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Private equity-backed Relation Insurance Inc. on Friday said it had acquired the assets of Santo Insurance & Financial Services Inc., an agency based in Salem, New Hampshire.
Terms of the deal were not disclosed.
Founded in 1993, Santo places commercial and personal lines coverages for businesses and individuals in New Hampshire, Vermont, Massachusetts and Maine.
Santo President Jamie Santo will lead Relation’s efforts to expand in the New England marketplace, Walnut Creek, California-based Relation said in a statement.
Santo has about 17 staff, according to its LinkedIn profile.
Relation, which was bought by Aquiline Capital Partners LLC in 2019, is the 37th-largest brokerage of U.S. business, according to Business Insurance’s most recent ranking.
The purchase of Relation Insurance Inc. by private equity investor Aquiline Capital Partners LLC earlier this year marks a new phase for the Walnut Creek, California-based brokerage. Since the deal was announced, Relation, the 38th-largest brokerage of U.S. business according to Business Insurance’s latest ranking, has taken on a new chief financial officer and a new head of mergers and acquisitions, and last month announced its expansion into the central U.S. with the purchase of Premier Consulting Partners in Tulsa, Oklahoma. With ambitions to grow its business and expand its footprint, the brokerage plans more deals. CEO Joe Tatum recently spoke with Business Insurance Editor Gavin Souter about Relation’s strategy and the market environment for brokerage M&As.