Smart Choice, a leading network of independent insurance agents, today announced the appointment of two highly experienced mergers and acquisitions specialists, Mike Strakhov and Morgan Harriss. These strategic hires represent a significant investment in scaling the company’s acquisition program, designed to provide independent agency owners with a seamless and sophisticated exit strategy and perpetual growth opportunities.
Strakhov joins as president of Smart Choice's retail division, bringing more than two decades of senior leadership experience in finance, risk management, and field operations. A recognized figure in the insurance industry, he is the founder of the Insurance Networks Alliance, a trade association that has grown into a major industry organization. His resume includes roles at prominent firms such as Chubb, Live Oak Bank, and Westfield Bank.
Harriss joins as vice president of retail mergers and acquisitions, and is an accomplished M&A expert with a strong background in financial institutions and insurance sector acquisitions. She previously held key M&A positions at both Live Oak Bank and Westfield Bank, where she specialized in deal sourcing, valuation, and transaction execution for independent insurance agencies.
"The addition of Mike and Morgan to the Smart Choice leadership team is a game-changer and a clear signal to the market that we are taking our M&A initiatives to a whole new level," said Andrew Caldwell, CEO of Smart Choice. "We have secured top-tier talent to ensure that the process of selling an agency to Smart Choice is efficient, professional, and maximizes value for the seller. Their combined expertise will allow us to significantly accelerate our growth trajectory and provide agency owners with an exceptional transition experience."
“Due to aging industry demographics at agencies, there is unprecedented opportunity to grow the Smart Choice M&A program,” said Mike Strakhov, president of Smart Choice's retail division. “Yet it is also a time to honor the legacy of agencies looking to transition with an acquisition strategy that retains the relationships the agency team has forged with their customers.”
“We are looking to do the right thing for the agencies we acquire beyond just the financials,” said Morgan Harriss, vice president of retail mergers and acquisitions. “There are valuations associated with the strength of their brand, the relationships they have in the community, and the incumbent team that has built the agency into what it is today and what it can be tomorrow.”