Rainier acquires Apex Insurance Services

Rainier Partners announced an investment in Apex Insurance Services, a managing general agency platform headquartered in Richardson, Texas. Apex focuses on non-standard automobile insurance through five brands: Apollo MGA, Apollo Specialty, Newstar General Agency, Excellent Insurance Services and Ignition Insurance Services. Rainier said the partnership would support organic expansion in Texas and potentially other states, strategic acquisitions and exploration of adjacent product categories. CEO Bryan Ward and co-founder Richard Asprey described the partnership with Rainier. Sherman & Company served as sell-side advisor to Apex. The announcement did not disclose a purchase price, an exact ownership percentage or financing terms.