Afore Insurance Services has announced a strategic investment from Neace Ventures, led by John Neace (pictured above), a veteran of the insurance brokerage sector.
As part of the agreement, Neace will join Afore’s board of directors as vice chairman. Neace Ventures will contribute its portfolio of insurance agency acquisitions currently under a letter of intent, which Afore will now finalize. This move is intended to strengthen Afore’s operational footprint and expand its reach across the US.
John Neace is also the founder of Neace Lukens, a regional insurance brokerage that was acquired in 2011 by AssuredPartners. That acquisition marked AssuredPartners’ entry into the brokerage space and played a key role in its growth into one of the largest insurance brokerage firms in the country.
“We’re thrilled to welcome John Neace to Afore as an investor, board member and visionary leader,” said Michael Garguilo, president and CEO of Afore. “His guidance and the agencies contributed through Neace Ventures will immediately strengthen Afore’s platform, help drive our M&A strategy and provide us a lasting competitive advantage.”
Commenting on the move, John Neace said it was a “natural fit” between Afore and Neace Ventures. “I’m excited to support Afore’s leadership team and bring our combined vision to life as we create the next great insurance distribution platform,” he added.
Founded by a team of experienced insurance professionals, Afore Insurance Services is ranked among the 100 largest national brokerage platforms. The firm positions itself as a collaborative partner for agency owners, offering opportunities to monetize their businesses while participating in future growth.
With Neace’s involvement and the addition of new agencies, Afore expects to further expand its national presence and continue attracting agencies seeking a growth-oriented partner.
In February, Afore Insurance acquired Broussard and Associates Inc. as part of its expansion efforts. The acquisition marks the company’s expansion into Tennessee. Financial terms of the transaction were not disclosed.
