Afore Insurance Expands Footprint with Key Acquisitions in Kentucky and Virginia
Afore Insurance Services has strategically expanded its presence in the United States with the acquisition of Myron K. Hobbs & Company. This group employee benefits agency, located in Louisville, Kentucky, marks Afore's initial entry into the Kentucky market. This acquisition underscores a growing trend in the U.S. brokerage industry, where smaller, specialized firms are being absorbed into larger, multifaceted platforms that offer enhanced carrier access and shared resources.
Enhancing Employer Benefits Offerings
Through this acquisition, Afore secures a foothold in Louisville, supported by the expertise and established employer relationships of the Myron K. Hobbs & Company team. Michael A. Garguilo, President and CEO of Afore Insurance Services, emphasized that this move not only expands Afore's geographical reach but also strengthens its operational base in the region, facilitating further growth. The integration of Myron K. Hobbs & Company shifts the conversation from isolated benefits offerings to a comprehensive "total risk and reward" framework.
This approach encompasses medical and ancillary benefits alongside commercial property, liability, and management risks. By unifying employee benefits and property and casualty insurance on a single platform, Afore aims to empower producers to develop integrated solutions and enhance cross-selling opportunities, promoting a holistic view rather than treating these sectors as distinct entities.
Integration with Neace Ventures
As part of the integration process, Myron K. Hobbs & Company will share office space with Neace Ventures, an investment firm led by John Neace, Afore's vice chairman. John Neace's extensive experience in agency development and investment is expected to foster innovation and growth. "We're proud to have the Hobbs team join the broader Afore family in Louisville," added Garguilo, highlighting potential advancements through close collaboration with Neace Ventures.
For producers, joining Afore offers access to an expanded carrier panel and specialist resources while maintaining local decision-making capabilities in Louisville. The partnership with Neace Ventures provides institutional support and growth opportunities, enabling producers to cultivate regional portfolios effectively. Myron Hobbs expressed confidence in Afore's business model and leadership, stating, "This partnership will accelerate our growth while preserving the strong local relationships we've built."
Expansion in Virginia
The acquisition of Myron K. Hobbs & Company is part of Afore's broader strategy to develop a regional platform, evidenced by recent purchases in Virginia. Afore has brought Resolve Insurance Group of Virginia Beach under its umbrella, with Christopher Burns joining as senior vice president and national marine practice leader. Additionally, Afore acquired Salzberg Insurance Agency in Norfolk, which supports their regional growth strategy.
Ralph Soussan, principal at Salzberg, noted that the partnership offers avenues for expansion across Virginia while maintaining the agency's local identity. These acquisitions represent key components of Afore's regional growth strategy, with anticipation of further acquisitions to solidify their presence in the insurance industry.