Ed McNamara, who is on a mission to build Armada Risk Partners into a top 10 Cleveland insurance broker, is going to Beverly Hills – Michigan, that is.
Cleveland-based Armada has acquired The Reaume Co., based outside of Detroit. Terms were not released, but Insurance Business America reported the deal was between $1 million and $5 million, and was consummated as Reaume was being pursued by larger firms.
“We reviewed offers to partner with four other prospective firms, yet none demonstrated the added value that the team at Armada brings to our clients,” Reaume founder Robert Reaume said in a blog post on Armada’s website.
Reaume’s four associates, including Reaume, are reportedly expected to join Armada’s executive committee, and the firm will retain its brand, location and Michigan clientele.