Propel Insurance recently announced a partnership with Flexpoint Ford, a Chicago-based private equity firm. The partnership will serve Propel Insurance by funding the company’s expansion to other geographic regions.
Currently, Propel is one of the largest independent insurance agencies in the Pacific Northwest region. The agency has six offices. It’s head corporate office is in Tacoma, but it also has offices in Seattle, Longview, and three in Oregon. Propel offers a wide variety of insurance services including commercial insurance, employee benefits, personal insurance, and workers’ comp.
“We look forward to continuing to invest in the development and growth of Propel and its service offerings, while adding to our team of industry experts via strategic acquisitions,” said Kurt Carlson, CEO of Propel. “Flexpoint’s deep understanding of the insurance sector and its access to capital will allow us to expand our geographic footprint and develop new areas of industry specialization.”
The financial advisor for Propel during the partnership transaction was Waller Helms Advisors, and legal counsel was provided to Propel by Harlowe & Falk. Terms of the transaction have not been released to the public.