Odyssey Investment Partners invests in SIAA

SIAA (Strategic Insurance Agency Alliance), a national alliance of independent insurance agents, announced that Odyssey Investment Partners has partnered with the SIAA management team to acquire the company.

“We’ve been exploring our perpetuation options for some time now, with special consideration to the ongoing success of our master agencies and member agencies across the country. This transaction provides for the continued success of our model and all who participate in it.” – SIAA’s chairman and founder, Jim Masiello. Mr. Masiello will step away from the organization.

“This transaction sets the stage to take our business to the next level based on our proven model. We’ve had great success as the original and largest network of independent insurance agencies in the country, and now we will have the resources to move forward more decisively in M&A, technology and investing in other growth initiatives. There’s no desire to disrupt our proven methods for success. We exist to help independent agents grow and thrive. The challenge is to identify what we can do better and to provide accelerators to expand upon our core competencies.” – Matt Masiello, CEO, SIAA.

“We are excited to partner with Matt and his team to invest in and accelerate the growth of SIAA and the independent agent channel. Building on the decades of success Jim, Matt and the SIAA team have achieved, we share a common vision for the potential of SIAA and its alliance partners.” – Jeff Moffett, Managing Principal at Odyssey.

Originating in 1983 with the SAN Group, SIAA was formed in 1995 and will continue operations under the established model. At year-end 2020, SIAA reached $9.6 billion of total in-force premium, up from $8.9 billion at YE 2019. SIAA also signed 527 new member agencies last year.

Goldman Sachs & Co., LLC served as exclusive financial advisor to SIAA on the sale while Odyssey was advised by Piper Sandler.