Sunstar Insurance Group Acquires RJR Faribo, Expanding Presence in Midwest

Business Wire

Partnership marks Sunstar's entry into Minnesota as firm accelerates national growth strategy

ST. LOUIS--(BUSINESS WIRE)--
Sunstar Insurance Group, LLC ("Sunstar"), one of the nation's top 35 independent insurance brokers, today announced it has partnered with RJR Faribo Insurance Agency ("RJR Faribo"), an independent insurance agency serving clients throughout Minnesota. The collaboration marks Sunstar’s entry into this key market and strengthens the firm’s growing Midwest presence.

RJR’s 22 employees join Sunstar as part of the deal, continuing the agency’s reputation for stellar service and preserving existing client relationships. The partnership establishes a strong foundation for Sunstar’s continued growth in the region while expanding RJR's ability to serve clients through broader capabilities and additional carrier relationships.

With locations in Eden Prairie and Faribault, RJR Faribo traces its roots to the 1930s, with the present company formed in 1986 when Rooke & Company, Tuthill-Johnson & Associates and Renslow & Associates merged to form Rooke, Johnson & Renslow Insurance Agency, Inc. Led by Mark Lancaster, Chief Executive Officer of RJR, the agency has a four-decade record of serving Minnesota businesses and individuals, offering comprehensive commercial and personal insurance solutions.

“RJR Faribo exemplifies the type of agency that is central to our long-term growth strategy,” said Adam Meyerowitz, Chief Executive Officer of Sunstar. “Mark and his team have built an outstanding business with a respected reputation and deep roots in the Minnesota market. As we continue to expand our footprint and invest in our platform, partnerships like this enhance our capabilities and position us for sustained growth. We are excited to welcome the RJR Faribo team to Sunstar and look forward to building on their foundation of delivering personalized solutions to the individuals and businesses they serve.”

For RJR Faribo, the Sunstar partnership opens new coverage options and specialized expertise. It also creates new opportunities for the agency's leadership team as Sunstar continues investing in its Midwest presence and expansion throughout the region.

“As we looked toward the future of RJR Faribo Agency, it was important to find a partner that shared our values, commitment to client service and dedication to our employees,” said Lancaster. “Sunstar stood out because of its people-first culture, strong reputation and vision for growth. From our very first conversations, it was clear that Sunstar respected what we have built and was committed to helping us continue serving our clients with the same local expertise and personal relationships they have come to expect. We are proud to become Sunstar's first agency in Minnesota and excited to contribute to the organization's continued growth.”

The partnership also expands opportunities for collaboration across Sunstar's Midwest operations, bringing together teams with complementary expertise and a shared commitment to serving clients through local relationships and specialized insurance solutions.

“The best partnerships are built on shared values, and we quickly saw that in Mark Lancaster and the RJR Faribo team,” said Greg Lottes, President of Sunstar. “Their commitment to client service, local leadership and strong relationships reflects the qualities we value throughout the Sunstar organization. Beyond being a great agency, they are the type of people who contribute to a collaborative culture and help make the entire organization stronger. We look forward to leveraging the strength of our collective platform while sharing their own expertise and experience with agencies across our network.”

The deal builds on Sunstar's continued growth strategy of expanding its geographic footprint through partnerships with high-quality agencies that share its commitment to client service and local leadership. Backed by Reverence Capital Partners, Sunstar operates across nine states, employs more than 900 people and places over $2 billion in premiums annually while continuing to invest in both organic growth and strategic acquisitions.

For more information, visit sunstarinsurancegroup.com.

About Sunstar Insurance Group

Sunstar Insurance Group, LLC ("Sunstar"), a portfolio company of Reverence Capital Partners, is one of the nation's top 35 largest independent insurance brokers. Operating an integrated model across nine states, Sunstar provides Commercial P&C, Personal P&C, and Employee Benefits brokerage services across the Southeast and Midwest United States. Visit sunstarinsurancegroup.com to learn more.

About Reverence Capital Partners

Reverence Capital Partners is a private investment firm focused on three complementary strategies: (i) financial services-focused private equity, (ii) opportunistic, structured credit, and (iii) real estate solutions. Today, Reverence Capital manages in excess of $14 billion in AUM. Reverence focuses on thematic investing in leading global financial services businesses. The firm was founded in 2013 by Milton Berlinski, Peter Aberg and Alex Chulack, after distinguished careers advising and investing in a broad array of financial services businesses. The partners at Reverence Capital bring, on average, over 38 years of advisory and investing experience across a wide range of financial services sectors.