Afore Insurance Services has purchased S&B Block Services, doing business as Block Insurance, as part of its expansion efforts.
Financial details of the acquisition were not disclosed.
Founded in 1987, Block Insurance has more than 30 years of experience with a focus on childcare, private school and martial arts industry segments.
The acquisition will allow Afore Insurance to enter into the rapidly growing childcare insurance space. Block Insurance founders Beth and Steven Block will join the company as managing principals and will take their team of 12 employees with them, while continuing to serve clients from their existing locations in Florida and Georgia.
Michael Garguilo, president and chief executive of Afore Insurance, said that with the childcare industry rapidly expanding its market, early childhood educations need to have better product options.
“Block’s extensive industry expertise, combined with our resources, will accelerate our national expansion into this segment,” he said. “Beth, Steven and their impressive team are widely respected experts in the field, and we are fortunate that they have chosen us to help scale their business.”
Beth Block also shared her excitement about teaming up with Afore Insurance, saying that the latter’s resources will help them provide better product offerings. “Together, we will address the challenges of this market and make a meaningful difference for our clients,” she said.
Block Insurance’s acquisition is the company’s second acquisition this quarter. In October, Afore Insurance acquired South Carolina-based Powers Insurance Services for an undisclosed sum. That deal gave Afore its 20th office location and a presence in the rapidly growing Columbia, South Carolina market.
The company also recently partnered with BCA Insurance to expand its operations in the mid-Atlantic.
Afore said it has successfully acquired more than 50 agencies and operates them under custom operating structures where the former owners direct client sales and service activities locally.
