Firm run by former Neace Lukens chairman invests in Afore
- August 31, 2025
- Posted by: Web workers
- Category: Workers Comp
Neace Ventures, an investment firm led by John Neace, former chairman of Neace Lukens, has made “a significant strategic investment” in Afore Insurance Services LLC, the Alpharetta, Georgia-based brokerage said Monday.
As part of the deal, Mr. Neace will become vice chairman of Afore, which was formed as an insurance brokerage acquisition platform in 2022.
“Neace Ventures will contribute its portfolio of insurance agency acquisitions currently under letter of intent, which Afore will now close,” an Afore statement said.
Last year, Afore merged with Culpeper Insurance Partners LLC, another recently formed brokerage acquisition company. Culpeper’s chief, Michael A. Garguilo, a former CBIZ Benefits & Insurance Services Inc. executive, became president and CEO of the combined company.
Afore also announced last year it had obtained “a sizable credit facility” to fund acquisitions from Crestline Investors Inc., a Fort Worth, Texas-based investment company.
According to a statement on its website, Afore intends to invest up to $200 million in insurance brokerages over the next three to five years.
Recent acquisitions by Afore include childcare insurance specialist Block Insurance in December 2014, and Nashville-based Broussard and Associates Inc., which does business as Innovative Insurance Services, in February.
Its business is comprised of about 45% commercial, 45% personal lines, and 10% benefits, Mr. Garguilo said.
Neace Lukens, a former top 25 U.S. brokerage, was bought by AssuredPartners Inc. in 2011.
