Transportation and logistics insurance provider Reliance Partners announced Monday that it has recapitalized the company. It partnered with private equity firm Carousel Capital and venture incubator Lamp Post Group for funding.
With nearly $500 million in gross written premiums, Reliance is the fastest organically growing commercial broker in the U.S., according to a news release. The Chattanooga, Tennessee-based company focuses exclusively on transportation risk management, providing access to a full menu of insurance solutions to more than 8,000 trucking fleets and brokers.
“We chose Carousel because of their partnership approach, our alignment on strategy for growth, and their ability to help us achieve our goal of reaching $1+ billion in premiums in the next three years,” Andrew Ladebauche, Reliance CEO stated.
“Our company is at an inflection point, and after getting to know Carousel over the past two years, we are thrilled to have the opportunity to partner with them for both financial support as well as strategic guidance,” Reliance President Chad Eichelberger said. “Their experience fits perfectly with our strategy, where we are today as a company, and where we want to take Reliance over the next decade.”
Founded in 2009, Reliance has grown its network to roughly 250 employees representing more than 25 nationalities. It has also made acquisitions in the past, picking up cross-border insurer Borderless Coverage in 2021 and Capacity Southeast Agency in 2020.
“We were drawn to this partnership due to the strength of the team, their unparalleled track record of organic growth, differentiated sales strategy, and customer-centric focus,” said Al Welch, partner at Carousel. “Reliance is the leading domain expert in transportation risk management in the U.S., and is uniquely positioned within a very large and fragmented market.”
The transaction was funded with equity from a fund managed by Carousel and senior debt financing from Apogem Capital.
Carousel is a Charlotte, North Carolina-based investment firm focused on companies in the Southeast.
“We are beyond proud of the Reliance team and what they have accomplished over the course of our partnership and are excited to continue as investors to support the business,” added Ted Alling, Lamp Post Group co-founder.
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