Apax VIII, a fund advised by Apax Partners, has signed an agreement to sell its entire stake in American insurance brokerage firm AssuredPartners to an investor group led by GTCR.
Earlier, GTCR owned AssuredPartners from its inception in 2011 until it sold the company to Apax VIII in 2015.
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Along with GTCR, Apax IX – a separate fund advised by Apax Partners – will also purchase a significant minority stake in AssuredPartners.
Founded in 2011, AssuredPartners distributes property and casualty insurance products, risk management, employee benefits and personal insurance.
AssuredPartners co-founder and CEO Jim Henderson said: “Apax has been a superb partner for Assured over the last three years and we are delighted to be renewing this successful partnership.
“At the same time, we are excited to welcome back the GTCR team who we know very well and value their expertise and insight. We look forward to working with both firms who share our vision and commitment to scaling the business further.”
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By GlobalDataGTCR managing director Aaron Cohen said: “AssuredPartners is a trusted advisor to its customers, offering unique capabilities to assist leading companies in all of their insurance and risk management needs.
“We are thrilled to be partners with Jim Henderson, Tom Riley and the team once again and look forward to the continued expansion of the AssuredPartners platform.”
The transaction, whose financial terms were not disclosed, is scheduled to complete in the second quarter of 2019.
