US-based independent insurance agency TRICOR Insurance has secured a strategic investment from private equity company J.C. Flowers & Co.
The investment amount was not revealed.
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The insurer, which deals in business insurance, employee benefits, personal insurance, and individual life and health, plans to use the infusion to ramp up its growth.
This growth will be realized through acquisition activities as well as organically.
J.C. Flowers managing director Eric Rahe said: “TRICOR has an excellent industry reputation and a strong company culture, and we see tremendous opportunity for TRICOR to expand its operations throughout the Midwest.
“J.C. Flowers has a long track record of successful investments in the insurance industry, and we look forward to working with Dave and his team to leverage our experience and strong relationships to grow the company strategically.”
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By GlobalDataTRICOR CEO/president Dave Fritz will continue to have a “very significant” ownership in the business.
Its full management will also remain unchanged.
“By pairing the diverse skills of J.C. Flowers alongside TRICOR management’s industry expertise, we know we will achieve our mission of being the employer of choice, as well as the insurance agency of choice, throughout the upper Midwest,” Fritz stated.
TRICOR has over a customer base of over 40,000 across Wisconsin, Iowa and the Midwest. The firm, established in 1945, has a workforce of more than 220.
Meanwhile, J.C. Flowers, a $5bn business, has a presence in New York as well as London.
Last year, an investor group led by Thomas H. Lee Partners agreed to buy a majority stake in AmeriLife Group from J.C. Flowers as well as other investors.
