A new national agency is in town. Choice Financial Group (Choice) of Richmond Virginia has entered the New England insurance marketplace with its first agency acquisition. The company, which is backed by the Bethesda, Maryland middle-market group Northlane Capital Partners, has acquired the Bernier Insurance Agency (Bernier).
Based in Rochester, New Hampshire, and led by President Troy Dillow, Bernier is a full-service insurance agency dedicated to offering a full suite of Property & Casualty, and Employee Benefits products in New Hampshire, Massachusetts, Maine, and Vermont. According to the terms of the agreement,Troy Dillow will remain President of Bernier and will help Choice expand in the region. No further terms of the transaction were disclosed.
“Troy Dillow and his team are a terrific first partner for us in New England. They have a long history of helping clients solve their insurance problems,” said Richard Braun, President of Choice. “I’m excited to work with Troy and his team.”
“Becoming a Choice Financial Group partner agency will greatly benefit our clients, our team members, and our community,” said Dillow. “We looked at numerous alternatives and the expansion opportunity that Choice offers is truly unique. This transaction ensures Bernier will remain competitive in an ever-changing marketplace. I look forward to the next chapter of growth for Bernier and leveraging the tools, technology, and strategies that Choice offers us and our clients.”
Choice´s rapid expansion since partnering with Northlane
Since its partnership with the private equity firm Northlane Capital Partners in October 2021, the Choice Insurance Group has been on a buying spree. Northlane Capital Partners, which boasts more than $1billion of committed equity capital, has allowed the agency to snap up two other agencies, in addition to the Bernier Agency in just three months. Going forward the company expects to continue its rapid expansion both in this region as well as nationally.
“Troy Dillow is exactly the type of entrepreneurial leader we are looking to partner with as we grow Choice,” said Bob Hilb, Senior Advisor for Choice. “Troy was attracted to the vision of what we are building the Choice platform toward, which we believe will attract other high-quality professionals,” commented Hilb.
Founded 17 years ago, Northlane Capital has invested more than $1.6 billion in the various niche areas within the healthcare and business services sectors around the country.
