Fort Lauderdale, FL, July 2021. Becker & Poliakoff, a business law firm with headquarters in Fort Lauderdale, Florida, is pleased to announce the closing of a significant growth investment by its client, Socius Insurance Services, Inc., with ABRY Partners, a leading private equity firm based in Boston.
Socius is a leading management liability and property/casualty insurance wholesaler and the investment by ABRY will be used to fuel Socius’ strategic growth plan by funding future acquisitions and a broadened suite of insurance product offerings. ABRY’s investment in Socius delivers a platform company on which to add additional managing general agencies and other distribution partnerships for property & casualty, cyber-liability and management and professional liability insurance products for its business customers.
The Becker team guided Socius through a series of corporate, tax and financial challenges leading to the completion of the transaction. The recapitalization partners Socius’ acclaimed management team, led by its co-founder and CEO, Patrick Hanley, with ABRY’s insurance industry expertise as evidenced by its several other successful investments in insurance businesses.
Becker represented Socius in the spin out from its former parent, Heffernan Insurance Brokers, in 2018 and has provided other legal services to Socius since then. The transaction with ABRY required Becker to lead and coordinate a team comprised of accounting and investment banking professionals, as well as Socius’ management team.
According to Becker shareholder, Rob Brighton, “the transaction drew on the Becker team’s experience in the insurance industry, as well as its M &A and corporate skills. The tireless efforts of Pat Hanley and his staff and the cooperative efforts with ABRY’s legal and accounting advisors culminated in a transaction that achieved the goals of the parties.”
Socius Insurance Services, Inc is a property casualty and management liability wholesale broker based in San Francisco with regional offices in Los Angeles, Elgin, Illinois, Birmingham, Alabama, Austin, Texas, and Tampa and Miami Florida. Socius specializes in D&O, E&O, EPL, Cyber, Property, Casualty and Umbrella coverages. Founded in 1997, the company currently has about 90 employees and is privately held. For more information, please visit Socius online at www.sociusinsurance.com.
ABRY is one of the most experienced and successful sector-focused private equity investment firms in North America. Since its founding in 1989, the firm has completed over $90 billion of leveraged transactions and other private equity or preferred equity placements. Currently, the firm manages over $5 billion of capital across its active funds. For more information about ABRY, please visit www.abry.com.
Becker is a business law firm headquartered in Fort Lauderdale, Florida which prides itself on becoming a part of its clients’ business team. Becker makes it a priority to understand its clients’ operations and strategies and develop solutions from a business perspective as well as a legal and regulatory perspective, quarterbacking transactions for its client’s with a focus on closing. The firm has Florida offices in Miami, Orlando, Tampa, West Palm Beach, Sarasota, Stuart, Fort Meyers, Naples, and Fort Walton Beach, and offices in New York, Morristown and Red Bank, NJ, as well as lobbyists located in Washington, DC and Tallahassee, Florida. Becker’s corporate practice focuses on M&A, other corporate transactions, such as securities transactions and regulation, and corporate finance, including private equity, as well as corporate governance and employment and executive compensation. For more information about Becker, please visit www.beckerlawyers.com.