High Street Acquires 27 Former Nationwide Agencies
Michigan-based High Street Insurance Partners reported it has acquired 27 former Nationwide exclusive insurance agencies in North Carolina, South Carolina, Pennsylvania, Tennessee and Maryland.
The company said all of the 27 agency presidents will remain active in the business and will now report to Karl Sherrill, regional president at High Street.
The deal provides the agencies with access to HSIP’s independent agency platform.
On July 1, 2020, insurer Nationwide completed a two-year process of transitioning to operating as a fully independent insurance agency carrier. The company said more than 99% of its approximately 2,000 formerly captive agents committed to joining Nationwide’s independent agency channel and continuing their relationship with the company. It already had relationships with more than 10,000 independent agents across the U.S.
Since Nationwide announced its plan to move to the independent agency model, some other Nationwide agents have moved to other agencies. In 2019, Hub International acquired the business of and hired four Nationwide agents in Pennsylvania. In February 2020, North Carolina-based Towne Insurance expanded into South Carolina with the acquisition of a Nationwide agency, Angel Insurance Agency.
HSIP has now completed 78 acquisitions since it was formed in mid-2018.
HSIP was itself acquired this past year by Boston private equity firm Abry Partners from Huron Capital, a Detroit private equity firm. Abry’s current or previous insurance investments include specialist insurer ERS, brokers Hilb and Acrisure, and NSM Group, a managing general agency.
HSIP now has offices in Colorado, Connecticut, Florida, Illinois, Iowa, Maryland, Michigan, Missouri, New Jersey, New York, North Carolina, Oregon, Pennsylvania, South Carolina, Tennessee, Texas and Virginia.
- What the Supreme Court Justices Said in Blocking OSHA’s COVID-19 Workplace Rule
- Florida Lawsuit Charges United P&C With RICO Violations in Widespread Claims Denials
- Florida Power & Light Class Action Opens Door to Subrogation, Future Storm Claims
- Businesses, Labor Take Stock After Supreme Court Tosses Biden Covid-19 Rule