Key Takeaways
- • King Risk Partners, a Gainesville, Florida brokerage backed by Lightyear Capital and BHMS Investments, completed its acquisition of Fort Myers-based Lott & Gaylor Insurance, announced November 10, 2026; financial terms were not disclosed.
- • King Risk completed 14 insurance agency acquisitions in 2025, its highest annual total on record and nearly double the eight closed in 2024, and ranks as the 36th largest US insurance brokerage per the 2026 Insurance Journal Top 100 Agency Rankings.
- • The Lott & Gaylor deal extends King Risk's 2026 Florida buying spree, which includes two professional liability specialists and a Florida-focused push alongside Shepherd Insurance, Oakbridge, and Inszone.
- • Insurance agency M&A fell to a nearly eight-year low through Q3 2026, with 439 deals announced, down 19% year over year, according to OPTIS Partners; private equity-backed buyers accounted for 76% of transactions.
- • Colton Houseman was hired as executive vice president of M&A in August 2026, making acquisitions a named operating function at King Risk.
Summary
King Risk Partners has completed its latest Florida insurance agency acquisition, adding Lott & Gaylor Insurance, a Fort Myers-based firm with more than four decades of experience, according to Insurance Business. The deal, announced November 10, 2026, brings personal and commercial insurance, employee benefits, and specialty lines to King Risk's Florida footprint, serving individuals, families, and businesses across Southwest Florida. Financial terms were not disclosed.
Scott Popilek, chief executive officer of King Risk Partners, said the agency strengthens the company's presence in the market and creates opportunities to expand capabilities. David Maxwell, president of Lott & Gaylor Insurance, said the firm selected a buyer that would sustain its client relationships rather than absorb them.
King Risk is backed by private equity firms Lightyear Capital and BHMS Investments, which completed a growth investment in April 2025, per Business Wire. The firm completed 14 agency acquisitions in 2025, its highest annual total on record. King Risk ranks 36th among US insurance brokerages in the 2026 Insurance Journal Top 100 Agency Rankings. In August 2026 it hired Colton Houseman as executive vice president of mergers and acquisitions.
The acquisition comes as multiple national brokerages, including King Risk, Shepherd Insurance, Oakbridge, and Inszone, have pursued Florida agency acquisitions in 2026. Florida's 2022 and 2023 legislative reforms have improved conditions for buyers, according to Florida Realtors citing an April 2026 Insurance Information Institute report, which found 18 new property insurers entered the market and more than 185 residential rate filings over the prior two years showed decreases or no change.
The deal runs against the broader market trend. According to OPTIS Partners, insurance agency M&A fell to its slowest pace in nearly eight years through the third quarter of 2026, with 439 transactions announced in the first three quarters, down 19% from a year earlier. Private equity-backed buyers accounted for 76% of those deals. Tim Cunningham, managing partner at OPTIS Partners, said valuations are "remaining high for larger, well-run firms and softening some for others," and noted that many agencies will need to sell over the next five to 10 years, though buyers are becoming more selective about premium pricing.
Scott Popilek, chief executive officer of King Risk Partners, said the agency strengthens the company's presence in the market and creates opportunities to expand capabilities. David Maxwell, president of Lott & Gaylor Insurance, said the firm selected a buyer that would sustain its client relationships rather than absorb them.
King Risk is backed by private equity firms Lightyear Capital and BHMS Investments, which completed a growth investment in April 2025, per Business Wire. The firm completed 14 agency acquisitions in 2025, its highest annual total on record. King Risk ranks 36th among US insurance brokerages in the 2026 Insurance Journal Top 100 Agency Rankings. In August 2026 it hired Colton Houseman as executive vice president of mergers and acquisitions.
The acquisition comes as multiple national brokerages, including King Risk, Shepherd Insurance, Oakbridge, and Inszone, have pursued Florida agency acquisitions in 2026. Florida's 2022 and 2023 legislative reforms have improved conditions for buyers, according to Florida Realtors citing an April 2026 Insurance Information Institute report, which found 18 new property insurers entered the market and more than 185 residential rate filings over the prior two years showed decreases or no change.
The deal runs against the broader market trend. According to OPTIS Partners, insurance agency M&A fell to its slowest pace in nearly eight years through the third quarter of 2026, with 439 transactions announced in the first three quarters, down 19% from a year earlier. Private equity-backed buyers accounted for 76% of those deals. Tim Cunningham, managing partner at OPTIS Partners, said valuations are "remaining high for larger, well-run firms and softening some for others," and noted that many agencies will need to sell over the next five to 10 years, though buyers are becoming more selective about premium pricing.
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