AssuredPartners Inc., an insurance brokerage firm located in Lake Mary, Florida, has announced its acquisition of the Roemer Insurance Agency and its affiliate, Sunforest Transportation Insurance Group, both situated in Toledo, Ohio.
While the financial details of the transaction were not revealed, this acquisition reflects the growing trend of larger firms absorbing independent insurance agencies.
Since 2011, AssuredPartners has completed over 200 acquisitions, with four of those involving truck insurance agencies this year alone.
Welcome @RoemerInsurance and @STIGWholesaler to the AP family! https://t.co/ppOuPo7k3j #PowerThroughPartnership pic.twitter.com/yKmO6vEKzd
— AssuredPartners Inc. (@AssuredPartners) September 10, 2018
In May, the firm acquired the Peoples Insurance Agency located in Waverly, Iowa. With the addition of Roemer, AssuredPartners gains a company with a rich history dating back to the early days of commercial trucking in the U.S. Founded by Wellington Roemer in 1934, the agency has continuously focused on providing insurance for motor carriers while diversifying its coverage options.
Currently, the Roemer agency reports annual revenues of $4 million and will continue to function under the leadership of President and CEO Rocky Roemer, COO Michael Lawrence, and Dennis Schwartz, president of Sunforest, which assists retail agents in securing truck insurance.
Rocky Roemer remarked on the sale, stating, “It’s a rare company that can prosper for over 80 years. Not many firms achieve success for three generations.” Kevin Rettberg, head of AssuredPartners Transportation, explained that the trend of consolidation arises from independent agencies seeking to expand their coverage options as trucking businesses evolve into warehousing and logistics.
Rettberg added that AssuredPartners can provide expertise in various areas such as risk assessment and succession planning. He underscored the company’s commitment to not only increasing coverage options but also enhancing risk management solutions.
