurance distribution industry.
Inszone Insurance Services CEO and shareholder Norm Hudson said: “We are excited to partner with BHMS as we continue our Company’s expansion and their investment will help us accelerate our acquisition momentum.
“BHMS was a perfect fit given their partnership approach as well as prior experience and relationship set within the brokerage industry.”
Inszone completed 10 acquisitions in the last 15 months
Earlier this year, the insurance firm acquired ISU Global Business Insurance Agency, a Woodland Hills, California-based agency, which was founded in 2002. The acquisition of the agency is expected to enhance Inszone’s presence in the state.
BHMS managing partner Kevin Angelis said: “Insurance distribution, and specifically, retail brokerage continues to be an attractive industry for us. Inszone’s acquisition track record, as well as its strong organic growth profile, serve as an ideal fit for our firm’s mandate.
“We are thrilled to be partners with Inszone’s best-in-class management team led by Norm Hudson and Chris Walters and look forward to working alongside them to continue the company’s ascent.”
Previously, BHMS invested in insurance brokerage firms including The Hilb Group (THG) between 2011 and 2015 and PCF Insurance Services (PCF) between 2017 and early this year.
While THG had grown into a company with $50m of revenue and also established itself in the top 30 insurance brokerages in the US, PCF had also completed 21 acquisitions across 10 states and is now among the top 50 brokerages.