US-based independent insurance company Alera Group has announced the acquisition of Cate-Russell Insurance through its Propel Insurance team.
The financial terms of the transaction were not disclosed.
The acquired firm is an independent insurer based in Maryville, Tennessee.
Cate-Russell Insurance offers a range of business insurance, personal insurance, and employee benefits solutions.
Alera Group will retain the Cate-Russell Insurance team that specialises in providing personalised guidance to help clients navigate the journey of finding the right cover.
As per the terms of the agreement, Cate-Russell Insurance will become a part of Propel Insurance, an Alera Group subsidiary.
Propel Insurance managing partner Kurt Carlson said: “For more than four decades, Cate-Russell Insurance has consistently won awards for excellent service. The team continues to go the extra mile to exceed expectations and understands what it takes to produce quality insurance solutions. We look forward to welcoming Cate-Russell Insurance to the Propel team and expanding our footprint in Tennessee.”
Cate-Russell Insurance owners Mark Russell and Leslie Cate said: “Cate-Russell Insurance has been in the insurance business for more than 40 years. We pride ourselves on our strong, long-standing relationships with some of the nation’s top-rated insurance companies and we dedicate ourselves to protecting what’s most important to our customers.”
Alera Group has been on an acquisition spree lately.
Last month, it acquired six insurance agencies to bolster its presence across the US.
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