Starkweather & Shepley Insurance Brokerage has acquired AiK2 Insurance Services, a New Jersey-based firm specializing in business insurance solutions for wealth and asset managers.
Terms of the acquisition were not disclosed.
As part of the acquisition, AiK2 will rebrand under the Starkweather & Shepley name, integrating its services with the firm’s Private Client Insurance division.
AiK2, founded in 2021, is a partnership between the Wealth Advisor Growth Network (WAGN) and KORE Insurance. The company serves approximately 300 clients across the US and manages more than $200 billion in insured assets.
Andrew Fotopulos, chairman of Starkweather & Shepley, emphasized the strategic benefits of the acquisition.
“This acquisition strengthens our financial services team, bringing new technology and talented professionals to the table,” he said. “We look forward to continuing to build on this foundation and expand our offerings.”
Jay Hummel, co-founder and former CEO of AiK2, will continue with the company in an advisory role. He expressed confidence in the alignment of the two companies, citing shared professional and cultural values.
The acquisition of AiK2 allows Starkweather & Shepley to enhance its offerings in the wealth management and asset management sectors, providing clients with a broader range of insurance solutions.
In another move to expand its portfolio, Starkweather & Shepley, in September 2024, acquired MacDonald & Vacarro Insurance Agency, based in Burlington, Massachusetts. MacDonald & Vacarro specializes in professional liability and directors & officers liability insurance, particularly for human services organizations.
Founded in 1879, Starkweather & Shepley is one of the largest independent insurance agencies in Rhode Island. With 14 offices in Rhode Island, Massachusetts, Connecticut and Florida, the company offers business insurance, personal insurance, employee benefits and risk management services.
