TWFG Acquires Alabama Insurance Agency, Expands SE

The Woodlands Financial Group Expands Southeastern Footprint with Acquisition of Alabama Insurance Agency

The Woodlands, TX – The Woodlands Financial Group (TWFG Inc.), a rapidly growing national insurance provider based in The Woodlands, Texas, announced on Wednesday, April 17, 2024, its strategic acquisition of Alabama Insurance Agency Inc. (AIA), a long-standing independent insurance provider located in Montgomery, Alabama. This move significantly deepens TWFG’s presence within Alabama and strengthens its broader Southeastern U.S. market position.

Alabama Insurance Agency, founded in 1999 by Larry D. Speake, has established itself as a comprehensive agency offering personal, commercial, life, and health insurance solutions to clients across the region. The agency, which employs approximately 10 individuals, generates an impressive gross premium income of about $10 million annually. Speake will continue to lead the Montgomery operation as President, ensuring seamless continuity for both clients and staff. The agency will retain its Montgomery office and operate under the new name “Alabama Insurance Agency, a TWFG company.” More information about the agency can be found at AlabamaInsurance.com.

TWFG, founded in 2001 by CEO Richard “Gordy” Bunch, has quickly ascended the ranks of national insurance providers through a combination of organic growth and strategic acquisitions. The company was recognized as the 14th largest property/casualty agency nationally in *Insurance Journal*’s 2023 Top 100 list, a testament to its aggressive expansion strategy. With over 300 locations spanning 24 states, TWFG continues to prioritize partnerships that align with its vision for growth and client-focused service. Learn more about TWFG at TWFG.com.

“This acquisition perfectly aligns with TWFG’s strategy of partnering with agencies that share our growth vision and client-first approach,” stated Bunch. “AIA’s deep roots, stellar reputation, and strong market presence in Alabama make it an ideal addition to our family. We are excited to welcome Larry Speake and his talented team, further solidifying our commitment to serving communities across the Southeast.”

Larry Speake echoed Bunch’s enthusiasm, highlighting the advantages this partnership brings to AIA’s clients and employees. “Joining forces with TWFG provides our clients with access to an even broader range of insurance products, cutting-edge technologies, and enhanced resources,” Speake commented. “Our employees will also benefit from TWFG’s extensive support network and professional development opportunities. This ensures we can continue to provide the exceptional service our community expects, now with the backing of a national leader.”

The integration into TWFG’s network is expected to enhance AIA’s operational efficiencies and expand its capacity to serve a wider array of client needs, leveraging TWFG’s proprietary technology platforms and access to a broader panel of insurance carriers. This acquisition reflects a broader trend of consolidation within the insurance industry, driven by the pursuit of scale, technological advancement, and expanded market access.

Financial terms of the acquisition were not disclosed by either company. This strategic move underscores TWFG’s continued commitment to expanding its market share in key regions, particularly the robust Southeastern U.S. market, through thoughtful and impactful partnerships.