Former Envestnet executives Jay Hummel and John Phoenix have sold their RIA insurance business, AiK2 Insurance Services, to Starkweather & Shepley Insurance Brokerage Inc. (S&S), a Rhode Island-based insurance brokerage firm. The acquisition was confirmed by executives from both companies to Citywire.
While specific financial details of the transaction were not disclosed, Hummel, who served as AiK2’s CEO, will continue to advise the business post-acquisition. Two full-time AiK2 staff members are expected to join S&S, adopting its branding in the process.
Hummel explained that during market competitions, Starkweather’s name frequently came up, highlighting its stellar brand reputation. ‘Their brand in the marketplace is unbelievably stellar … it was a complete alignment on what we wanted to do from a business standpoint,’ he said, emphasizing the strategic fit between the two companies.
The acquisition marks a significant development in the insurance brokerage sector, with S&S expanding its capabilities through the integration of AiK2’s services and expertise.
