Oracle Insurance Risk Management Services Inc., a commercial and personal lines insurance broker, has finalised a strategic investment from Boston-based private equity firm Abry Partners.
According to Oracle RMS, Abry’s investment and strategic support will be used to scale resources available to producers and branches, enhance partnerships with capacity markets, and pursue strategic M&A opportunities that complement its strategic long-term vision.
Oracle RMS’s leadership team retains significant equity ownership and will continue to lead the business during its next growth phase.
Founded in 2011 by John Ferraro and Michael Di Nardo, Oracle RMS serves over 60,000 customers through nearly 40 locations and over 300 dedicated insurance professionals.
Abry is a middle-market private equity firm with expertise in the insurance distribution sector, and has a proven track record of supporting retail brokerage platforms across North America.
This investment, according to Abry, reinforces its institutional commitment to insurance services and marks its entry into the Canadian insurance distribution market.
Ferraro, Chief Executive Officer, Oracle RMS, commented, “This partnership with Abry Partners marks an exciting new chapter for Oracle RMS. Abry’s investment is a strong vote of confidence in the exceptional talent of our people, the strength of our proven business model, and our long-term vision for growth across Canada.”
David Coneway, Principal, Abry, added, “We were highly impressed by Oracle RMS as a business, but even more-so by its people and culture. The Company embodies the client-first ethos and entrepreneurial spirit that have long defined exceptional brokers and combines it with a passion for meeting the evolving needs of its valued insurance markets. We are thrilled to partner with John and Mike to further support their growth.”
Di Nardo, President, Oracle RMS, stated, “With Abry’s support, we are well-positioned to accelerate the expansion of our branch and producer network. This partnership empowers us to serve more communities across Canada while continuing to strengthen the Oracle RMS brand both locally and nationally.”
Nathan Ott, Partner, Abry, added, “Abry has a long history of scaling insurance distribution platforms into perennial market leaders. Oracle RMS represents the continued evolution of our thesis in the retail brokerage market. We look forward to building a fully integrated, growth-oriented platform that empowers its producers and branches through scalable infrastructure and differentiated support.”
KPMG Corporate Finance Inc. served as the exclusive financial advisor to Oracle RMS.
Clinton Mora is a reporter for Trending Insurance News. He has previously worked for the Forbes. As a contributor to Trending Insurance News, Clinton covers emerging a wide range of property and casualty insurance related stories.