Afore Insurance Services LLC said Culpeper Insurance Partners LLC had made a “significant” investment in the company and the two insurance agency groups would merge.
Terms were not disclosed.
The merged company, which will operate under the Afore name, will have more than 140 staff and place more than $350 million in annual premiums, an Afore statement said.
Alpharetta, Georgia-based Afore, formed in 2022, owns commercial and personal lines agencies in California, Connecticut, Florida, Georgia, Louisiana, South Carolina and Texas.
Culpeper, a broker acquisition company, was launched last year. It is headed by former CBIZ Benefits & Insurance Services Inc. executive Michael A. Garguilo.
Mr. Garguilo will be president and CEO of the merged company, and Micheal Hines, CEO and chief financial officer of Afore, will be CFO.
