AssuredPartners, a GTCR portfolio company, has acquired Kentucky-based insurance agency Neace Lukens, for an undisclosed amount.
With $88m annual revenue and over 150 licensed agents and 500 employees, Neace Lukens will focuss on property and casualty insurance, employee benefits and risk management solutions and continue to operate under the same name.
GTCR said the acquisition of Neace Lukens marks the first transaction for AssuredPartners, which provides AssuredPartners with a national insurance brokerage platform and strategic asset that can be leveraged through additional acquisitions in the property and casualty insurance and employee benefits brokerage space.
Neace Lukens chairman and founder John Neace said the new partnership with AssuredPartners will allow the firm to take the company to the next level by making the firm more competitive in the marketplace while allowing to expand and add more talented employees in the future.
Founded in 1980, GTCR is a private equity firm focused on investing in growth companies in the Financial Services & Technology, Healthcare and Information Services & Technology industries.