Lafayette-based insurance broker/risk management group bought by Florida firm for undisclosed sum; principals Landry and Harris continue to run local operations.
Lake Mary, Florida-based AssuredPartners Inc. has acquired Landry Harris & Co., a multi-line insurance broker and risk management group. The purchase was made through Assured Partners' subsidiary, AssuredPartners Gulf Coast Insurance Agency; Landry Harris principals Mark Landry and Frankie Harris will continue to run the local operations at 600 Jefferson St.
Mark Landry
Frankie Harris
Founded in 1950 as a one-man insurance operation and now specializing in commercial insurance, bonds, employee benefit programs and personal insurance, Landry Harris has approximately $10 million in annual revenues and 37 employees, all of whom will join AssuredPartners Gulf Coast Insurance Agency. Terms of the transaction were not disclosed.
The acquisition was announced April 11, the same day AssuredPartners confirmed it had also purchased CBS Coverage Group, Inc., headquartered in Plainview, N.Y, continuing a years-long buying spree. The CBS deal was AssuredPartners' 11th in 2014; since 2011, it has acquired more than 50 insurance firms. CBS Coverage Group generates approximately $12 million in annual revenues.
"Joining AssuredPartners Gulf Coast allows the Landry Harris team to provide enhanced insurance products and services to our clients," Mark Landry said in a prepared statement. "We are excited to protect our clients' businesses and families in new ways as part of AssuredPartners Gulf Coast Insurance Agency." Frankie Harris called AssuredPartners "a great culture fit" for Landry Harris and its clients.
"The Landry Harris acquisition supports the AssuredPartners corporate growth strategy by establishing our presence in a new market," Tom Riley, president and COO of AssuredPartners Inc., said in the press release.
A portfolio company of Chicago-based private equity firm GTCR, AssuredPartners acquires and invests in insurance brokerage businesses (property and casualty, employee benefits, surety, MGA/wholesalers) across the U.S. and in London. Since its founding in March 2011, it has grown to approximately $325 million in annualized revenue and is one of the fastest-growing insurance brokerage firms in the U.S., with more than 80 offices in 26 states and a London office.