By Claire Wilkinson
AssuredPartners Inc. has acquired Cypress Insurance Group Inc., a commercial and personal lines agency in Fort Lauderdale, Florida.
Terms of the deal were not disclosed.
Cypress Insurance Group currently reports $3 million in annual revenue.
In a statement Thursday, Lake Mary, Florida-based AssuredPartners said all 20 staff members at Cypress Insurance Group will continue to be led by Terry Bond, the agency’s treasurer and chief financial officer, and Debbie Arciola, the agency’s vice president of operations.
“We are pleased to expand further in the Florida marketplace with our new partners,” AssuredPartners Regional President Jack Suber said in the statement.
Private equity-backed AssuredPartners is the 12th-largest brokerage of U.S. business, according to the Business Insurance ranking. In 2019, it was the third-most acquisitive brokerage in North America, sealing 44 deals.