Inszone Insurance Services has entered into a definitive agreement for a strategic investment with Lightyear Capital LLC, a prominent New York-based private equity firm.
The news follows on from Inszone’s announcement of its acquisition of New Mexico-based Letherer Insurance Consultants.
The deal marks a significant milestone for Inszone, as Lightyear collaborates with Inszone’s existing investor, BHMS Investments, LP, to propel the company into its next phase of growth. Under the terms of the agreement, BHMS Investments, LP, not only retains a substantial portion of its current equity in Inszone but also commits to further capital infusion alongside Lightyear.
The combined financial support from both Lightyear and BHMS is strategically designed to bolster Inszone’s expansion efforts. The transaction, anticipated to conclude in the fourth quarter of 2023, is contingent upon customary closing conditions and regulatory approvals. Martin Sullivan, an operating partner at Lightyear and former CEO of AIG, is slated to join Inszone’s board of managers post-transaction completion, bringing a wealth of experience to the company’s leadership.
“Today’s announcement by Lightyear and BHMS is evidence of Inszone’s strength and success to date. Lightyear brings deep domain expertise and robust operating resources that will help accelerate growth. BHMS has been an excellent partner since 2020 and I am excited they will continue to support us in the next chapter of our development,” Inszone CEO Chris Walters said.
“We are excited to welcome Inszone to our portfolio. Chris and the Inszone management team have done an excellent job of building a differentiated and highly acquisitive insurance brokerage platform. We look forward to partnering with them and the BHMS team to continue to scale the business,” Lightyear managing partner Mark Vasallo said.
