Flexpoint Ford-backed Propel Insurance acquires South Risk Management
Propel Insurance (Propel), a privately-owned insurance agency and a portfolio company of Flexpoint Ford (Flexpoint), has acquired South Carolina-based South Risk Management (SRM), a construction-focused insurance consulting firm.
The acquisition of SRM expands Propel’s presence into South Carolina and adds to the Company’s existing Southeast footprint, which includes Knoxville, Charlotte, Atlanta, and Orlando. The SRM team will be a valuable addition to Propel’s industry-leading construction risk practice.
“We are pleased to welcome SRM into the Propel family, underscoring our commitment to growing our specialties nationwide by welcoming strategic partnerships and top industry talent,” says Kurt Carlson, President and CEO of Propel. “Propel is recognised as a leader in providing creative insurance solutions for our clients. Our long-standing partnerships with many of the nation’s leading carriers, combined with our value services, translate into a competitive edge for our clients.”
“We are thrilled to be joining Propel, a highly-respected and innovative leader in the insurance industry,” says Patrick McKain, a founding partner of SRM. “We have shared values and a like-minded approach to delivering unparalleled advice and solutions to our clients.”
SRM founding partners David Wells, Tripp Hafner, and WD Morris look forward to expanding Propel’s existing construction practice with John Babson taking on a leadership role. The team will leverage the broader pool of resources available at Propel in order to continue providing risk management services to help their clients address complex issues and support their business growth.
Richard Todd, Regional Director in Propel’s Charlotte office, adds: “This transaction will complement our footprint in the Southeast. We remain excited about our growth and will continue to provide a compelling opportunity for insurance advisors who are looking to join a national leader.”