Quincy Perpetuation Partners aims to help independent agencies perpetuate and grow
The Quincy Mutual Group announced a new venture this month, Quincy Perpetuation Partners, LLC (“QPP”), that is aimed at helping Quincy Mutual agents with the increasingly complex problems in perpetuating their independent insurance agencies.[pullquote]This program is uniquely focused on the capital needs required to successfully perpetuate and enhance agency value by establishing an agency/company partnership to achieve mutual success—Kevin Meskell, Exec. V.P. Quincy Mutual[/pullquote]
The Quincy Mutual Group in partnership with INEX Capital & Growth Advisors, filed on May 10, 2016, papers with the Massachusetts Secretary of State to establish QPP as a limited liability company. The purpose of QPP is to assist Quincy Mutual agents in achieving strategic objectives relating to the future growth and operational success of their local businesses.
QPP to provide acquisition and perpetuation capital to qualifying Quincy Mutual agents
QPP will provide qualifying Quincy Mutual agents with acquisition and perpetuation capital, access to operational resources, strategic guidance and growth opportunities. It will enable agency principals to retain ownership of their business while having the benefit of significant resources to further enhance their enterprises’ value.
Kevin. M. Meskell, executive vice president of Quincy Mutual stated regarding this new agency resource:
Quincy Mutual has been a strong supporter of the Independent Agency system since our founding in 1851. That support has taken many forms including financial assistance for a variety of uses to enhance our agents’ ability to operate and compete effectively. This program is uniquely focused on the capital needs required to successfully perpetuate and enhance agency value by establishing an agency/company partnership to achieve mutual success.”
Owners of independent insurance agencies today have a number of alternatives to perpetuate the legacies that they have built over a number of years. Quincy Mutual believes that QPP will enhance the ability of Quincy Mutual agents to perpetuate their agencies internally, so as to allow for accelerated growth and profitability under continued local ownership. Quincy Mutual has committed to provide QPP with capital to assist qualified Quincy Mutual agents with their internal perpetuation plans.
To qualify, agencies must demonstrate a track record of operational excellence and partnership with Quincy Mutual. In establishing QPP to assist Quincy Mutual’s agents in the perpetuation process, Quincy Mutual stated that it was pleased to provide this new perpetuation channel to augment the value of Quincy Mutual’s independent agencies.
About Quincy Mutual’s partner in QPP
INEX Capital & Growth Advisors provides strategic guidance, agency development, management, best practices and profitability advisory services, perpetuation planning, and mergers and acquisitions advisory services to insurance agencies and their stakeholders throughout the country. Its principals have provided guidance on in excess of 200 agency advisory transactions.
About Quincy Mutual
The Quincy Mutual Group has proudly provided New England families and businesses with insurance protection since 1851. It continues to build on this long tradition by using the knowledge and expertise of their employees and over 500 independent agents to meet the needs of its policyholders. As one of the strongest mutual insurance companies in New England, Quincy Mutual remains committed to perpetuating the legacy of its key independent agencies.