A Florida company that buys and invests in insurance companies nationwide has acquired longtime area insurance agency Leonard Insurance Services Inc., one of the largest independent agencies in Ohio.
Terms of the deal were not disclosed.
Fred Kloots, one of three principals who manage Leonard Insurance Services, said the agency will maintain its offices on Mount Pleasant Road in Jackson Township, and all 58 of the company’s employees will join the Dawson Companies unit of AssuredPartners Inc., headquartered in Lake Mary, Fla., outside Orlando.
Leonard Insurance Services will retain its name, Kloots said.
The company is an independent agency that represents many area companies, as well as offering personal lines of insurance for individuals. Annual revenues are about $10 million.
“We’ll be bigger and stronger,” with AssuredPartners as an owner and able to offer customers a wider variety of insurance programs, Kloots said.
Leonard Insurance Services was formed in 1984 and is the result of the merger of Leonard Agency Co., founded in 1904, and Insurance Services Inc., founded in 1923. The other principals at Leonard are Richard Martindale and Todd Witham.
AssuredPartners says it is the 14th largest insurance brokerage business in the country. The fast-growing AssuredPartners has acquired 45 insurance operations since its founding in 2011; it purchased the Dawson insurance brokerage of Cleveland in 2012. Annualized revenues now total about $290 million. AssuredPartners is a portfolio company of Chicago private equity firm GTCR.
Katie Byard can be reached at 330-996-3781 or kbyard@thebeaconjournal.com.