DOXA Insurance Holdings has announced its acquisition of Bradshaw Insurance Group (BIG). The transaction closed on December 30, 2022.
Based in Delphi, IN, BIG is a managing general agent (MGA) that offers a range of services specializing in niche transportation insurance products, which include a driver’s association, claims administration, and a brokerage division. Its acquisition by DOXA brings over 150 years of experience, brand recognition and niche products to the holding company. In turn, DOXA will lend BIG with back-office resources to help its expansion and strengthen its retail distribution network of agents, a company release said.
“DOXA is pleased to add such a well-respected, long-standing niche insurance program underwriter to our family of businesses,” said DOXA CEO Matt Sackett. “It was clear from the initial conversations that Bradshaw Insurance Group was both an organizational and cultural fit.”
“We have followed the story of DOXA closely, as a fellow Indiana-based insurance company, and have been incredibly impressed by the growth of the organization,” said BIG president Stacy Bradshaw. “Being a 6th generation run company, culture was paramount to us, and we feel as though DOXA was the best partnership for us moving forward.”
Stacy added that DOXA’s “advice, transparent transaction approach and ideas for [BIG’s] continued growth” were key differentiators that made the company the best choice.
Founded in 2017, DOXA has long made known its intention to acquire small to medium, independently owned and operated MGAs. In a previous statement, Sackett explained that medium and small MGAs are “often overlooked by firms that are actively acquiring within the insurance industry.”
“From our experience, there is a tremendous amount of knowledge, passion, and creativity within what the industry refers to as a ‘small MGA.’ DOXA’s goal is to partner with these smaller to mid-sized agencies, assist their growth and operational objectives with DOXA’s experience, and allow each proprietor to continue managing but with the freedom to consider his or her next steps,” the CEO said.