First MainStreet Insurance

What First MainStreet Insurance does

First MainStreet Insurance (FMSI), L.C. is an independent insurance agency aggregation platform headquartered in Cedar Rapids, Iowa, that acquires and consolidates independent insurance agencies across the Midwest. Founded in 2017 as an affiliated business unit of TrueNorth Companies, FMSI brings 50+ partner agencies under a shared services umbrella while retaining each agency's local brand identity and community presence. The platform operates across Iowa, Minnesota, South Dakota, and Tennessee, aggregating $500M+ in Direct Written Premium with access to 150+ direct markets, 50+ indirect markets, and 200+ wholesale relationships.

FMSI's product portfolio spans personal lines (auto, home, life, health, motorcycle, boat, RV, renters, umbrella, pet insurance through Nationwide), commercial lines (BOP, general liability, commercial auto, workers' compensation, commercial property, contractors, cyber liability, liquor liability, restaurant, farm/ranch), and specialty industry programs (public entities, physical therapy, firearms, hospitality, dental). Financial Strategies services, including 401(k) plans and wealth management, are offered through TrueNorth Companies with over $1 billion in assets under management. The underlying technology is a shared services platform providing back-office functions (business development, accounting & finance, HR, marketing, operations, technology, legal) to partner agencies, rather than a proprietary insurtech product.

FMSI's revenue model is commission-based: the platform earns revenue through insurance carrier commissions on policies placed through its network of partner agencies, with the consolidated scale of the 50+ agency network enabling favorable carrier arrangements. The go-to-market motion is sales-led enterprise outreach, with dedicated M&A leadership (VP of Strategic Expansion and M&A, VP of Mergers and Acquisitions and Finance) recruiting independent agency owners through a formal "Agency Solutions" program. End customers are individual consumers and SMBs seeking personal, commercial, and specialty insurance, served through the trusted local advisors of partner agencies.

Name

First MainStreet Insurance

Legal name

First MainStreet Insurance, L.C.

Website

https://firstmainstreet.com

Company type

Private

Founded year

2017

Operating status

Operating

Headcount range

11–50 employees

Short description

First MainStreet Insurance is an independent insurance agency aggregation platform that acquires and consolidates 50+ independent agencies across Iowa, Minnesota, South Dakota, and Tennessee, providing partner agencies with shared back-office services, carrier access, and operational support while preserving their local brand identities. As an affiliate of TrueNorth Companies, it manages $500M+ in Direct Written Premium.

Ownership category

akta.pro rank

Product category

Insurance Brokerage & Agency Services

NAICS

Agencies, Brokerages, and Other Insurance Related Activities (5242), Insurance Agencies and Brokerages (52421)

SIC

Insurance Agents, Brokers & Service (6411)

akta.pro primary industry

Retail (Personal Lines) Insurance Brokerage (FSAEADAA)

akta.pro secondary industries

Embedded Insurance & Affinity Distribution Platforms (FSAGAGAL), Self-Funded (ASO) Group Health Plans & Stop-Loss (FSAIAFAB)

Keywords

• Independent insurance agency
• Commercial insurance
• Personal insurance
• Insurance agency aggregation
• Risk management services

Headquarters

HQ city

Cedar Rapids

HQ country

United States

HQ region

North America

Offices1 record

Markets served

GTM type

B2B

Offering type

Services

Cost components

Personnel, Operations, Marketing or Sales, Technology or R&D, Infrastructure, Supply Chain

Revenue model

1. Insurance Agency Aggregation: First MainStreet Insurance, as an affiliate of TrueNorth Companies, brings independent agencies together on a shared platform providing resources, carrier access, and support. The company earns revenue through commissions from insurance carriers on policies placed through its network of partner agencies and through the consolidated scale of operations across its platform.

Go-to-market motion2 records

Distribution channels4 records

Marketing channels6 records

Core offering

First MainStreet Insurance aggregates independent insurance agencies onto a shared platform that provides access to 150+ direct markets, 50+ indirect markets, and 200+ wholesale carrier relationships, along with shared back-office services including accounting, human resources, marketing, operations, technology, and legal. Through this network of acquired and partner agencies, the company distributes personal lines (auto, home, life, health, pet), commercial lines (BOP, workers comp, commercial auto, cyber liability), and specialty insurance programs (public entities, physical therapy, firearms, hospitality, dental).

Product overview

First MainStreet Insurance is an independent insurance agency platform affiliated with TrueNorth Companies that brings independent agencies together on a shared platform. The company offers a comprehensive portfolio of personal lines insurance products (auto, home, health, life, motorcycle, boat, RV, renters, umbrella, and pet insurance through Nationwide partnership), commercial/business insurance products (BOP, general liability, commercial auto, workers compensation, commercial property, contractors, cyber liability, liquor liability, restaurant, and farm/ranch coverage), and specialty industry-specific programs for public entities, physical therapy practices, firearms dealers, hospitality businesses, and dental practices. Financial Strategies services are provided through TrueNorth Companies partnership including retirement planning and wealth management with over $1 billion in assets under management. The platform supports agencies across Iowa, Minnesota, South Dakota, and Tennessee with access to 150+ direct markets, 50+ indirect markets, and 200+ wholesale relationships.

