EPIC has acquired Price Insurance for an undisclosed amount, marking a significant corporate acquisition in the insurance brokerage sector. This transaction sees EPIC, a prominent firm, buying the established independent agency, Price Insurance, which has served its community for generations. This is a definitive purchase, not a funding round, consolidating Price Insurance under EPIC's ownership.
Founded in Lake Forest, Illinois, by Paul T. Price, the agency opened in 1937 and has operated as a fourth-generation family-owned business. Price Insurance is known for offering a comprehensive range of personal and commercial insurance solutions, including Home, Auto, Life, Health, and Business coverage, primarily serving the North Shore Communities. As an independent insurance agency, it has built a strong reputation by providing tailored solutions and competitive rates through a wide network of carriers, prioritizing client needs without being tied to a single insurer. The company is licensed in numerous states beyond Illinois, indicating a broader operational footprint.
The acquisition is strategically driven by Price Insurance’s deep-rooted community ties, extensive client relationships, and its independent agency model. For EPIC, this purchase expands its presence, particularly in the Illinois market and across the wider range of states where Price Insurance is licensed. It allows EPIC to integrate a well-respected local brand with a proven track record of client service and an established network of policy offerings. The move enhances EPIC's capacity to deliver diverse insurance solutions and reinforces its commitment to localized, client-focused service through an independent approach.
Expected synergies include leveraging Price Insurance's multi-generational client base and local market expertise with EPIC's broader resources and scale. This combination aims to provide enhanced services and expanded product access for clients, while preserving the personal touch Price Insurance is known for. The combined entity is anticipated to strengthen its position in the competitive insurance landscape, offering a robust platform for continued growth and comprehensive risk management solutions across its expanded operational footprint.