Mergers & Acquisitions
Relation Insurance Services, Inc. Acquires the Assets of Parks Insurance Group
Walnut Creek, CA., March 17, 2021—Relation Insurance Services, Inc. (“Relation”), one of the largest and fastest-growing national insurance agencies, announced today it acquired the assets of Parks Insurance Group (“Parks”). Parks was previously part of Nationwide Mutual Insurance Company’s (“Nationwide) exclusive distribution model. Terms of the transaction were not disclosed.
Located in North Carolina, Parks provides commercial and personal lines insurance solutions to clients from multiple offices throughout the state. Parks is one of the largest former Nationwide exclusive agencies that went independent and will join Relation’s Main Street/small commercial division, Relation Select. Ron Parks will continue to lead Parks under Relation Select.
“I could not be more thrilled to partner with Relation,” said Ron Parks, President of Parks Insurance Group. “The combination of our commercial lines expertise and industry specialization combined with Relation’s products and capital will allow us to accelerate our growth and offer additional new products to clients.”
This transaction continues Relation’s recent acquisitions of several former Nationwide exclusive agents and the formation of Relation Select to be a platform for agencies that focus on Main Street/small commercial and personal lines business. It provides partner agencies access to various insurance solutions and services to support existing commercial and personal line clients.
“We are excited to welcome Ron Parks and his entire team to the Relation family,” said Tim Hall, Executive Vice President and Head of Mergers and Acquisitions for Relation. “The addition of Parks brings Relation additional strength in commercial lines products and industry-leading customer service to add to our existing footprint in North Carolina.”
About Relation Insurance Services, Inc.
Relation Insurance Services is an insurance brokerage that offers superior risk-management and benefits-consulting services through its family of brands across the United States. It is ranked by Insurance Journal within the top 35 largest agencies in the country by revenue and has approximately 750 employees across more than 75 locations nationwide. Relation is a privately held corporation backed by Aquiline Capital Partners, a private equity firm based in New York and London investing in businesses globally across financial services and technology. Visit: www.relationinsurance.com for more information.
M&A CONTACT
Tim Hall, EVP & Head of M&A
Relation Insurance Services, Inc.
P: 312-714-7279
###