Inszone Insurance Services, based in Sacramento, California, has continued its tear of mergers this year, most recently with the acquisition of Sanford, Bruker & Banks agency in Georgia.
Sanford, Bruker, with offices in the Augusta area, is one of the oldest insurance agencies in the state, founded in 1915. It was started by Davenport Sandford. The current owner is Jeffrey Banks, who, at age 73, said he looked to an Inszone merger to ensure the business would continue to thrive.
Sanford Bruker offers homeowners, commercial, auto and life insurance coverage.
Inszone, founded in 2002, has expanded steadily in recent years through organic growth and acquisitions. This spring alone, the brokerage expanded to serving clients in 24 states, with the acquisition of agencies in Michigan, Colorado, Nebraska, Arizona, Arkansas, Texas and Florida. Inszone is owned by its leadership team and two private equity firms,
Nationwide, the number of agency mergers and acquisitions was down in the first quarter of this year by 6%, compared with the same period last year, but that trend appears to be bottoming out, OPTIS Partners said in a recent report. Read more here.
Topics
Mergers & Acquisitions
Georgia
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