Odyssey Investment Partners, a middle-market private equity firm with a successful track record in insurance services, has partnered with the management team at Strategic Insurance Agency Alliance (SIAA) to acquire the company.
SIAA, part of the SAN Group, was formed in 1995 and is a leading U.S. alliance of independent insurance agencies. Following the arrangement, the company will continue operations under the established model.
As at the end of 2020, SIAA’s total in-force premiums increased by roughly $700 million, year-on-year, to $9.6 billion. Throughout 2020, the company signed 527 new member agencies, which is the second highest in its history.
The company’s chairman and founder, Jim Masiello, will step down from the firm after an accomplished and successful career as a leader in the insurance industry.
“We’ve been exploring our perpetuation options for some time now, with special consideration to the ongoing success of our master agencies and member agencies across the country. This transaction provides for the continued success of our model and all who participate in it,” said Jim Masiello.
Moving forward, SIAA will continue to be led by Chief Executive Officer (CEO), Matt Masiello, along with the rest of the management team.
“This transaction sets the stage to take our business to the next level based on our proven model. We’ve had great success as the original and largest network of independent insurance agencies in the country, and now we will have the resources to move forward more decisively in M&A, technology and investing in other growth initiatives.
“There’s no desire to disrupt our proven methods for success. We exist to help independent agents grow and thrive. The challenge is to identify what we can do better and to provide accelerators to expand upon our core competencies,” said Matt Masiello.
Jeff Moffett, Managing Principal at Odyssey, added: “We are excited to partner with Matt and his team to invest in and accelerate the growth of SIAA and the independent agent channel. Building on the decades of success Jim, Matt and the SIAA team have achieved, we share a common vision for the potential of SIAA and its alliance partners.”
Goldman Sachs & Co., LLC served as exclusive financial advisor to SIAA on the acquisition, while Odyssey was advised by Piper Sandler.
