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News:
CULPEPER INSURANCE PARTNERS TAKES STAKE IN AFORE INSURANCE SERVICES
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Afore Insurance Services, LLC today announced that Culpeper Insurance Partners, LLC has made a significant investment in Afore and agreed to merge, increasing its position as a top 100-largest U.S. insurance brokerage firm.
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Culpeper’s Michael A. Garguilo will assume the role of President & Chief Executive Officer of Afore and will join its Board of Directors.
ALPHARETTA, Ga., September 17, 2024 /PRNewswire/ -- Afore Insurance Services, LLC (Afore) today announced that Culpeper Insurance Partners, LLC (Culpeper) and Afore have merged, creating a larger, privately held, national, independent insurance brokerage firm. The financial terms were not disclosed.
Following the merger, Afore is expected to increase its position as one of the top 100 largest insurance brokerages in the United States. Based in Alpharetta, Georgia, with 20 offices in 10 states and writing business nationwide, the newly merged company, operating under its current name and branding as Afore Insurance Services, will place more than $350 million in premiums annually with over 250 insurance companies on behalf of its clients. The consolidated company will have more than 140 employees focused on bringing its enhanced capabilities and expanded professional risk management services to its customers.
The merger brings together a well-respected leadership team with deep industry experience. It has also allowed management to secure a large credit facility through Crestline Investors under attractive terms to fund the company’s aggressive growth plans.
Michael A. Garguilo, currently President and Chief Executive Officer of Culpeper, will assume that role for Afore and serve as a member of the merged company’s Board of Directors. Michael Hines, currently Chief Financial Officer of Afore, will continue as CFO for the combined company. Stephen Smelley will continue to oversee operations. Andrew Muller, President of Personal Lines for Afore, will lead that segment for the consolidated company.
Mr. Garguilo commented, “This merger brings new opportunities, expanded resources, and a stronger market presence, which will benefit our clients, employees, and business partners. We are excited about the high-quality people and substantial platform that Afore provides us to grow nationally.”
Culpeper and Afore will meld their large and growing prospect pipelines of other independent insurance agencies considering joining its partnership model. The company expects to announce several opportunistic acquisitions before the end of this year.
For more information:
Holden King
Culpeper Insurance Partners, LLC
3480 Preston Ridge Rd., Suite 500
Alpharetta, GA 30005
(770) 727-3268
CULPEPER INSURANCE PARTNERS APPOINTS GARGUILO AS PRESIDENT & CEO
Michael A. Garguilo to lead insurance agency platform that cultivates outstanding talent.
Culpeper Insurance Partners brings new M&A partnership options to independent agencies.
Alpharetta, GA – April 19, 2023
Culpeper Insurance Partners, LLC (“Culpeper”) or the “Company”) today announced that Michael A. Garguilo has been appointed President & Chief Executive Officer and a member of its Board of Directors. Leading Culpeper, he will help drive its unique approach in acquiring and operating independent insurance agencies across the United States.
An insurance industry veteran with more than 30 years of leadership experience, Garguilo most recently served as Divisional & Regional President for national insurance broker CBIZ Insurance Services, Inc. after selling his privately owned firm, Garco Financial, LLC, in 2017. Earlier in his career, he was President & Chief Operating Officer of national insurance broker Brown & Brown, Inc.’s Texas subsidiary, and held various executive positions with insurers Chubb and The Hartford.
David E. King, Chairman of Culpeper, commented, “Mike has quite a track record of leading agency and brokerage operations to achieve top performance levels. His deep acquisition experience and proven ability to help acquired agencies attain higher levels of success after joining matches perfectly with what Culpeper seeks to offer its new partners.”
Garguilo shared, “Culpeper brings a different option to independent insurance agency owners, one I am excited and proud to help bring to market. Our partners retain their autonomy and the uniqueness which allowed them to be successful in the past. They gain the added power of Culpeper’s capital and deeper resources to help propel them forward. By offering them a seat at the leadership table and a continuing stake in the success of our combined firm, we believe agency owners will see us as a very compelling choice for their future.”
Culpeper Insurance Partners, LLC was formed in 2022 to attract select independent insurance agencies across the United States to join a common company platform offering them access to capital, greater resources, and scale without sacrificing their autonomy and unique characteristics. Culpeper Insurance Partners, LLC is an affiliate of Culpeper Capital Partners, LLC.
For more information:
Holden King William Quirk
Analyst Vice President
Culpeper Insurance Partners, LLC Culpeper Capital, LLC
3480 Preston Ridge Rd., Suite 500 1209 Orange Street
Alpharetta, GA 30005 Wilmington, DE 19801
(770) 727-3268 (561) 805-1900