Culpeper Insurance Partners LLC, a recently launched broker acquisition company, on Thursday named former CBIZ Benefits & Insurance Services Inc. executive Michael A. Garguilo as president and CEO.
The company, which was launched this month and is affiliated with investment company Culpeper Capital Partners LLC, plans to acquire four to six independent insurance agents a year and will focus on commercial property/casualty brokers, Mr. Garguilo said.
Culpeper Insurance is backed by family offices and other private investors and also has access to private equity capital, he said.
“We believe we can create a path for agency owners where they can keep their culture, their autonomy and their people, and they can partner with us to use our capital to finance their organic and acquisition-related growth,” Mr. Garguilo said.
The company is working on several acquisitions and most of the brokerages it acquires will retain their existing names and branding, he said.
Mr. Garguilo was most recently divisional and regional president at CBIZ. Prior to that, he ran Garco Financial LLC, another brokerage acquisition company, and held various positions at medical malpractice risk retention group MCIC Vermont Inc. and brokerage Brown & Brown Inc.
Other senior leadership at Culpeper Insurance includes Chairman David E. King, founder and senior managing director of Culpeper Capital.