AssuredPartners acquires Keenan to expand brokerage footprint

Florida-based property/casualty broker AssuredPartners has entered into an agreement to purchase US insurance brokerage firm Keenan & Associates.

Following the acquisition, Keenan & Associates will join AssuredPartners. However, its 700+ employees will continue operations under the current leadership of president and CEO Sean Smith, the company said in a statement. Smith will join the board of directors of AssuredPartners.

The transaction is expected to finalise by March-end or early April 2017.

Keenan will continue to focus on the public entity and healthcare markets and will provide additional distribution for AssuredPartners in California. The firm generated over $170 million in revenue last year.

Tom Riley, president and chief operating officer of AssuredPartners, commented: "Keenan's expertise and ongoing commitment to the public entity and healthcare markets, combined with AssuredPartners' resources, will enable the combined company to continue to grow and serve our customers."

Smith said: "This partnership is extremely exciting for Keenan. We will have access to additional capital and a national footprint that will enable us to grow. There is a strong cultural alignment between our organizations and respective leadership teams. We will be able to continue our tradition of providing excellent service, deep expertise and innovative products to even more clients throughout the country."