Insurance Office of America secures investment from Madison Dearborn Partners
Insurance broker Insurance Office of America announced that its producers and employees will be making a significant investment in the company alongside new strategic investments from Madison Dearborn Partners, a private equity firm, and Navacord Corp., one of Canada’s “largest and fastest-growing” multi-line insurance brokerages and financial services firms.
IOA will retain its independence and remain focused on organic growth while also capitalizing on this new partnership to pursue M&A opportunities within the U.S. insurance brokerage industry. The company will continue to be led by Heath Ritenour as Chairman, Jeff Lagos as CEO, and Rob Motley as President, with MDP and Navacord joining as shareholders of the next-generation ownership and positive trajectory of IOA.
Established in 1988 by John and Valli Ritenour, IOA is one of the largest privately held brokerages in the U.S.
“This new partnership with MDP and Navacord is an exciting next step in IOA’s growth journey. It is a ‘better and stronger together’ story as we enter into a collaborative partnership to extend IOA’s legacy and industry positioning, with an increased and compelling go-forward equity opportunity for our employees.” – Heath Ritenour.
“Partnership and strategic alignment with MDP and Navacord gives us the scale to compete at new levels and puts us on an accelerated trajectory of growth and impact. It is a collaboration that aligns perfectly with our long-term vision and commitment to delivering exceptional results for our people, our clients, and our industry partners.” – Jeff Lagos.
“The client-first, people-centric culture at IOA is at the heart of everything we do. By partnering with MDP and Navacord, clients will benefit from an enhanced offering and increased scale, while team members will see even more opportunities for career advancement.” – Rob Motley.
“We are thrilled to partner with IOA, which has built an industry-leading business defined by the quality of its people and the exceptional service it provides to customers across the nation. Together with the IOA management team, its employee shareholders, and Navacord, we are confident we will be able to support IOA’s growth and continue delivering excellent outcomes for their diverse and growing client base.” – Matt Raino, Partner and Co-Head of Financial Services at MDP.
“IOA’s culture, leadership, and growth trajectory make them an ideal strategic partner for Navacord. This is the beginning of a powerful alliance for Navacord, IOA, and MDP that will unlock new opportunities for collaboration, innovation, and shared success across borders.” – Shawn DeSantis and T. Marshall Sadd, Co-Founders of Navacord.
