Apr 11, 2011 – Insurica acquires Guaranty Insurance Services – Nearly Doubles in Size

FOR IMMEDIATE RELEASE FOR INFORMATION CONTACT:
April 11, 2011 Kevin Wellfare (405) 556-2236
Assoc. VP, Director of Marketing
kwellfare@INSURICA.com
INSURICA NEARLY DOUBLES IN SIZE
Acquisition of Guaranty Insurance Services Makes INSURICA® one of
the Top 30 Insurance Brokers in the Nation
(Oklahoma City) INSURICA, one of the nation’s leading privately held independent
insurance agencies, announced its acquisition of Guaranty Insurance Services,
headquartered in Plano, Texas.
“This acquisition significantly expands INSURICA’s market and is an excellent strategic
fit for us. We’ll nearly double our revenue to over $75 million, our colleague count will
go from 245 to 465 and our locations will more than double from 12 to 27 offices, giving
us increased presence in Texas and California while maintaining our locations in
Oklahoma, Arkansas, Arizona, Oregon and Kansas. This major expansion comes almost
two years to the day of our rebranding from North American Group to INSURICA
Insurance Management Network. It’s an ideal way for us to continue to develop our
philosophy of ‘Specializing in You’ and expand our brand, “said Mike Ross, President
and CEO of INSURICA.
Based on the leading insurance industry trade publication, Business Insurance,
INSURICA will move from the 51st largest broker to one of the 30 largest insurance
brokers in the United States and one of the top independent brokerages in the country.
INSURICA Chairman Bill Durrett said, “We share a common culture with Guaranty
Insurance Services. Guaranty and INSURICA both specialize in key industries so that we
can provide customized solutions to clients.”
Both Guaranty and INSURICA specialize in: construction, education, energy, hospitality,
ministries, municipalities and technology. “Our additional expertise in areas like staffing,
environmental, healthcare and transportation and their expertise in real estate,
professional services and agribusiness and wineries provide both synergy and
opportunities for continued expansion and growth,” said Ross.
“We are very excited about Guaranty Insurance Services joining forces with INSURICA.
Our organizations share the same core values, vision and commitment to serving our
clients,” said Guaranty’s previous owner and Chairman, Jim Turner. “We look forward to
a smooth transition and continued outstanding service to our customers. And I personally
look forward to serving on INSURICA’s Board of Directors.”
With corporate headquarters in Oklahoma City, INSURICA Insurance Management
Network includes the following partner agencies: Agar-Ford-Jarmon & Muldrow
(Norman, OK), FHKW Agency (Lawton, OK), Robert C. Bates LLC (Tulsa, OK), Towe,
Hester & Erwin LLC (Lawton, OK), CTK North American Insurance Services (Anaheim,
CA), Minard-Ames Insurance Services LLC (Phoenix, AZ), INSURICA Kansas (Lenexa,
KS) and Risk Services of Arkansas (Little Rock, AR). In addition, INSURICA’s
specialty affiliates include: CIC Insurance Brokers (Abilene, TX), Global Intermediaries
of Eugene (Eugene, OR) and North American Solutions (Cypress, TX). INSURICA is a
proud Assurex Global Partner.
Guaranty Insurance Services has offices in the following locations in Texas (Arlington,
Austin, Baytown, Dallas, Henderson, Houston, San Antonio and Tyler) and California
(Bakersfield, Frazier Park, Lake Isabella, Los Angeles, Palmdale, Paso Robles,
Porterville and Tulare).
Mystic Capital Advisors Group, LLC, provided advisory services to INSURICA on the
transaction.
www. INSURICA .com