Gemspring Capital-backed insurance platform Insurvia has snapped up independent insurance agency La Familia Agency (LFA).
Financial terms of the transaction were not revealed.
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LFA, which is headquartered in Dallas, Texas, will remain under the leadership of its original founders.
Commenting on the deal, LFA co-founder and president Danish Charanya said: “We are very excited to join an amazing team that, like us, works extremely hard to serve the Hispanic community in their local neighbourhoods.
“This transaction is great news for our customers and our employees, and we are excited to capitalise on the functional synergies across our businesses.”
Insurvia CEO John Hollar said that the deal complements its goal of working for the non-standard insurance market.
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By GlobalData“LFA’s expertise in company-owned retail storefronts will allow us to accelerate our national expansion and strengthen Insurvia’s presence in the large and important Texas market,” Hollar noted.
Established in 2010, LFA caters to the Hispanic community, mainly in Dallas-Fort Worth, Waco, and San Antonio.
It distributes insurance as well as related services through retail storefronts located in Texas. The firm currently has a network of 67 locations across Texas and a staff strength of more than 200.
Recent M&A activities in Texas
In March this year, Texas-based life and health insurance products distributor Integrity Marketing Group acquired independent marketing organisation (IMO) Modern Insurance Marketing for an undisclosed sum.
The deal makes employees of Modern Insurance eligible for the Integrity Employee Ownership Plan, which offers meaningful company ownership.
The same month, AmeriLife Group bought Texas-based Insurance 360 to expand its capabilities in term life insurance.
Another acquisition in March 2021 includes the acquisition of Texas-based provider of insurance claim services The Littleton Group by Davies.
