Strategic Acquisition: Starkweather & Shepley's Expansion into Business Insurance

On April 22, 2025, Starkweather & Shepley Insurance Brokerage announced the acquisition of AiK2 Insurance Services, a firm based in New Jersey that specializes in providing business insurance solutions tailored for wealth and asset managers. Although the financial details of the acquisition remain undisclosed, this strategic move signifies a pivotal enhancement in Starkweather & Shepley’s service offerings. Upon acquisition, AiK2 will adopt the Starkweather & Shepley branding, seamlessly integrating into the firm's Private Client Insurance division. Established in 2021 through a partnership between the Wealth Advisor Growth Network (WAGN) and KORE Insurance, AiK2 serves around 300 clients throughout the United States, overseeing insured assets exceeding $200 billion. Starkweather & Shepley aims to capitalize on AiK2's robust market presence and client base to extend its footprint within the insurance sector.

Andrew Fotopulos, the chairman of Starkweather & Shepley, highlighted the acquisition as a significant bolster to their financial services team, introducing new technology and skilled professionals that enhance the firm's strategic capabilities. 'This acquisition strengthens our financial services team, bringing new technology and talented professionals to the table,' Fotopulos noted. 'We look forward to continuing to build on this foundation and expand our offerings.' The integration of AiK2 is expected to provide substantial opportunities for Starkweather & Shepley to further its reach and impact within the wealth management and asset management insurance sectors. The collaboration aims to deliver an enriched portfolio of insurance solutions, significantly broadening the range of options available to their clientele.

Continuing with the acquisition's strategic benefits, Jay Hummel, co-founder and former CEO of AiK2, will remain active in an advisory capacity. Hummel expressed optimism about the synergistic alignment between the two companies, noting their shared professional and cultural values as foundational pillars for a successful merger. This alignment is expected to foster an environment conducive to innovation and client satisfaction. Moreover, the acquisition aligns with Starkweather & Shepley’s growth strategy, leveraging AiK2’s expertise to innovate and adapt in an ever-evolving insurance landscape.

In addition to the acquisition of AiK2, Starkweather & Shepley is actively broadening its service capabilities through previous strategic acquisitions. In September 2024, the company acquired MacDonald & Vaccaro Insurance Agency, a Massachusetts-based firm known for specializing in professional liability and directors and officers liability insurance, particularly within the human services sector. Founded in 1879, Starkweather & Shepley stands as one of the largest independent insurance agencies in Rhode Island, with 14 offices spread across Rhode Island, Massachusetts, Connecticut, and Florida. The firm's comprehensive service offerings span business insurance, personal insurance, employee benefits, and risk management services. Through these acquisitions, Starkweather & Shepley demonstrates its unwavering commitment to growth, innovation, and client service, continuously seeking avenues to enhance their service offerings and market influence.