AssuredPartners Inc. announced Wednesday the brokerage reached a milestone 500th acquisition with its purchase of the St. Petersburg, Florida-based Jack Rice Insurance LLC.
Terms of the transaction were not disclosed.
Orlando, Florida-based AssuredPartners was established in 2011, distributing property and casualty, risk management, employee benefits and personal insurance. The brokerage’s acquisition-fueled growth was initially backed financially by Chicago-based private equity firm GTCR. During its first four years, AssuredPartners completed 112 acquisitions and grew annual revenue to more than $500 million.
GTCR sold a majority stake in AssuredPartners to Apax VIII, a fund advised by Lake Mary, Florida-based Apax Partners, in 2015. During its ownership, AssuredPartners completed 124 acquisitions. Apax VIII sold the majority stake back to GTCR in 2019.
Jack Rice has 25 employees, an AssuredPartners spokeswoman said.
AssuredPartners is the 11th-largest brokerage of U.S. business, according to Business Insurance’s most recent ranking. In 2023, it reported $2.49 billion in U.S. brokerage revenue and $2.56 billion in total brokerage revenue.
