Boston-based private equity firm Thomas H. Lee Partners L.P. has tapped industry veterans Bret Quigley and Adam Meyerowitz and is investing up to $200 million to form Prime Risk Partners to acquire U.S.-based property/casualty and benefits brokers.
Mr. Quigley, who is chairman and CEO of Atlanta-based Prime Risk Partners, most recently was vice chairman of broker Beecher Carlson Insurance Services L.L.C., which Brown & Brown Inc. acquired last July.
Mr. Meyerowitz, a co-founder of Prime Risk Partners who will be its executive vice president, most recently was senior vice president and general counsel at Beecher Carlson.
“There are and will continue to be compelling opportunities to consolidate assets and people within insurance distribution into an intelligent national model,” Mr. Quigley said in a statement Tuesday. “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.”
Thomas Lee Partners said it will invest up to $200 million to purchase property/casualty and employee benefits brokers in the United States.
“We have studied the insurance brokerage sector for over 10 years, and believe this is an attractive space in which to invest capital,” Soren Oberg, managing director of Thomas Lee Partners, said in the statement.
The former Beecher Carlson executives “know how to acquire and structure deals,” Ganesh Rao, THL managing director, said in the statement.