Patriot expands in California with acquisition
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Acquisitive brokerage Patriot Growth Insurance Services LLC has bought Cypress, California-based agency Bowermaster and Associates, Patriot announced Thursday.
Terms were not disclosed.
Bowermaster has 40 staff and specializes in placing property/casualty coverage for mid- and large-sized privately held businesses, Fort Washington, Pennsylvania-based Patriot statement said.
The agency, which is headed by Adam Bowermaster as president, also provides employee benefits, personal lines and human resources consulting services, the statement said.
Private-equity backed Patriot, which launched last year with a string of acquisitions, is the 53rd largest broker of U.S. business, with more than $65 million in brokerage revenue, according to Business Insurance’s most recent ranking.
The Bowermaster acquisition is Patriot’s eighth deal in California.
