North Texas well being and life insurance coverage distributor Integrity Advertising and marketing Group is getting an end-of-year money injection of $1.2 billion.
The funding introduced on Thursday offers Silver Lake, a world chief in tech investing, a minority stake in Dallas-based Integrity.
Integrity’s founders, administration and staff will proceed to be majority shareholders of Integrity. New York-based personal fairness agency Harvest Companions will stay the biggest institutional investor, and Palo Alto, Calif.-based mid-market personal fairness agency HGGC will stay a major investor.
Integrity, which calls itself the nation’s main unbiased distributor of well being and life insurance coverage merchandise, expects to generate $7 billion in insurance coverage gross sales this yr. By the tip of the yr, it anticipates hitting greater than $20 billion of belongings beneath administration and advisement by its RIA and broker-dealer platforms.
Its greater than 125 companions embody American Group Insurance coverage and Roberts Alliance, each headquartered in Dallas.
Integrity has practically 5,500 staff, with about 300 in Dallas. It makes use of information from the greater than 420,000 brokers and advisers it really works with and its greater than 10 million annual shoppers to foretell wants, based on its web site.
Based in 2006, Integrity has grown by shopping for up rising insurance coverage advertising and marketing teams. In 2020, it had 40 acquisitions. Its newest acquisition in mid-November was Brokers Clearing Home, a number one brokerage common company based mostly in Des Moines, Iowa.
“The quantity of information and distribution capabilities that Integrity has assembled of their omnichannel strategy is in contrast to something out there at present,” Adam Karol, managing director at Silver Lake, stated in an announcement.
Silver Lake, with workplaces in North America, Europe and Asia, is understood for utilizing information and analytics to assist tech-driven firms get to the subsequent degree, stated Steve Carlson, companion at Harvest Companions, within the announcement.
In June, Integrity moved its headquarters to a 100,000-square-foot area within the Fountain Place tower on Ross Avenue to accommodate its development. Beforehand, its head workplaces have been within the Cypress Waters growth.