Cleveland-based insurance broker Armada Risk Partners has expanded its presence in Michigan with the acquisition of local brokerage The Reaume.
Terms of the deal were not disclosed, but Armada CEO Ed McNamara revealed that the deal was “over $1 million, but less than $5 million.”
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Established in 1996, Reaume is based in the Detroit suburb of Beverly Hills, specializing in insurance and employee benefits. The brokerage’s four associates, including founder Robert Reaume, will join Armada’s executive committee following the transaction. The firm will continue doing business in Michigan retaining its current name and employees.
Crain’s Cleveland Business reported that Reaume was sought after by other larger firms regarding a merger before it was approached by Armada.
“We reviewed offers to partner with four other prospective firms, yet none demonstrated the added value that the team at Armada brings to our clients,” founder Robert Reaume said in a statement. “Armada’s culture matches ours. Their team offers immediate synergies that will encourage our clients to realize greater growth, as their service promise goes beyond risk management solutions and insurance options. Joining Armada improves our internal technology and service capabilities, and enhances our client relationships.”
“We’ve won some great deals and landed some key accounts. We’re very proud of what our team has done,” commented McNamara.
McNamara also noted that Armada will continue to look into similar deals in the near future as it aims to end 2018 as one of Cleveland’s largest brokerages.
“We can hopefully do that,” he remarked. “I don’t really care how big or how small: There is no-one too big or too small we couldn’t talk to. If they want to sell, but not leave (the business), we’re probably the perfect partnership for that.”
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