Sunstar Insurance Group, which is based in Memphis, Tennessee, is said to have completed more than 25 acquisitions within its core geography
BBH Capital Partners (BBHCP) said that it has acquired a majority stake in US insurance brokerage firm Sunstar Insurance Group for an undisclosed price.
As part of the deal, Sunstar Insurance Group’s management and key employees will continue to be significant shareholders alongside BBHCP, which is the private equity strategy of New York-based private bank Brown Brothers Harriman & Co. (BBH).
The majority recapitalisation from BBHCP is said to offer additional capital to Sunstar Insurance Group for sustaining its present momentum and for fast-tracking its long-term growth.
The insurance broker based in Memphis, Tennessee is said to have completed more than 25 acquisitions within its core geography. The company is engaged in meeting the insurance requirements of businesses and individuals in the Southeast and lower Midwest.
Sunstar Insurance operates via 10 hub offices, with 18 branch offices across the states of Arkansas, Kansas, Missouri, and Tennessee.
Sunstar Insurance Group CEO comments on the transaction
Sunstar Insurance Group CEO Casey Bowlin said: “We are thrilled to partner with the BBHCP team. Since our founding in 2012, Sunstar has been committed to creating the preeminent insurance broker in the Southeast and lower Midwest.
“The investment by BBHCP will enable us to create new opportunities for our employees, customers and carrier partners and will further accelerate our organic and M&A growth strategies.”
LNC Partners, a private equity firm that had invested debt and equity capital in 2015 in Sunstar Insurance, will continue as a lender to the insurance broker.
The insurance agency is said to have placed more than $450m in premiums on behalf of its clients. Earlier this year, it acquired the Lakenan of Perryville Agency based in Missouri and merged it into its Lakenan agency.
BBH managing director and BBHCP co-manager Patrick Kruczek said: “Casey Bowlin and the Sunstar team have built an impressive insurance brokerage franchise. The BBHCP team looks forward to supporting Sunstar in its future growth initiatives.”