PE Perspective on Insurance Brokers - [Business Breakdowns, EP.225]

This is Business Breakdowns. Business Breakdowns is a series of conversations with investors and operators diving deep into a single business. For each business, we explore its history, its business model, its competitive advantages, and what makes it tick. We believe every business has lessons and secrets that investors and operators can learn from, and we are here. to bring them to you.

To find more episodes of breakdowns, check out joinccolossus.com. All opinions expressed by hosts and podcast guests are solely their own opinions. Hosts, podcast guests, their employers, or affiliates may maintain positions in the securities discussed in this podcast. This podcast is for informational purposes only and should not be relied upon as a basis for investment decisions. This is Matt Russell and today's breakdown caters to both public and private investors alike.

My guest is Aaron Cohen, head of the financial services and technology group at GTCR. And our topic is insurance brokers. Now, I was initially intrigued by Aaron and GTCR after seeing their announced $13 billion sale of assured partners to Arthur J. Gallagher, an incredible success story in the insurance brokerage space that we covered in a previous breakdown. But what I failed to appreciate, and you will hear Aaron correct me in the episode, is that not only did GTCR own assured through two separate periods, they actually built the business with CEO Jim Henderson from the ground up.

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