SIAA joins forces with Odyssey Investment Partners to secure its future
By any measure, the Strategic Insurance Agency Alliance (SIAA) is a robust concern that ranks as the number one independent agency alliance, with members that represent some 13% of the U.S. independent agency channel. SIAA continues to grow, posting $9.6 billion in total in-force premium at year-end 2020 and delivering a range of services to members that belong to 48 local master agencies.
During 2020, despite the pandemic, SIAA added 527 new member agencies. “It was our second biggest year in terms of bringing in new agencies,” says Matt Masiello, AAI, chief executive officer. “We also had incredible production with our strategic partner insurance companies.”
Those are the stats, and by all accounts SIAA is poised for growth well into the future.
What about that future?
In March of this year, SIAA entered into an investment arrangement with Odyssey Investment Partners, a private equity firm with offices in New York and Los Angeles. SIAA had been exploring perpetuation options for some time, and Matt is enthusiastic about the new partnership and what it means for his organization’s future. Concurrent with the transaction, it was announced that Matt’s father, Jim, who founded SIAA in 1995 and had been serving as chairman, will be stepping away from the organization. Matt joined the organization in 1993 as part of the founding master Satellite Agency Network (SAN).
Read the full article, published in the June 2021 issue of Rough Notes Magazine.