Starkweather & Shepley Insurance Brokerage, Inc. (S&S) has acquired AiK2 Insurance Services, a New Jersey-based firm specializing in business insurance for wealth and asset managers.

As part of the acquisition, AiK2 will rebrand under the Starkweather & Shepley name, combining its services for wealth and asset managers with expanded resources from S&S’s Private Client Insurance division.

Terms of the sale were not disclosed.

Founded in 2021, AiK2 offers financial services expertise through Wealth Advisor Growth Network (WAGN) and insurance capabilities through KORE Insurance. Serving approximately 300 clients nationwide, AiK2 manages over $200 billion in insured assets.

S&S is headquartered in Providence, Rhode Island, with additional locations in Rhode Island, Connecticut, Massachusetts, and Florida. Through its partnership with Assurex Global, S&S also serves national and international customers.

“This acquisition strengthens our financial services team, bringing new technology and talented professionals to the table,” said Andrew Fotopulos, chairman of S&S, an Insurance Journal Top 100 Independent Agency.

AiK2’s co-founder, Jay Hummel, who served as the company’s chief executive officer, will continue in an advisory role at S&S.

Topics
Mergers & Acquisitions
New Jersey