Hartford Business Journal

16 Hartford Business Journal | January 25, 2021 | HartfordBusiness.com By Cara Rosner Special to the Hartford Business Journal C onnecticut is proving to be an enticing market for two out-of-state insurance agencies, which have been rapidly expanding their footprints here over the past several years. Florida-based AssuredPartners and New Jersey-based World Insurance Associates has been on a similar growth path, acquiring six Connecticut agencies since 2017 — three in 2020 alone — according to Brad Unger, the company's senior vice president of mergers and acquisitions. Both companies focus on property and casualty insurance, and leaders of both say they're drawn to Connecticut's deep-rooted insurance industry and knowledgeable workforce. AssuredPartners has acquired seven formerly independent agencies since 2015. Earlier this year, it also added Hartford-based People's United Insurance Agency to its portfolio in a $120 million deal. World Insurance Associates has been on a similar growth path, acquiring six Connecticut agencies since 2017 — three this year alone — according to Brad Unger, the company's senior vice president of mergers and acquisitions. "Connecticut is attractive to us because of its business and economic climate," Unger said. "We go where the business is and with nearly $250 billion of GDP in 2019, and growing, we're excited about Connecticut." The state's diverse economy is also a plus, he said. Hartford, dubbed "the insurance capital of the world," has long been home to insurance-savvy professionals, but other sectors are equally as enticing. "There's a concentration of finance and insurance — indeed, many of our carriers are located in Hartford — but there are also significant professional services, manufacturing, education and healthcare [institutions] in the state. Insurance generally follows the economy, and not the other way around, so it's important for us to have a local presence in strong growing areas." World Insurance Associates has 53 locations across 14 states, while AssuredPartners has more than 200 locations spanning 36 states and London. Independent agencies being acquired by larger firms is a trend emerging nationwide. In 2018, the most recent year for which data is available, there were about 36,500 M&A Spree National insurance agencies bullish on Hartford area growth World Insurance Associates' CT purchases: • It first entered the state when it acquired Bruen Deldin DiDio Associations, a New York-based firm that has an office in Rocky Hill. • Stark Agency in Chester (2018) • Lampe-Batkin Associates in Greenwich (2019) • Martin & Rowland in Prospect (2020) • The Watts Group in West Hartford (2020) • Flanagan Associates in North Haven (2020 ) Brad Unger AssuredPartners' Rocky Hill location, at 200 Corporate Place. North Haven-based Flanagan Associates is among the Connecticut insurance agencies that have been acquired in recent years amid an active M&A period. PHOTO | CONTRIBUTED PHOTO | COSTAR

• Cover