Under the agreement, IOA will maintain its independence while leveraging the partnership to accelerate both organic growth and mergers and acquisitions across the U.S. insurance brokerage sector. The company will continue to be led by its existing leadership team: Heath Ritenour as Chairman, Jeff Lagos as Chief Executive Officer, and Rob Motley as President. MDP and Navacord will join as shareholders, supporting the firm’s next phase of growth and ownership evolution.
Founded in 1988 by John and Valli Ritenour, IOA has grown to become one of the largest privately held insurance brokerages in the United States.
Heath Ritenour described the partnership as a natural evolution of IOA’s success. “This new partnership with MDP and Navacord is an exciting next step in IOA’s growth journey. It is a ‘better and stronger together’ story as we enter into a collaborative partnership to extend IOA’s legacy and industry positioning, with an increased and compelling go-forward equity opportunity for our employees,” he said.
Jeff Lagos, CEO of IOA, added that the collaboration strengthens the company’s ability to compete on a larger scale. “Partnership and strategic alignment with MDP and Navacord gives us the scale to compete at new levels and puts us on an accelerated trajectory of growth and impact. It is a collaboration that aligns perfectly with our long-term vision and commitment to delivering exceptional results for our people, our clients, and our industry partners,” he said.
President Rob Motley highlighted the partnership’s benefits for both clients and employees. “The client-first, people-centric culture at IOA is at the heart of everything we do. By partnering with MDP and Navacord, clients will benefit from an enhanced offering and increased scale, while team members will see even more opportunities for career advancement,” he said.
Matt Raino, Partner and Co-Head of Financial Services at Madison Dearborn Partners, said the firm was drawn to IOA’s reputation for quality and service. “We are thrilled to partner with IOA, which has built an industry-leading business defined by the quality of its people and the exceptional service it provides to customers across the nation. Together with the IOA management team, its employee shareholders, and Navacord, we are confident we will be able to support IOA’s growth and continue delivering excellent outcomes for their diverse and growing client base,” he said.
Navacord Co-Founders Shawn DeSantis and T. Marshall Sadd emphasized the alignment between the companies. “IOA’s culture, leadership, and growth trajectory make them an ideal strategic partner for Navacord. This is the beginning of a powerful alliance for Navacord, IOA, and MDP that will unlock new opportunities for collaboration, innovation, and shared success across borders,” they said.
The partnership positions IOA to expand its market reach, enhance client services, and strengthen its role as a leading independent brokerage in the evolving insurance landscape.
