AssuredPartners buys agribusiness agency

Acquisitive brokerage AssuredPartners Inc. has bought LMC Insurance & Risk Management Inc., an agricultural risk specialty agency, in West Des Moines, Iowa.

LMC is the 58th largest broker of U.S. business with about $57 million in annual brokerage revenue, according to Business Insurance’s latest ranking. Terms of the deal were not disclosed.

In a statement, Monday, Lake Mary, Florida-based AssuredPartners said the 290 LMC employees, who operate out of 11 offices, would remain under the leadership of Greg LaMair, the agency’s president and CEO.

Private equity-backed AssuredPartners is the 12th largest brokerage of U.S. business, according to the BI ranking. In 2019, it was the third most acquisitive brokerage in North America sealing 44 deals.