Sunstar Insurance acquires RJR Faribo
What's the deal? Sunstar InsuranceDealroom has a profile for this one. Try Dealroom → has acquired RJR Faribo Insurance AgencyDealroom has a profile for this one. Try Dealroom →, an independent broker serving clients across Minnesota. The deal marks Sunstar's entry into the state and brings RJR's 22 employees into the firm. Terms were not disclosed.
What each side brings: RJR Faribo traces its roots to the 1930s, with the current agency formed in 1986 through a merger of three local firms. Led by chief executive officer Mark Lancaster, it offers commercial and personal insurance from locations in Eden Prairie and Faribault.
What's the endgame? Sunstar Insurance, backed by Reverence Capital PartnersDealroom has a profile for this one. Try Dealroom →, ranks among the top 35 independent insurance brokers in the US. It operates across nine states, employs more than 900 people, and places over $2 billion in premiums annually.
What changes for clients? RJR keeps its existing relationships and local leadership while gaining access to broader coverage options and additional carrier relationships through Sunstar's platform.
Why now? The acquisition fits Sunstar's strategy of expanding its footprint through partnerships with agencies that share its focus on client service and local leadership. "RJR Faribo exemplifies the type of agency that is central to our long-term growth strategy," said chief executive officer Adam Meyerowitz.
The signal: Private equity-backed brokers continue to consolidate the fragmented independent insurance market, absorbing decades-old regional agencies to build national scale. For Sunstar, Minnesota is the latest step in a Midwest expansion built one local firm at a time.
Read more: Associated Press
Image credit: Generated with Gemini
