CIA Insurance sold to AssuredPartners
AssuredPartners, a leading insurance broker in the United States, UK and Ireland, has acquired Rugby-based intermediary CIA Insurance. BCMS acted as lead advisor to the shareholders of CIA Insurance throughout the transaction, which completed in December 2023, with legal advice provided by Squire Patton Boggs.
“BCMS have proved a brilliant, responsive and proactive partner, offering support, advice and expertise at all times” – Lee Callaby, Eliot Blundell and Martin Sheppard, CIA Insurance
Founded in the mid-1990s, CIA Insurance is an independent intermediary renowned for its expertise in specific niches within the landlord insurance market. Controlling over £45 million of Gross Written Premium (GWP) and with a workforce of more than 90 employees, the company has built an outstanding reputation in the sector. In addition to landlord insurance, CIA Insurance extends its services to motorbike, commercial and household insurance clients across the UK.
The acquirer, AssuredPartners, is one of the fastest-growing, independent insurance agencies in the United States, UK and Ireland. Founded in 2011, AssuredPartners has acquired in excess of 450 agencies, with offices in four countries and 36 states across the US. With over 9,000 employees, it is one of the largest independently owned brokers in the world.
David Heathfield, CEO of AssuredPartners UK and Ireland, said: “We are extremely happy to welcome CIA Insurance to our rapidly expanding group of partner companies. Over the last several years, management and the wider team have demonstrated the ability to operate a highly successful company, and we look forward to working with all members of the team as they take the company to the next level with the support of our group resources.”
Exiting CIA Insurance shareholders, Lee Callaby, Eliot Blundell and Martin Sheppard said: “We are very proud of the business we have built over the years. We would like to thank our staff for their enormous contribution in making CIA the successful company that it is today and we feel confident that with the support of a large group like AssuredPartners the company will continue to grow and offer market leading solutions to our clients.”
“Our advisors helped us overcome every potential hurdle. Without their commitment, this exceptional outcome would not have been secured” – CIA Insurance
Commenting on the advisors’ role in the transaction, Lee, Eliot and Martin added: “We’d like to thank the entire BCMS team, led by Andy Denny, for their tireless work in making this transaction happen. From our initial engagement with them, BCMS have proved a brilliant, responsive and proactive partner, offering support, advice and expertise at all times. BCMS presented our business beautifully, engaged with a wide landscape of potential buyers, and crucially maintained momentum during all phases of negotiation.
“Any business sale comes with its unique challenges, but BCMS and our legal advisors, Squire Patton Boggs, helped us overcome every potential hurdle, every single time. It is no exaggeration to say that without their commitment, this exceptional outcome would not have been secured.”
Andy Denny, Director, BCMS added: “We’re delighted to have led this transaction – connecting our client, a leading specialist insurance intermediary, with a dynamic, fast-growing and international insurance player. AssuredPartners is a perfect home for the CIA Insurance business and we naturally wish all parties every success for the future.
“This transaction is a great example of the importance of having expert advisors in your corner” – Andy Denny, BCMS
“The insurance sector is in a consolidation cycle currently, and is therefore a particularly active space for M&A activity. In this market, independent firms of all sizes are regularly directly approached by strategic serial acquirers. However, there is always a long journey from first offers to a completed deal, and this transaction is a great example of the importance of having expert advisors in your corner, and the added value they provide in navigating the multiple complexities of a transaction.”
Alongside Andy Denny, the BCMS team included Simon Glover, Rob Goulding, Shivam Arora and Apeksha Tanna.
The Squire Patton Boggs team was led by Corporate partner Tom Durrant, who commented: “We’re pleased to have been able to support the shareholders of CIA Insurance on what was a complex transaction, drawing upon on our capability within the financial services and insurance sectors to achieve a good outcome for both our client and AssuredPartners, and we look forward to seeing the business continue to flourish as part of a larger group.”