Patriot makes Florida agency buy

Acquisitive brokerage Patriot Growth Insurance Services LLC has bought Jacksonville, Florida-based Shapiro Insurance Group.

Shapiro has about 80 employees, led by Joel Shapiro, president of the agency, in 10 locations in Florida, Patriot said in a statement Tuesday. Terms of the deal were not disclosed.

Private-equity backed Patriot was founded earlier this year.

In the first nine months of 2019, the Fort Washington, Pennsylvania-based firm bought 24 brokerages. The purchase of Shapiro is its first acquisition in Florida.