SIAA, the New Hampshire-based agency alliance, has announced its acquisition of Rogue Risk, effective April 1st. Launched in 2020, Rogue Risk is an online digital insurance agency founded by the Albany-based independent agent Ryan Hanley.
“SIAA has been successful in helping over 4,500 insurance professionals realize their dream of starting an independent agency,” said Matt Masiello, CEO of SIAA, “Rogue Risk represents part of SIAA’s ongoing evolution by giving our organization the ability to provide a modern, cutting-edge agency platform and experience for insurance professionals seeking to expand their careers.”
The largest agency alliance in the country, SIAA had approximately 509 signed members representing $10.78 billion in total in-force premium in 2021. In April of 2021, SIAA itself was acquired by the private equity group Odyssey Partners.
As part of the terms of the agreement, Mr. Hanely will join SIAA’s senior management team, while continuing as the president of Rogue Risk, which will work in partnership with SIAA. According to Mr. Hanley’s interview, the agency was acquired in a “seven-figure deal.”
Rogue Risk Owner Ryan Hanley To Join SIAA’s Senior Management Team
Many of our readers may remember Mr. Hanley as the former Chief Marketing Officer of Trusted Choice and later Bold Penguin, and a prolific producer of online content focusing on independent agents and the insurance industry. After briefly leaving the insurance industry to become the Chief Executive Officer of the personal gym chain, Metabolic, Mr. Hanley returned to his insurance roots forming his own independent agency.
Launching just before the lockdowns in March 2020, Mr. Hanley told the online website AlbanyInno. that after many 16 hours days, along with the unfailing support and backing of his wife, who also runs an independent agency in the Albany area, Mr. Hanley was able to grow Rogue Risk from a one-person outfit, with no clients, to a nine-person agency with approximately 400 clients and $1.5 million in premiums collected. Once he reached that point, however, he realized the agency needed outside capital in order to continue to scale. Enter SIAA.
“The experience, resources, and reach that SIAA brings to the table will act as rocket fuel for our mission of delivering a ‘No Customer Left Behind’ digital experience for small businesses, while providing insurance professionals a ‘No Ceiling’ insurance career,” said Ryan Hanley in the official acquisition announcement.
In particular, he believes the partnership will allow Rogue Risk to “cut five or six years” from its growth curve allowing the agency to continue to develop its “Human-optimized” digital customer experience – delivering insurance solutions faster and more easily while prioritizing the quality coverage and carrier options synonymous with the independent insurance channel.
Through the integration of technology and experienced insurance professionals, Rogue Risk has developed a proprietary “Human-optimized” digital customer experience able to deliver insurance solutions faster and more easily while prioritizing the quality coverage and carrier options synonymous with the independent insurance channel.
With the acquisition of Rogue Risk, SIAA says it continues its commitment to the creation, growth, retention, and evolution of independent insurance agents, agencies, and the IA channel as a whole.