One80 Intermediaries acquires GMI Insurance to expand in transportation sector
One80 Intermediaries, a Boston-based specialty insurance broker, has announced the acquisition of GMI Insurance, a leading Pennsylvania-based Managing General Agent specializing in commercial transportation insurance. While the terms of the deal remain undisclosed, the acquisition significantly boosts One80’s foothold in the transportation insurance market.
One80 Adds GMI’s Specialized Auto Programs to Portfolio
GMI Insurance brings to the table a history dating back to 1980, initially focusing on auto rental coverage. Over the past 20 years, GMI diversified to include a market-leading monoline business auto program, tailored for accounts not part of a comprehensive insurance package. This program targets a wide array of businesses, including contractors, artisans, building supply dealers, retailers, manufacturers, and wholesale distributors. Moreover, GMI has expanded its offerings to include workers’ compensation, cannabis transport, general liability, and contingent auto lease programs.
One80’s Commitment to Transportation Insurance Strengthened
Matthew F. Power, President of One80 Intermediaries, highlighted the company’s deep investment in the transportation sector. “One80 is committed to the transportation space and has significantly invested in our Transportation Practice over the last four years. We are excited to integrate GMI’s expertise and capabilities into One80’s already robust transportation platform,” Power stated.
One80 and GMI to Offer Innovative Transportation Insurance Solutions
Mark Trudel, Managing Director at One80 Intermediaries, emphasized the collaboration between One80 and GMI in providing cutting-edge insurance solutions. “Joining the One80 family will enable us to continue to deliver market-leading transportation insurance solutions at scale,” said Trudel.
Acquisition Marks Milestone in One80’s Market Presence
The acquisition represents a significant milestone for One80 Intermediaries, positioning them as a stronger competitor in the transportation insurance industry. It is also aligned with market trends, signaling increased consolidation and specialization within the commercial insurance sector. This deal serves to expand One80 Intermediaries’ reach and capabilities, providing an enhanced platform for their existing and future clients in the commercial transportation sector.