Apax Funds to sell minority stake in AssuredPartners to Arthur J. Gallagher & Co.

Apax Partners LLP announces the sale of its minority stake in AssuredPartners, a leading global insurance brokerage, to Arthur J. Gallagher & Co. in an all-cash transaction valued at $13.45 billion. Founded in 2011, AssuredPartners has grown into one of the largest insurance brokers in the U.S., expanding rapidly through 400 acquisitions and significant organic growth.

Funds advised by Apax Partners LLP (“Apax”) today announced that they have entered into a definitive agreement to sell their minority stake in AssuredPartners (“the Company”), a premier global insurance brokerage firm, to Arthur J. Gallagher & Co., a global insurance brokerage, risk management and consulting services firm, as part of a $13.45 billion all-cash transaction.

Founded in 2011, AssuredPartners is today one of the largest insurance brokers in the United States, with client capabilities across commercial property and casualty, specialty lines, risk management, employee benefits and personal lines. AssuredPartners’ 10,900 colleagues serve a wide range of customers through approximately 400 offices located across the U.S., the United Kingdom and Ireland.

Over the course of nine years, Apax closely supported the Company’s growth into a national leader in insurance brokerage. During Apax Funds’ ownership, AssuredPartners expanded rapidly, completing c.400 acquisitions as it implemented its strategic M&A program and scaling its higher-growth specialty segment through the acquisition of Keenan & Associates. The Funds bolstered AssuredPartners’ organic growth and profitability by investing in operational improvements, including technology, salesforce, and infrastructure capabilities, and supported the Company in recruiting key talent along the way.

Ashish Karandikar, Partner at Apax, said:

“We are proud of Apax’s nine-year partnership with the AssuredPartners team, including current Executive Chairman, Jim Henderson, and CEO, Randy Larsen. During this time, we leveraged our experience in the insurance brokerage space and other capabilities to support the Company’s execution of a well-defined growth strategy. Jim, Randy and the AssuredPartners team have built a world-class insurance services franchise, exceeding even our grandest expectations set nine years ago. We look forward to watching as the team continues to thrive as part of the Gallagher family of professionals, with whom they share a client-first mindset and entrepreneurial spirit.”

Apax Funds have a long history of investing in insurance distribution through past and current investments, including Hub International, AssuredPartners, PIB Group, and Oncourse Home Solutions. The Funds originally acquired a majority interest in AssuredPartners from GTCR in 2015 and later partnered with GTCR to recapitalise the Company in 2019.

Jim Henderson, Executive Chairman at AssuredPartners, said:

“The Apax team’s experience in insurance distribution, thoughtful collaboration, and deep partnership over the past nine years has been fundamental to our success and is key to where we stand today. Gallagher is a premier leader in insurance brokerage and, together, I believe we will be even more successful offering clients best-in-class capabilities with industry-leading depth and offerings.”

Randy Larsen, CEO of AssuredPartners, said:

“We are proud of our partnership with the Apax team and are grateful for their support over the last nine years. Today’s news is the culmination of a tremendous effort on the part of the entire AssuredPartners team and we are excited about the future of the business.”

The transaction, which is subject to regulatory approvals and customary closing conductions, is expected to close during the first quarter of 2025.

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Fund manager

Apax Partners

London, United Kingdom

For over 50 years Apax has worked to go beyond traditional private equity in building businesses. Results are driven by a collaborative culture that listens, learns and looks across horizons to inspire growth… together with partner companies. The firm conviction is that a blend of hands-on operating experience, specialist sector knowledge and incisive global perspective delivers best results. Working side-by-side with management teams, our goal is expanding mutual success through mutual vision.

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