Rainier Partners Acquires Apex Insurance Services, a Leading Automotive Insurance MGA Platform

Business Wire

SEATTLE--(BUSINESS WIRE)--
Rainier Partners, a private equity firm investing in lower middle-market services businesses, is pleased to announce its investment in Apex Insurance Services, a leading multi-brand managing general agency (MGA) platform focused on the Texas non-standard auto insurance market.

Headquartered in Richardson, Texas, Apex manages five MGAs — Apollo MGA, Apollo Specialty, Newstar General Agency, Excellent Insurance Services, and Ignition Insurance Services — creating one of the largest non-standard auto insurance distribution networks in the state. Apex is led by a seasoned management team with over 100 years of combined experience and leverages disciplined underwriting, data-driven pricing, and a broad independent agent network.

“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 Apex CEO Bryan Ward. “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.”

“Having worked with the Rainier team on prior insurance investments, I’ve seen firsthand the perspective and mentality they can bring to help us collectively grow our business,” said Apex Co-Founder and Board Member Richard Asprey.

With Rainier’s partnership, Apex plans to continue its organic growth in Texas and potentially new states. The platform will also seek strategic M&A and will explore adjacent product categories.

“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,” said Rainier Co-Founder and Managing Partner Jon Altman.

“We are proud to partner with Bryan and the rest of the Apex team and respect the foundation they have built,” added Rainier Principal Luke Bench. “We see considerable opportunity to support them in expanding Apex’s reach within the non-standard auto insurance market, while retaining the company’s long-standing capacity and distribution partnerships.”

Apex is actively seeking to partner with other personal lines insurance MGAs. Business owners interested in learning more should contact Luke Bench at lbench@rainierpartners.com.

Sherman & Company served as the sell-side advisor to Apex.

Apex Insurance Services is a leading multi-brand MGA platform founded in 2014 and focused on the Texas non-standard auto insurance market. Headquartered in Richardson, Texas, Apex brings together five specialty brands: Apollo MGA, Apollo Specialty, Newstar General Agency, Excellent Insurance Services, and Ignition Insurance Services. The platform distributes through more than 1,000 independent agent contracts across roughly 2,500 retail locations statewide. Please visit www.apexinsuranceservices.com for more information.

Rainier Partners is a Seattle-based private equity firm with over $400 million in assets under management that invests in lower middle-market services businesses. We look for opportunities where we can actively support business owners and management teams by providing growth capital, operational resources, and strategic partnership. We focus on industries in which we have extensive experience, a network of partners, and deep resources: business services, consumer services, industrial services, and financial services. We typically invite the founders or management teams of our portfolio companies to invest alongside us to align interests. Please visit www.rainierpartners.com for more information.

Not an offer, solicitation, or recommendation of securities or advisory services. This document is for informational purposes only.