Private equity firm Madison Dearborn Partners and Canadian brokerage Navacord have invested in privately held Insurance Office of America, the brokerage announced Monday.
IOA producers and other employees have also invested in the firm, IOA said.
Terms were not disclosed.
Longwood, Florida-based IOA said it will continue to be led by Heath Ritenour as chairman, Jeff Lagos, CEO, and Rob Motely, president.
“IOA will retain its independence and remain focused on organic growth while also capitalizing on this new partnership to pursue M&A opportunities within the U.S. insurance brokerage industry,” the company said.
Founded in 1988, IOA is the 32nd-largest brokerage of U.S. business, with $324 million in 2024 brokerage revenue, according to Business Insurance’s most recent ranking.
About 78% of its business is commercial retail and about 11% is employee benefits.
Based in New York, Stephen Freeman is a Senior Editor at Trending Insurance News. Previously he has worked for Forbes and The Huffington Post. Steven is a graduate of Risk Management at the University of New York.