DALLAS–Unity Partners LP (“Unity Partners”), a principles-based private equity firm, and Tropolis, an Ann Arbor, Mich.-based insurance brokerage that provides property & casualty (P&C) and employee benefits solutions, today announced that Tropolis has completed the acquisitions of three insurance agencies in Southeastern Michigan. Terms of the private transactions were not disclosed.
The three businesses—360 Risk Management, a commercial P&C agency with a focus on providing insurance and risk management solutions for restaurant businesses; Modi Benefits, a national benefits and risk management firm; and Fishman Agency, a provider of commercial insurance with a focus on recycling and waste management—are the first acquisitions for Tropolis since announcing its partnership with Unity Partners.
“We are thrilled about the future of the Tropolis platform as we join forces with three outstanding business leaders, each with extensive industry expertise and a history of delivering exceptional service to their clients,” said Jeff Mason, CEO and co-founder of Tropolis. “Tropolis will bring key resources to the table to further support our partners’ growth through strategic technology adoption and data integration.”
Tropolis and Unity Partners are committed to supporting a culture of true ownership and collaboration and qualified employees of all three acquired businesses will be able to participate in an ownership incentive plan, ensuring that the entire Tropolis organization is positively impacted by the firm’s achievements and capital events.
“Our passion revolves around supporting our agency partners with enhanced capabilities to power exceptional customer service while meeting the insurance needs of their communities, and provide greater employee satisfaction,” said Jim Ryans, CFO of Tropolis. “By integrating technology and artificial intelligence to better leverage key data, our agency partners gain new insights to accelerate growth. The momentum we have built up to this point is exciting, and we’re eager to further advance our reputation as a trusted and forward-thinking insurance brokerage.”
While all three agencies are based in the greater Detroit area, Tropolis continues to evaluate potential partnerships with highly motivated leaders of rising insurance businesses across the U.S. and looks forward to opportunities to provide insurance services to new and emerging markets.
“Our partnership with Jeff, Jim and the entire Tropolis team has been outstanding,” said Hannah Inclán, Vice President at Unity Partners. “Today’s announcement marks a significant step in our journey to build Tropolis into one of the leading Insurance brokerages in the country.”
Source: Unity Partners
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