Insurance Acquisitions in Utah

ALKEME, a Top 35 insurance brokerage, acquired Utah-based Miller and Associates and Blue Valley Insurance and will combine them into a single organization operating under the ALKEME brand. The deal expands ALKEME's footprint in Utah by adding local insurance expertise and client relationships backed by ALKEME's national resources.

The Carlyle Group's Global Credit platform will make a $1.3 billion strategic investment in Trucordia, valuing the insurance brokerage at $5.7 billion. The transaction will reduce Trucordia's leverage, repurchase units from existing minority investors, simplify governance, and provide capital flexibility to support growth.

Tesani Insurance Group (TIG), a national platform for independent insurance agencies, has acquired Buie Insurance Services, a Salt Lake City-based agency with over 35 years of experience and a ~90% client retention rate. The add-on strengthens TIG's national footprint and gives Buie access to expanded resources, technology, and service capabilities while the Buie team continues to serve its clients.

Inszone Insurance Services has acquired L.A. Bowen Insurance, a long-established agency based in Orem, Utah, expanding Inszone’s footprint in Utah Valley. The deal brings L.A. Bowen’s personal and commercial lines expertise into Inszone’s national brokerage platform while allowing owner Layne Bowen to remain with the agency as Inszone provides marketing, accounting, and administrative support.

ReSource Pro has acquired Lowry & Associates, Inc., a premium audit and underwriting survey provider, to expand its capabilities serving commercial P&C insurance carriers and MGAs. The deal adds Lowry’s experienced audit and survey teams and proprietary training program to ReSource Pro’s insurance-focused operations, enabling more integrated exposure management and technology-enabled services for carriers and brokers.

Gibson, an employee-owned top-100 U.S. insurance agency, has acquired Brisk Advisors (formerly Insurance Network) to establish a presence in Utah. The acquisition brings Brisk’s risk management and employee benefits capabilities into Gibson’s platform and adds a new Gibson office in Midvale/Salt Lake City as Gibson expands across Utah.

Security Service Federal Credit Union has acquired Utah First Title Insurance Agency to expand its title insurance and settlement services presence in the Utah market. Turk & Company served as exclusive investment banker to Security Service, and Utah First will continue operating under its existing name while integrating with Security Service's title platform.

PCF Insurance Services, a top-20 U.S. insurance brokerage headquartered in Lehi, Utah, received a $500 million preferred equity investment co-led by Carlyle Global Credit and HGGC, with participation from Owl Rock (a division of Blue Owl) and Crescent Capital. The transaction values PCF at $4.7 billion and will support continued growth of its agency-centric platform (PCF serves 415,000+ clients and employs ~3,100 across 38 states).

Hub International Limited has acquired Dale Barton Agency, a Salt Lake City-based commercial insurance and surety bond brokerage, to strengthen Hub's construction, transportation and commercial insurance capabilities in Utah. Terms were not disclosed; MarshBerry served as financial advisor to Dale Barton Agency.

Amynta Group has acquired the extended warranty operations of iFIT Health & Fitness Inc., operated through its wholly owned subsidiary Universal Technical Services (UTS). The deal creates a long-term strategic partnership to deliver warranty protection and maintenance plans for iFIT brands (including NordicTrack, ProForm and FreeMotion) while allowing iFIT to focus on fitness technology and member content.

PCF Insurance Services, a top-20 U.S. insurance brokerage headquartered in Lehi, Utah, has acquired A Insurance Agencies, which operates locations in Syracuse, Kaysville and Marriott-Slaterville, Utah. The deal brings A Insurance's ~5,000 clients into PCF's agency partner network; financial terms were not disclosed.

PCF Insurance Services (also referenced as Trucordia in one source) has acquired Provo, Utah-based property and casualty managing general agent United Underwriters. The acquisition expands PCF's specialty insurance capabilities and diversifies its product offerings across personal and commercial lines while bringing United Underwriters' network of 150+ agencies into the PCF platform.

