The completion of this transaction positions Fortegra Financial to continue expanding its insurance business
Fortegra Financial, a portfolio company of equity investor Summit Partners, has completed the acquisition of Bliss & Glennon, from Willis HRH. The financial terms of the transaction were not disclosed.
Willis HRH is the North American retail brokerage business of Willis Group Holdings. Bliss & Glennon is engaged in the business of transaction-based wholesale insurance brokerage and is a surplus lines general insurance agency with binding authority.
The completion of this transaction positions Fortegra Financial to continue expanding its insurance distribution and service business to include wholesale brokerage, according to Fortegra Financial.
Piper Jaffray acted as the exclusive financial adviser to Fortegra Financial and Summit Partners. StoneRidge Advisors and Willis Capital Markets and Advisory Services acted as financial advisors to Willis HRH.
JJ Kardwell, a principal with Summit Partners, who is also a member of Fortegra’s board of directors, said: We welcome this opportunity to help finance Fortegra’s continued expansion and we will continue working with the Fortegra management team to identify similarly compelling acquisition opportunities.
Joe Plumeri, chairman and CEO of Willis Group Holdings, said: Bliss & Glennon is a perfect fit with Fortegra and we look forward to working with them as a third-party wholesale insurance broker. We decided to look for a new home for Bliss & Glennon because it did not fit with our long-term strategy to focus our attention and resources on our retail brokerage business in the US.