Oct 26, 2006 – North American Group acquires two new partners
For Immediate Release
North American Group Announces New Partnership
Oklahoma City, Oklahoma, October 26, 2006 – North American Group has acquired
Abilene, TX-based CIC Insurance Brokers, Inc., and Anaheim, CA-based CTK Insurance
CTK Insurance Services (CTK) and CIC Insurance Brokers (CIC) have each been serving
the needs of the Staffing Industry for over 30 years. CTK is a retail insurance agency
focused primarily in the Western U.S. while CIC is a program administrator who delivers
their products through independent insurance agencies nationwide. Mystic Capital
Advisors Group, LLC represented both sellers.
Combined with their existing retail, wholesale and program insurance offices in
Oklahoma, Texas and Oregon, the asset acquisition strengthens North American Group’s
position as one of the country’s leading providers of insurance and risk management
services. With over $4 million in combined revenue, the CTK and CIC acquisitions
accelerate the growth of North American Group, whose total revenue now approaches
$40 million annually.
“The acquisition of CIC and CTK is consistent with our company focus on locating
strong players in a market segment and providing them with even greater reach and
access,” said John Hester, VP of Mergers and Acquisitions for North American Group.
“This transaction will also benefit our retail agency partners by providing them with an
exclusive temporary staffing program in Oklahoma. These are the types of synergies that
bring additional value to our clients and give prospective customers an alternative to the
national publicly traded brokerage houses.”
Based in Oklahoma City, North American Group is the nation’s 75th largest insurance
agency placing business with more than 100 insurance companies annually and is
Oklahoma’s exclusive Assurex Global Partner.
For further information contact, Kevin Wellfare, Director of Marketing, at 405-523-2100.