Rainier Partners acquires Apex Insurance Services

Seattle-based private equity firm Rainier Partners has acquired Apex Insurance Services, a Texas-focused non-standard auto MGA platform. Financial terms were not disclosed.

Founded in 2014 and headquartered in Richardson, Texas, Apex operates five MGAs: Apollo MGA, Apollo Specialty, Newstar General Agency, Excellent Insurance Services and Ignition Insurance Services. The platform distributes through more than 1,000 independent agent contracts across approximately 2,500 retail locations in Texas.

With Rainier’s backing, Apex plans to grow organically in Texas, potentially enter additional states, explore adjacent product categories and acquire other personal lines MGAs. The company will retain its longstanding capacity and distribution partnerships.

Apex is led by CEO Bryan Ward. Co-founder Richard Asprey serves on its board.

Rainier manages more than $400 million in assets and invests in lower middle-market services businesses, including financial services.