Okla.’s North American Group Expands with Calif., Texas Acquisitions

North American Group, headquartered in Oklahoma City, Okla., announced it has acquired Abilene, Texas-based CIC Insurance Brokers Inc., and Anaheim, Calif.-based CTK Insurance Services Inc.

CTK and CIC have each been serving the needs of the staffing industry for over 30 years. CTK is a retail insurance agency focused primarily in the Western U.S. while CIC is a program administrator who delivers their products through independent insurance agencies nationwide. Mystic Capital Advisors Group LLC represented both sellers.

Combined with their existing retail, wholesale and program insurance offices in Oklahoma, Texas and Oregon, the asset acquisition strengthens North American Group’s position as one of the country’s leading providers of insurance and risk management services. With over $4 million in combined revenue, the CTK and CIC acquisitions accelerate the growth of North American Group, whose total revenue now approaches $40 million annually.

“The acquisition of CIC and CTK is consistent with our company focus on locating strong players in a market segment and providing them with even greater reach and access,” said John Hester, VP of Mergers and Acquisitions for North American Group. “This transaction will also benefit our retail agency partners by providing them with an exclusive temporary staffing program in Oklahoma. These are the types of synergies that bring additional value to our clients and give prospective customers an alternative to the national publicly traded brokerage houses.”

Source: North American Group