Venerable Nashville-based insurance company Wade & Egbert Insurance Partners has been sold to AssuredPartners Inc. of Florida in a deal the parties are describing as a “consolidation of operations.”
Terms of the transaction, announced today, were not disclosed.
The asset purchase will result in the Wade & Egbert name remaining and, according to company officials, expanded services and resources to Wade & Egbert’s customers.
The insurance agency, which has its office in Green Hills, was founded 102 years ago in Nashville.
“Our teaming with AssuredPartners presents a unique opportunity for our business to join a quality organization led by insurance industry veterans that will provide more value to our customers,” Bill Egbert (on left in photo), Wade & Egbert Insurance Partners executive vice president and managing director, said in a release.
“Our industry is in a state of transition resulting from the federal government’s new health care reform legislation, and this transaction allows us to better equip our talented team to assist employers and individuals in this changing landscape,” Egbert added.
Remaining on staff are Alex Wade (on right in photo) as chairman and DeeDee Wade and Frank Wade as vice presidents.
Headquartered in Lake Mary, Fla., and led by President and COO Tom Riley, AssuredPartners is a portfolio company of Chicago-based private equity firm GTCR. AssuredPartners, which invests in property and casualty and employee benefits brokerage businesses, was founded in 2011 and has grown to more than $200 million in annualized revenue.