Insurtech broker Newfront Insurance Inc. said on Thursday that it has agreed to merge with established brokerage firms ABD Insurance and Financial Services Inc.
The terms of the deal were not disclosed. largest broker of American business, with $ 112.5 million 2020 brokerage revenue, according to Business Insurance latest ranking.
The combined companies will be called Newfront and are headquartered in San Francisco, according to a joint statement
Spike Lipkin, CEO of Newfront, will lead the combined company. Kurt de Grosz, CEO of ABD, will be the Chairman and Brian Hetherington, Chairman of ABD, will be the CEO of Newfront.
Newfront was founded in 201
ABD, which has about 370 employees, was founded by Mr. de Grosz and Mr. Hetherington in 2011. About half of the revenue comes from commercial retail. companies and about 40% are employee benefits. Catalog