Relation Insurance Acquires Virginia Independent Brokerage Service First Insurance
WALNUT CREEK, Calif.--(BUSINESS WIRE)--May 9, 2019--Relation Insurance Services (“Relation”), a privately owned insurance brokerage that offers property and casualty, risk-management, benefits, and TPA-consulting services through its family of brands across the United States, announced today it has acquired Service First Insurance (“SFI”), a privately owned and operated insurance brokerage based in Warrenton, Virginia. Terms of the transaction were not disclosed.
SFI joins Relation after more than 20 years of serving the personal and commercial insurance needs of Northern Virginia residents. The acquisition is expected to complement Relation’s current Virginia operations, strengthen its existing relationships with insurance carriers and bolster the Relation team with the addition of Rene Stevens, President of Service First, and Rick Gastley, Manager, both of whom will be based out of Relation’s Warrenton office in the next thirty (30) days.
Joe Tatum, CEO, Relation Insurance Services, commented, “We are thrilled to announce that Service First has joined the Relation Insurance Services family. With decades of history delivering personal and commercial insurance services to the Northern Virginia market, SFI has built a strong business based on an outstanding reputation for service which closely aligns with our own. We believe that the addition of SFI and its leadership team is a natural extension of Relation into Northern Virginia, and we look forward to helping them to continue their history of excellence.”
“We have built our business based on established relationships and exceptional client service,” said Rene Stevens, President of Service First. “We chose to join Relation Insurance Services because we believe that Relation’s respected leadership, best-in-class products and technologies and cultural fit will enable us to continue to grow and serve the unique needs of the businesses, families and individuals we are proud to call our clients. We are thrilled to join Relation.”
The acquisition builds on Relation’s goal of deepening its specialty services and expanding its footprint nationwide. Most recently, it announced the acquisition of Villane Ward, a privately owned and operated employee benefits brokerage based in Fresno, California which brings together complementary portfolios in the Fresno area and enhances Relation’s Employee Benefits capabilities in the West. The company expects to continue its strong growth trajectory in 2019 through additional acquisitions and organic growth.
About Relation Insurance Services
Relation Insurance Services is an insurance brokerage that offers superior risk-management and benefits-consulting services through its family of brands across the United States. It is ranked by Insurance Journal within the top 40 largest agencies in the country by revenue and has nearly 500 employees in more than 30 locations nationwide. Relation is a privately held corporation, alongside its private equity partner, Aquiline Capital Partners. Visit www.relationinsurance.com for more information.
About Aquiline Capital Partners
Aquiline Capital Partners, founded in 2005 and based in New York and London, is a private equity firm investing in businesses across the financial services sector in banking and credit, insurance, investment management, and financial technology and services. For more information about Aquiline, its investment professionals, and its portfolio companies, please visit: www.aquiline.com.
View source version on businesswire.com:https://www.businesswire.com/news/home/20190509005048/en/
CONTACT: Relation Insurance Services:
Emily F. Porro
Aquiline Capital Partners:
Alex Yankus / Harry Mayfield
KEYWORD: UNITED STATES NORTH AMERICA CALIFORNIA VIRGINIA
INDUSTRY KEYWORD: PROFESSIONAL SERVICES BANKING CONSULTING FINANCE INSURANCE
SOURCE: Relation Insurance Services
Copyright Business Wire 2019.
PUB: 05/09/2019 07:00 AM/DISC: 05/09/2019 07:01 AM