Insurance brokerage company AssuredPartners has confirmed the acquisition of Romero Group, including Romero Insurance Brokers, Sentient Group and Club Insure.
The companies did not disclose the financial details and other terms of this transaction.
Romero Group, which was founded by Justin Romero-Trigo in 1997, is a Leeds-based commercial insurance broker.
Controlling nearly £100m ($124.5m) worth of gross written premiums, the company operates across different sectors, with specialisation in construction and manufacturing placements.
Romero also has expertise in the leisure and sports club businesses via its Club Insure brand.
It currently has 205 employees deployed across five regional offices.
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The new transaction will not require Romero’s staff to relocate. The staff will continue to work in place under the supervision of Romero group CEO Justin Romero-Trigo, group managing director Simon Mabb and group chief operating officer Victoria Romero-Trigo.
The completion of this deal is now subject to certain customary regulatory approval.
Romero’s acquisition is in line with AssuredPartners’ expansion plan.
Founded in 2011, AssuredPartners is an independent insurance broker in the US, UK, and Ireland (UK&I), with around 9,000 employees.
So far, the company has acquired as many as 450 agencies, with offices located across 36 states in the US and four other nations.
AssuredPartners UK and Ireland CEO David Heathfield said: “Our largest acquisition to date, the addition of Romero to our growing group is a key milestone in our expansion plans and combination of these two powerful brands will create better solutions for our clients and provide great opportunities for all staff.”
Justin Romero-Trigo said: “AssuredPartners have met all our requirements in continuing our exceptional service to our clients. I am proud that after 26 years we have secured a like-minded partner who will allow us to continue and reinforce our growth trajectory.”
In November 2022, AssuredPartners announced the acquisition of Irish company O’Callaghan Insurances (OCI).