Trucordia has acquired the insurance business of Boater’s Insurance Agency, a firm specializing in insurance solutions for the marine industry.
The financial terms of the deal were not disclosed.
Boater’s Insurance, based in the San Francisco Bay Area, is licensed in all 50 states. Since its founding in 1989, the company has focused on developing specialized solutions for clients.
“Boater’s Insurance brings unique offerings and robust experience in marine insurance solutions to Trucordia, which will deepen our bench strength in this vertical,” said Brooke DeWyze, Trucordia’s chief development officer. “The team’s impressive growth, which has been rooted in forging strong relationships, makes BIA an ideal match for our expanding company.”
Trucordia’s growth strategy includes acquiring high-growth businesses to expand its client offerings.
The company’s latest acquisition is that of the insurance business of CADA Insurance Services in Louisiana. CADA Insurance operates multiple offices in the state, including locations in Baton Rouge, Chalmette, Gretna, and Kenner. CADA Insurance provides coverage across multiple lines, including auto, home, commercial, general liability, and workers' compensation.
At the time of the deal, Trucordia said that it is continuing to pursue acquisitions in industries and markets that align with its growth strategy. In line with this strategy, other recent acquisitions include that of Rusty Healy Insurance Agency in Mississippi, Boulder Insurance Solutions in Colorado, and Richard King Insurance Agency in Virginia.
The company, formerly known as PCF Insurance Services, is headquartered in Lindon, Utah, and has more than 5,000 employees across the US.
