Culpeper Insurance Partners LLC, a newly launched brokerage acquisition firm, on Thursday named former CBIZ Benefits & Insurance Services Inc. executive Michael A. Garguilo president and CEO.
The company, which launched this month and is affiliated with investment firm Culpeper Capital Partners LLC, plans to acquire four to six independent insurance agents a year and will focus on commercial property/casualty brokerages, Garguilo said.
Culpeper Insurance is backed by family offices and other private investors and also has access to private equity capital, he said.
“We believe we can create a path for agency owners where they can retain their culture, their autonomy and their people, and they can partner with us to use our capital to fund their organic and acquisition-related growth,”; Garguilo said.
The company is working on several acquisitions, and most of the brokerages it acquires will retain their existing names and branding, he said.
Garguilo was most recently division and regional manager at CBIZ. Prior to that, he ran Garco Financial LLC, another brokerage acquisition firm, and held various positions at MCIC Vermont Inc. and brokerage firm Brown & Brown Inc.
Other senior leadership at Culpeper Insurance includes Chairman David E. King, founder and senior managing director of Culpeper Capital.