Odyssey Investment Partners announced that an affiliate has completed its acquisition of Integro, an international insurance brokerage and risk management firm.
Financial details of the investment were not disclosed.
Founded in 2005, Integro has evolved to become a leading specialty insurance brokerage firm with a significant global presence.
In recent years, Integro has been actively building its specialty areas, including Aviation; Benefits Consulting; Entertainment; Financial Institutions; Healthcare; Marine/Energy; Professional Services; Real Estate/Construction; Reinsurance; Retail/Consumer Services; and Trade & Logistics/Transportation in North America, and globally.
Integro has catapulted to the eighth largest private broker in the United States in terms of property/casualty written premium, according to Insurance Journal. Integro serves clients in over 125 countries from more than 40 offices across the globe.
Jeffrey McKibben, a Managing Principal of Odyssey Investment Partners, said, "We are excited to complete this transaction and to build on Integro’s exceptional success to date in the brokerage and risk management sectors. We look forward to our new partnership with the Integro management team and to providing the resources and support needed to achieve continued success."
The Integro management team led by William Goldstein, John Sutton, Toby Humphreys and Marc Kunney remains in place, and certain members of the management team and other employees remain shareholders in the company.
Mr. Goldstein, previously President of Integro, has been named Chief Executive Officer. He said, "We are thrilled to be aligning with Odyssey, an active partner that will add value in so many initiatives, including refining strategic direction, accelerating acquisitions, improving financing, and supporting our deep commitment to innovation and client service."
Sandler O’Neill + Partners, L.P. served as financial advisor and Latham & Watkins LLP served as legal counsel to Odyssey in the transaction. Evercore served as financial advisor and Cahill, Gordon & Reindel and Proskauer Rose LLP served as legal counsel to Integro.
Integro is an insurance brokerage and risk management firm. Clients credit Integro’s superior technical abilities and creative, collaborative work style for securing superior program results and pricing.
Launched in 2005, Integro and its family of specialty insurance and reinsurance companies, some having served clients for more than 150 years, operate from offices in the United States, Canada, Bermuda and the United Kingdom.