Breckenridge Insurance Services, a Breckenridge IS Inc. company, has acquired the assets of International Placement Services LC, a wholesale insurance brokerage firm founded by Richard J. Eichhorn in 1981. IPSICO’s expertise is in hard-to-place standard and excess/surplus lines risk.
Breckenridge IS, Inc. is a specialty insurance underwriting manager, program administrator, managing general agent, wholesale broker and insurance services company. Complementing its primary focus on specialty insurance markets, Breckenridge IS offers commercial property-casualty insurance products and insurance services.
New York-based Arsenal Capital Partners is the primary investor in Breckenridge IS Inc.
Tracey Carragher, CEO of Breckenridge IS, said the acquisition of IPSICO is a major milestone coming at the anniversary of the company’s first year of operations. She said that “with IPSICO now a part of the Breckenridge organization, we will accelerate the growth of our wholesale brokerage operations throughout the Midwest and the United States.” Ms. Carragher said “I am thrilled Dick joined our organization. We will benefit from his exceptional knowledge, experience and expertise in the insurance brokerage business.”
Eichhorn started the company 25 years ago after he left the national insurance brokerage firm Arthur J. Gallagher, where he was area president.
“After growing a successful brokerage into a leading Midwestern wholesaler, it was time for me to pass the baton on to my son Michael, who will manage the operation as a part of Breckenridge,” Eichhorn said. He will continue to work as a consultant for IPSICO and his initial assignment is to combine the public entity practices at the two companies.
IPSICO operations will continue to be based in St. Louis.The company offers primary and excess casualty coverage, executive liability and workers’ compensation products including primary and excess workers compensation. It also has offers inland marine coverage, commercial auto and other related casualty products. Its property coverage includes earthquake, wind and flood coverage. IPSICO’s industry specialties include a construction unit and a large public entity portfolio.