Insurance Acquisitions in Iowa

ALKEME Insurance, a Top 25 U.S. insurance brokerage based in Ladera Ranch, California, has acquired Sheets Forrest Draper Insurance, a fourth-generation independent agency headquartered in Marion, Iowa. The deal expands ALKEME's Midwest footprint and brings SFD Insurance access to ALKEME's resources while preserving the agency's local focus and client relationships.

Inszone Insurance Services, a national insurance brokerage based in Sacramento, has acquired LJ Insurance, Inc., a longtime Keokuk, Iowa agency with an office in Fort Madison. The deal expands Inszone's presence in Iowa and broadens its life and health insurance offerings while providing LJ Insurance clients access to Inszone's broader carrier relationships and resources.

Kingsgate Insurance has acquired Calvert & Johnson Insurance Services in a deal effective Monday, adding the Fort Dodge-based agency's advisors and client relationships to Kingsgate's platform. The acquisition expands Kingsgate's local presence and product offerings — including employee benefits, agribusiness, and crop insurance — while Calvert & Johnson clients will continue with the same advisors during the transition.

ALKEME, a Top 35 insurance brokerage based in Ladera Ranch, California, acquired Relion Insurance Solutions, one of Iowa's largest insurance agencies. The deal expands ALKEME's Midwest presence and allows Relion to leverage ALKEME's resources while maintaining service continuity.

Árachas Group has acquired Paladin Group, a trucking-focused insurance agency based in Cedar Falls, Iowa. The add-on strengthens Árachas Group's trucking division, brings approximately 50 employees and new technology, and names Paladin's former CEO Corey Schatz as President of Árachas's trucking division.

Arthur J. Gallagher & Co. (Gallagher) has acquired Cedar Rapids-based Acumen Advisors, Inc., an employee benefits consulting firm serving small and mid-size businesses throughout Iowa. The Acumen team, led by Andrew Morf and Kirby Moss, will remain in place and operate under Gallagher's Midwest employee benefits consulting organization; terms were not disclosed.

Brookfield Reinsurance (BNRE) entered into and expected to close its acquisition of American Equity Investment Life Holding Company (AEL), with the transaction expected to close after market on May 2, 2024. The deal brings AEL’s annuities and life insurance capabilities under Brookfield Reinsurance’s capital-solutions platform to expand liability-driven asset allocation and private asset management capabilities.

Arthur J. Gallagher & Co. acquired Washington, Iowa–based Horak Insurance, Inc., a retail property/casualty insurance agency serving commercial, personal and farm clients in eastern and central Iowa. Paul Horak and Luke Horak will remain with the business and continue operating under Gallagher’s Midwest retail property/casualty brokerage leadership; terms were not disclosed.

Bain Capital Insurance invested $200 million to acquire the operational platform of GuideOne Insurance Company and to launch The Mutual Group, a new insurance services platform focused on mutual insurers. GuideOne will remain an independent mutual and serve as The Mutual Group’s inaugural member while using the capital to strengthen its balance sheet and support growth.

World Insurance Associates LLC (WIA), a Top 100 insurance brokerage headquartered in Iselin, New Jersey, acquired Sagacity Benefits of Burlington, Iowa on July 1, 2022. Terms were not disclosed; Sagacity is an employer-focused benefits consulting firm that specializes in health benefits platforms, and WIA said the acquisition will expand its benefits capabilities and services for clients.

BenefitMall has acquired Mutual Med, a Davenport, Iowa-based insurance distributor, to expand carrier relationships and voluntary benefits offerings and strengthen BenefitMall's presence across the Midwest. Mutual Med will operate as a division of BenefitMall under its existing leadership and broaden BenefitMall's service territory into several new Midwestern and Southern states.

Brown & Brown of Massachusetts, LLC, a subsidiary of Brown & Brown, Inc., has acquired substantially all of the assets of Claim Technologies Incorporated (CTI). CTI — a Des Moines-based provider of proprietary software and benefit-plan audit services for governmental and private employers — will continue to operate from Des Moines and will be integrated into Brown & Brown's Retail segment to expand its employee benefits audit and consulting capabilities.

AssuredPartners, Inc., a national insurance broker based in Lake Mary, Florida, announced the acquisition of Midwest Group Benefits, Inc. of Decorah, Iowa. The Midwest Group Benefits team of 10 — led by Sara Hotvedt — will join AssuredPartners; the agency reports approximately $1.1 million in annualized revenues and the deal expands AssuredPartners' employee benefits presence in Iowa and the Great Plains region.

Integrity Marketing Group, a Dallas-based distributor of life and health insurance and insurtech provider, has acquired Western Marketing Associates Corporation, an independent marketing organization (IMO) headquartered in Missouri Valley, Iowa. The deal will connect Western Marketing's network of more than 18,000 agents to Integrity's proprietary insurtech platform and shared services to accelerate growth and expand product and technology capabilities; financial terms were not disclosed.

Integrity Marketing Group, the Dallas-based insurtech and leading independent distributor of life and health insurance products, has acquired Brokers Clearing House Ltd. (BHC), a West Des Moines-based insurance brokerage and marketing organization. Lutz M&A served as exclusive financial advisor to BHC on the transaction, which strengthens Integrity's distribution and broker services capabilities.

AssuredPartners, Inc. (headquartered in Lake Mary, Florida) has acquired Jester Insurance Services, Inc., an independent insurance agency based in Des Moines, Iowa. The 15-person Jester team will remain in place under existing leadership as AssuredPartners expands its Great Plains footprint and client offerings.

Arthur J. Gallagher & Co. acquired Dubuque, Iowa-based River Valley Capital Insurance, Inc., a retail property/casualty brokerage specializing in insurance for the long-haul trucking industry. The River Valley team will remain in Dubuque and join Gallagher's Midwest transportation practice; financial terms were not disclosed.

USI Insurance Services has acquired Reynolds & Reynolds, Inc., a Des Moines-based independent risk management and employee benefits agency, to expand USI's local presence in Iowa. Terms were not disclosed; Reynolds & Reynolds' leadership and staff will join USI to deliver expanded risk management and employee benefits solutions.

Farm Bureau Property & Casualty Insurance Company (FBPCIC) agreed to acquire all outstanding shares of FBL Financial Group, Inc. for $56.00 per share in cash. The Iowa Insurance Division cleared the transaction (no Form A required), and FBL scheduled a special shareholder meeting for April 29, 2021 to vote on the proposed buyout.

World Insurance Associates LLC (WIA) acquired Two Rivers Insurance Company, Inc. (TRIC) of Burlington, Iowa (which includes Two Rivers Insurance Services and Employee Benefits Systems) effective December 31, 2020. TRIC will remain headquartered in Burlington and continue operating its offices in Ft. Madison, Earlham, and West Des Moines; WIA said the acquisition expands its presence in Iowa and strengthens its employee benefits and TPA product offerings.

AmeriLife Group, LLC has acquired a majority interest in The Achievement Group (TAG), a brokerage specializing in annuities and life insurance for pre-retirees and retirees. The deal expands AmeriLife’s retirement planning and annuity distribution capabilities while keeping TAG founder Brad Tison in a leadership and principal role within AmeriLife's annuity and retirement planning brokerage division.

AssuredPartners, Inc. announced that LMC Insurance & Risk Management, headquartered in West Des Moines, Iowa, is joining AssuredPartners’ national broker team. The deal brings LMC’s 290 employees and 11 offices into AssuredPartners to expand its upper Midwest footprint and grow its agricultural practice.