Huron Capital in Detroit has announced its insurance brokerage platform, Traverse City’s High Street Insurance Partners, has acquired two agencies — one in New York and one in Connecticut. Terms of the deals were not disclosed.
Connecticut’s Tracey, Driscoll, and Co. Inc. primarily provides clients with property and casualty insurance as well as health and wellness plans. It serves local employers and customers in the landscaping, construction, waste and recycling, industrial equipment, and municipal services industries. Tracey Driscoll’s website lists 36 employees. The acquisition represents High Street’s first expansion into the state.
“We are proud of the heritage that we have built over the past century as we have served our customers and supported our community,” says Brian Dehm, president of Tracy Driscoll. “With High Street, we are confident that we have found a partner that shares our values and commitment to our customers and has a wider range of resources.”
New York’s Millennium Alliance Group also specializes in property and casualty insurance coverage for local employers and individuals. Its customer base is diverse and spans industries including industrial services, construction, food manufacturing, and other small businesses. The company’s website lists 28 employees.
“The insurance industry is changing quickly, and we wanted to make sure our firm is positioned to continue providing the same or better services in the future that we are now,” says Jim Kerin, CEO of Millennium. “We believe High Street has the right strategy and cultural mindset to stay ahead of industry trends while still making sure we put our customers first.”
The shareholders of both companies will remain active with High Street.
“These acquisitions will allow High Street to expand its reach in key Northeast markets and both companies provide us with a staff that has decades of experience with a large customer base,” said High Street CEO Scott Wick. “We expect that these additions to the High Street family will help us to solidify our position as a leading insurance agency and create additional growth opportunities.”
Huron Capital is a lower-middle-market private equity firm that works to grow companies through its ExecFactor buy-and-build model. High Street, an ExecFactor platform, was formed in August 2018 and has completed 15 acquisitions since its formation. It has offices in Michigan, Pennsylvania, New York, and Connecticut and employs more than 350 insurance specialists.
“The meaningful customer and carrier relationships that both Tracy Driscoll and Millennium have been able to develop are incredibly impressive and proof of each organization’s great culture and deep expertise. We are confident that the addition of these agencies will significantly add to the existing growth momentum going at High Street,” said Huron Capital Principal Brian Rassel.