Relation is one of top 10 most active acquirers in the U.S.
California-based Relation Insurance has officially entered the New England insurance marketplace with its acquisition of Santo Insurance & Financial Services. Founded in 1993 by Jamie Santo, Santo Insurance has been serving as a full-service independent insurance agency operating in New Hampshire, Massachusetts, Vermont, and Maine for 28 years.
“I am so excited to partner with Relation, a firm that values growth, client relationships and community involvement,” said Jamie Santo, President of Santo Insurance and Financial Services. “The ability to leverage Relation’s platform for our continued growth aligns with our long-term vision.”
“We have been looking to enter the New England marketplace and are thrilled to do so with Jamie Santo and his entire team,” said Tim Hall, Executive Vice President and Head of Mergers and Acquisitions for Relation. “Their local market expertise coupled with our national resources will allow us to collectively better serve customers throughout the region.”
According to the terms of the transaction, Mr. Santo will join Relation upon completion of the sale. Going forward, he will be charged with helping to grow the agency’s geographic footprint throughout New England.
The agency’s strategic location in Salem, New Hampshire, bordering Massachusetts, will serve as Relation’s based in order to expand its geographic footprint further throughout both Massachusetts and the rest of New England.
A stream of agency acquisitions so far this year
Founded in 2007 as Ascension Insurance, Relation is a specialty insurance brokerage firm focused on the middle-market. Headquartered in Walnut Creek, California, it boasts 75 locations and more than 800 employees nationwide.
While a relatively unknown name in New England, currently Relation is ranked as one of the ten most active buyers of insurance agencies by OPTIS Partners with more than 20 agency acquisitions to date. In fact, since the start of 2021, the company already has announced seven agency acquisitions nationwide, with Santo Insurance being the second one in April alone. The Insurance Journal also ranked Relation as one of the largest agencies in the nation as ranked by revenue.
Also a portfolio company of Aquiline Capital Partners
According to the company’s website, Relation is a privately held corporation backed by Aquiline Capital Partners, a private equity firm based in New York and London. Founded in 2005, Aquiline was started by Jeff Greenberg, the former chairman, and chief executive officer of Marsh & McLennan, the company invests in businesses globally across the financial services and technology industries.
Other portfolio companies of Aquiline Capital Partners include ERS Insurance (a Lloyd’s underwriting business (Syndicate 218)), Simply Business, Carpe Data, Hippo, Validus Holdings, and Conning.