US broker Inszone Insurance Services, LLC has announced strategic investment from Lightyear Capital LLC, joining the company’s current investor, BHMS Investments, for its next phase of growth.
Martin Sullivan, Operating Partner at Lightyear and former Chief Executive Officer of AIG, will join the Inszone Board of Managers upon closing of the transaction.
Based in New Your, Lightyear Capital is a private equity firm that partners with growing companies at the nexus of financial services and technology, healthcare, and business services.
According to the announcement, BHMS will roll a material portion of its existing equity as well as invest additional capital alongside Lightyear Capital to support the brokers growth plans.
“Today’s announcement by Lightyear and BHMS is evidence of Inszone’s strength and success to date,” said Chris Walters, Chief Executive Officer of Inszone. “Lightyear brings deep domain expertise and robust operating resources that will help accelerate growth. BHMS has been an excellent partner since 2020 and I am excited they will continue to support us in the next chapter of our development.”
Since its founding in 2002, Inszone, a provider of property & casualty insurance and employee benefits solutions, has experienced industry-leading growth through a combination of organic initiatives and acquisitions, driven by the company’s fully integrated and data-enabled platform.
Inszone has completed and integrated 98 acquisitions since September 2020. It services over 129,000 clients across all 50 states and employs a team of 512 dedicated employees across 63 locations.
Mark Vassallo, Managing Partner at Lightyear, commented: “We are excited to welcome Inszone to our portfolio. Chris and the Inszone management team have done an excellent job of building a differentiated and highly acquisitive insurance brokerage platform. We look forward to partnering with them and the BHMS team to continue to scale the business.”
Kevin Angelis, Managing Partner at BHMS said: “Inszone is a special business in a highly attractive sector. We are grateful to be able to continue to partner with Chris and the entire management team as well as welcome Lightyear as a co-lead investor.”
The transaction is expected to close in the fourth quarter of 2023, subject to customary closing conditions and regulatory approvals.
Sidley Austin LLP served as legal counsel to BHMS and Inszone, and Davis Polk & Wardwell LLP and Locke Lord LLP served as legal counsel to Lightyear.
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