Key Takeaways
- • Rainier Partners, a Seattle-based private equity firm with over $400 million in assets under management, has acquired Apex Insurance Services, a multi-brand managing general agency (MGA) platform focused on the Texas non-standard auto insurance market, according to a Business Wire announcement.
- • Apex manages five MGAs: Apollo MGA, Apollo Specialty, Newstar General Agency, Excellent Insurance Services, and Ignition Insurance Services, and distributes through more than 1,000 independent agent contracts across roughly 2,500 retail locations statewide.
- • Apex plans to pursue organic growth in Texas and potentially new states, seek strategic M&A, and explore adjacent product categories, while actively seeking to partner with other personal lines insurance MGAs.
- • Sherman & Company served as sell-side advisor to Apex; the deal's purchase price was not disclosed in the announcement.
Summary
Rainier Partners, a private equity firm that invests in lower middle-market services businesses, announced its investment in Apex Insurance Services, a Richardson, Texas-headquartered MGA platform founded in 2014. According to the Business Wire announcement, Apex focuses on the Texas non-standard auto insurance market and is positioned as one of the largest non-standard auto insurance distribution networks in the state. The company is led by a management team with more than 100 years of combined experience and emphasizes disciplined underwriting, data-driven pricing, and a broad independent agent network.
Apex brings together five specialty brands: Apollo MGA, Apollo Specialty, Newstar General Agency, Excellent Insurance Services, and Ignition Insurance Services. The platform distributes through more than 1,000 independent agent contracts across roughly 2,500 retail locations statewide.
Apex CEO Bryan Ward said the company sees significant runway for expansion in Texas and beyond, and cited Rainier's industry experience and team culture as reasons for the partnership. Apex Co-Founder and Board Member Richard Asprey, who has worked with Rainier on prior insurance investments, said the firm brings a useful perspective to help grow the business.
Rainier Co-Founder and Managing Partner Jon Altman described Apex as a proven, well-positioned MGA platform that fits within Rainier's financial services focus, citing its growth track record and reinsurance and retail agent partnerships. Rainier Principal Luke Bench said the firm sees considerable opportunity to expand Apex's reach in non-standard auto insurance while retaining the company's existing capacity and distribution partnerships.
Following the investment, Apex plans to continue organic growth in Texas and potentially enter new states, pursue strategic M&A, and explore adjacent product categories. The company is also actively seeking to partner with other personal lines insurance MGAs.
Apex brings together five specialty brands: Apollo MGA, Apollo Specialty, Newstar General Agency, Excellent Insurance Services, and Ignition Insurance Services. The platform distributes through more than 1,000 independent agent contracts across roughly 2,500 retail locations statewide.
Apex CEO Bryan Ward said the company sees significant runway for expansion in Texas and beyond, and cited Rainier's industry experience and team culture as reasons for the partnership. Apex Co-Founder and Board Member Richard Asprey, who has worked with Rainier on prior insurance investments, said the firm brings a useful perspective to help grow the business.
Rainier Co-Founder and Managing Partner Jon Altman described Apex as a proven, well-positioned MGA platform that fits within Rainier's financial services focus, citing its growth track record and reinsurance and retail agent partnerships. Rainier Principal Luke Bench said the firm sees considerable opportunity to expand Apex's reach in non-standard auto insurance while retaining the company's existing capacity and distribution partnerships.
Following the investment, Apex plans to continue organic growth in Texas and potentially enter new states, pursue strategic M&A, and explore adjacent product categories. The company is also actively seeking to partner with other personal lines insurance MGAs.
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