AssuredPartners buys E&O specialist

AssuredPartners Inc. has acquired rival broker Preferred Guardian Insurance, the acquisitive Lake Mary, Florida-based broker announced on Tuesday.

The terms of the deal were not disclosed. Preferred Guardian Insurance has approximately $1.3 million in revenues, according to an AssuredPartners statement.

Dallas-based Preferred Guardian Insurance was founded during the black mold crisis in Texas in 2003 and specializes in errors and omissions liability insurance for real estate firms, the statement said.

The Preferred Guardian Insurance staff of seven will remain under the leadership of CEO Barney Schwartz and will report into Florida Insurance Specialists, an AssuredPartners agency.

“Joining AssuredPartners will allow us to stay on the cutting edge of the insurance industry while having the ability to grow our agency to meet and surpass the needs of our clients while allowing us to expand our real estate E&O specialty on a national platform,” Mr. Schwartz said in a statement.

Private equity-backed AssuredPartners is the 13th largest broker of U.S. business, according to the latest Business Insurance ranking.