Odyssey Investment Partners, a growth-oriented private equity firm with a successful track record in insurance services, has partnered with the SIAA (Strategic Insurance Agency Alliance) management team to acquire the Company.
SIAA’s chairman and founder, Jim Masiello, says: “We’ve been exploring our perpetuation options for some time now, with special consideration to the ongoing success of our master agencies and member agencies across the country. This transaction provides for the continued success of our model and all who participate in it.”
Masiello will step away from the organisation after an accomplished and successful career as a leader in the insurance industry and a champion for independent insurance agents.
Masiello, CEO, will continue to lead the organisation along with the rest of the SIAA management team. He says: “This transaction sets the stage to take our business to the next level based on our proven model. We’ve had great success as the original and largest network of independent insurance agencies in the country, and now we will have the resources to move forward more decisively in M&A, technology and investing in other growth initiatives.”
Jeff Moffett, Managing Principal at Odyssey, says: “We are excited to partner with Matt and his team to invest in and accelerate the growth of SIAA and the independent agent channel. Building on the decades of success Jim, Matt and the SIAA team have achieved, we share a common vision for the potential of SIAA and its alliance partners.”
Originating in 1983 with the SAN Group, SIAA was formed in 1995 and will continue operations under the established model.
Masiello says: “There’s no desire to disrupt our proven methods for success. We exist to help independent agents grow and thrive. The challenge is to identify what we can do better and to provide accelerators to expand upon our core competencies.”
At year-end 2020, SIAA reached US9.6 billion of total in-force premium, up from USD8.9 billion at YE 2019. SIAA also signed 527 new member agencies last year, the second highest number in the history of the company.
Goldman Sachs & Co, LLC served as exclusive financial advisor to SIAA on the sale while Odyssey was advised by Piper Sandler.
