Rainier Partners, a Seattle-based private equity firm that invests in lower middle-market services businesses, has announced an investment in Apex Insurance Services, a multi-brand managing general agency (MGA) platform focused on the Texas non-standard auto insurance market. The size of the stake, the deal value and the terms were not disclosed.
Apex, headquartered in Richardson, Texas, was founded in 2014. It brings together five specialty brands: Apollo MGA, Apollo Specialty, Newstar General Agency, Excellent Insurance Services, and Ignition Insurance Services. The company distributes through more than 1,000 independent agent contracts across roughly 2,500 retail locations statewide, which the release says creates one of the largest non-standard auto insurance distribution networks in Texas.
With Rainier's backing, Apex plans to continue organic growth in Texas and potentially new states, pursue strategic M&A, and explore adjacent product categories. The company is also looking to partner with other personal lines insurance MGAs.
"We’ve built an enduring and diversified insurance platform at Apex, and we see significant runway for further expansion in the state of Texas and beyond," said Bryan Ward, CEO of Apex Insurance Services. "Rainier’s experience in our industry, as well as their compatible team culture and roll-up-your-sleeves approach to partnership, made us confident they were the right partners for Apex’s next stage of growth."
Jon Altman, Co-Founder and Managing Partner of Rainier Partners, said: "Apex is a proven and well-positioned MGA platform that fits squarely within Rainier’s financial services focus, with a strong track record of growth, an experienced and professional team, and impressive reinsurance and retail agent partnerships."
Apex is led by a management team with over 100 years of combined experience, and the company says it relies on disciplined underwriting, data-driven pricing, and a broad independent agent network.
Rainier Partners has over $400m in assets under management and focuses on business services, consumer services, industrial services, and financial services.
Sherman & Company served as the sell-side adviser to Apex.
