Former Beecher Carlson executives Bret Quigley and Adam Meyerowitz have secured up to $200 million of equity backing to launch insurance distribution firm Prime Risk Partners.
Equity firm Thomas H Lee Partners is supporting the venture.
The company, headquartered in Atlanta, is focused on partnering with insurance agencies led by individuals who aspire to become part of building a leading national insurance distribution firm, it said.
Bret Quigley was most recently vice chairman of Beecher Carlson. He will serve as chairman and chief executive officer.
Adam Meyerowitz will serve as executive vice president and is a co-founder of Prime Risk Partners. Most recently, he spent nine years at Beecher Carlson as its senior vice president and general counsel.
Quigley said: “There are and will continue to be compelling opportunities to consolidate assets and people within insurance distribution into an intelligent national model. We aim to be the home of choice for those insurance professionals seeking to grow as part of something larger than themselves while helping to create the next great national insurance agency platform.
“THL’s track record of building growth companies, personal integrity, and collaboration makes them the ideal partner for this effort, and we are excited to be working with them.”
Soren Oberg, THL managing director, said: “We have studied the insurance brokerage sector for over ten years, and believe this is an attractive space in which to invest capital. We have spent considerable time with Bret and Adam evaluating this opportunity and their capabilities and are confident that we have found the right team to drive this vision and execute against it.”
“Bret and Adam have proven track records of success, have a strong brokerage network, are results driven operationally and know how to acquire and structure deals,” said Ganesh Rao, THL managing director.
“Together we are committed to building out a superior national insurance distribution operation.”
Beecher Carlso, Bret Quigley, Adam Meyerowitz, Prime Risk Partners, Thomas H Lee Partners, North America