Summit-backed Patriot Acquires Turner Insurance & Bonding Company
Patriot Growth Insurance Services, LLC (“Patriot”) a national retail insurance agency, today announced that Turner Insurance & Bonding Company (“Turner”) has joined the Patriot platform. The addition of Turner deepens Patriot’s property and casualty insurance capabilities and further supports Patriot’s national expansion.
Founded in 1934 and based in Alabama, Turner is well known for its long history of servicing the construction industry. Turner provides surety, insurance, and risk management products to a highly diverse construction client base. Led by CEO David Durden, Turner has extensive knowledge and experience throughout the United States and abroad in various construction sectors including infrastructure, governmental, and institutional.
“We were not actively pursuing a change to our business model when we were first introduced to Patriot,” said David Durden, CEO of Turner. “However, as we explored the opportunity, we were deeply impressed with Patriot’s differentiated approach – an approach predicated exclusively on building a great company with committed partners. That’s the environment we wanted for our employees and our clients.”
This partnership comes just weeks after Patriot announced the formation of its growth-focused national insurance services platform in collaboration with 17 independent insurance agencies and with TRUE Network Advisors. Patriot is already a top-60 U.S. privately held insurance services firm.
“Agency owners today are inundated with offers to buy their companies, often before the parties even get to know one another,” said Matt Gardner, Founder and CEO of Patriot. “David Durden took the time to assess Turner’s strategic and cultural fit with Patriot, and made the decision to pursue this partnership in the interest of Turner’s employees and clients. We are thrilled that they have joined our rapidly growing team.”
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