Fidelity National Financial (FNF) has acquired Vanguard Title Insurance Agency LLC, a Utah-based title insurance and escrow provider; terms were not disclosed. The deal brings Vanguard’s multiple Utah offices into FNF’s national footprint, allowing Fidelity National Title to rapidly expand its presence across the state; Capstone Partners advised Vanguard on the sale.

OneDigital has acquired Ventris Utah Employee Benefits to expand its employee benefits and retirement consulting presence in Utah and the broader Western U.S. Ventris founders Joel Mills and Marc Hale will join OneDigital's West Region as Managing Principals to continue serving clients with enhanced national resources and capabilities.

Arthur J. Gallagher & Co. has acquired Park City, Utah-based Real Estate Insurance Solutions, a specialist brokerage founded in 2004 that provides real estate errors & omissions and cyber liability coverage to real estate professionals across 32 states. Chris Nangle and his associates will remain in Park City and operate under the direction of Gallagher Affinity; terms of the transaction were not disclosed.

PCF Insurance Services completed a management- and partner-led buyout from sponsor HGGC, led by CEO Peter C. Foy and partner investor Owl Rock (a division of Blue Owl), with strategic advisory support from Sica Fletcher. The transaction values PCF at more than $2.2 billion, included financing in excess of $1 billion, and leaves HGGC with a minority stake as PCF pursues continued growth.

IMA Financial Group expanded into Salt Lake City by acquiring Diversified Insurance Group, effective Aug. 1, 2021. Diversified will operate as a division of IMA with its name and leadership (CEO Spence Hoole) retained; the ~70-employee firm brings technology, life-sciences and construction/transportation insurance capabilities to IMA's platform.

AmeriLife Group, LLC has acquired Maximum Senior Benefits, a Utah-based retail insurance marketing organization that distributes final expense insurance and provides agent training and cross-selling programs. The deal expands AmeriLife's final expense product offerings and diversifies its geographic footprint in the Western United States while keeping MSB's CEO Justin Haskell in a leadership role.

Integrity Marketing Group has acquired Kellogg Insurance Marketing, an insurance marketing organization based in Draper, Utah. The deal brings Kellogg's agent network and senior-market expertise onto Integrity's platform to accelerate growth and expand agent support and technology adoption.

PCF Insurance Services announced a strategic partnership with Western States Insurance of Spanish Fork, Utah, with PCF investing in the agency and Western States' president Matt Barber becoming a partner/owner at PCF. Western States will continue to operate under its brand while gaining access to PCF’s products, shared services and sales/marketing infrastructure to support growth in the Utah region.

Inszone Insurance Services has acquired ISU Wiseman Insurance, marking the company’s entry into the Utah market and expanding its physical presence in the western United States. The acquisition brings the long-standing local agency (founded 1935) into Inszone’s national brokerage platform to grow local relationships and bolster personal and commercial lines capabilities.

AmeriLife Group, LLC acquired Secure Administrative Solutions (SAS) from holding company A-CAP to expand its third-party administrator (TPA) capabilities. The deal brings SAS's Medicare supplement, fixed annuity and life administration services into AmeriLife's TPA family to enhance turnkey solutions for carriers, agents and consumers.

Shaddock National Holdings, the national title and escrow growth arm of The Shaddock Companies, has acquired U.S. Title, a Utah-based full-service title agency founded in 1980 with 14 branches across the state. The transaction expands Shaddock's footprint in the title and escrow market and consolidates U.S. Title's operations under Shaddock's national platform.

Alera Group acquired Banasky Insurance Inc., effective August 1, 2020, marking Alera Group's first location in Utah. Banasky Insurance, with locations in Price and Draper (headquartered in South Jordan), provides property & casualty, life & health and personal lines with expertise in builder's risk and commercial fleet coverages; terms were not disclosed.

Arthur J. Gallagher & Co. acquired The Presidio Group, Inc., a Salt Lake City-based retail insurance broker focused on risk management and employee benefits. Terms were not disclosed; founder John Schlichte and his associates will continue to operate under Gallagher's Western brokerage leadership as the firm expands its Western U.S. capabilities.