Differentiator

Problem solved

Functional benefit

Brands

• Public Entity Group: Dedicated team focused on serving clients in the public entity arena, serving cities, counties and educational institutions in Iowa.
• Physical Therapy Program
• Core-Vens Firearms Insurance Program
• Hospitality Group
• McFadden Dental Program

Products and services

• Auto Insurance Vehicle coverage that includes uninsured/underinsured motorist protection, emergency road service, rental reimbursement, collision, and comprehensive coverage, offered to individual consumers through FMSI partner agencies.
• Home Insurance Homeowners coverage protecting against storm damage, fire, windstorm, lightning, hail, dog bite liability, and personal property replacement, offered to individual consumers through FMSI partner agencies.
• Life Insurance Term life and whole/universal life insurance policies designed to protect families financially, offered to individual consumers through FMSI partner agencies.
• Health Insurance Individual and group health coverage including Medicare, Medicare Supplement, prescription drug, dental, and vision plans, offered to consumers through FMSI partner agencies.
• Motorcycle Insurance Coverage for motorcycles including additional liability, collision, comprehensive, roadside assistance, and accessory coverage.
• Boating Insurance Coverage for watercraft including personal liability, medical payments, and physical damage coverage for boats, motors, and trailers.
• Renters Insurance Coverage for personal property, liability protection, guest medical protection, and additional living expenses for renters.
• RV Insurance Recreational vehicle coverage combining vehicle protection with living area coverage, including camper liability and emergency expense protection.
• Umbrella Insurance Excess liability coverage providing protection beyond auto and homeowners policy limits for injuries, property damage, and legal costs.
• Pet Insurance Pet health insurance offered through partnership with Nationwide, covering accidents, illnesses, surgery, diagnostics, and preventive care for dogs, cats, birds, and exotic animals, with a 5% discount for First MainStreet clients.
• Business Owners Policy (BOP) Combined coverage for small businesses including property and liability protection in a single policy.
• General Liability Insurance Coverage protecting businesses from lawsuits involving bodily injury, property damage, and personal injury claims.
• Commercial Auto Insurance Vehicle coverage for business autos including comprehensive, collision, emergency roadside assistance, liability, medical payments, and uninsured motorist protection.
• Workers' Compensation Insurance Mandatory coverage for employees covering medical costs and lost wages for work-related injuries or illnesses, plus protection from employee lawsuits.
• Commercial Property Insurance Coverage for business physical assets including buildings, contents, inventory, furniture, equipment, and outdoor property.
• Contractors Insurance Specialized coverage for contractors, builders, and tradespeople including property in transit, workers compensation, trucks, commercial vehicles, and errors and omissions.
• Cyber Liability Insurance Protection against data breaches, cyber attacks, and electronic data restoration including legal costs, forensic services, and identity recovery.
• Liquor Liability Insurance Coverage for businesses that manufacture, sell, serve, or facilitate alcohol use, protecting against claims from intoxicated patrons.
• Restaurant Insurance Comprehensive coverage for restaurants including BOP, workers compensation, business crime insurance, and industry-specific protections.
• Farm and Ranch Insurance Coverage for farm operations including homes, buildings, machinery, equipment, livestock, and disruption of farming operations, serving traditional farms, ranches, and expanding agricultural operations.
• Group Health Insurance Employer-sponsored health coverage offered through strategic partnership with KHI Solutions, including PPO, HMO, HSA-eligible, and indemnity plans for small business owners and self-employed individuals.
• Financial Strategies Wealth management services including employer-sponsored retirement plans (401Ks, Simple IRAs), corporate life insurance, buy-sell agreements, and estate planning, offered through TrueNorth Companies partnership with over $1 billion in assets under management.
• Employee Benefits Benefits administration including COBRA coverage guidance and disability insurance information for employees.
• Public Entity Insurance Program Risk management and property & casualty insurance specialized for public entities including cities, counties, and educational institutions in Iowa, with unique risk management, insurance planning, and disaster preparedness solutions.
• Physical Therapy Insurance Program Industry-specific insurance program built by physical therapists for physical therapy practices, providing risk management and property & casualty coverage tailored to the unique needs of PT practices.
• Core-Vens Firearms Insurance Program

Quantifiable outcome

• $500M+ Direct Written Premium across the platform

Named customers3 records

Segments9 records

Ideal customer profiles3 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Feature1 record

Partnerships

Nine partnerships are on record, tiered minor and core.

• Pedersen Insurance & Financial ServicesminorChannel Partner/ Reseller/ Distributor · 1 July 2024Pedersen Insurance & Financial Services (Nevada, IA) joined the First MainStreet Insurance platform in July 2024 as part of a three-agency expansion in Iowa and South Dakota.
• StateWide InsuranceminorChannel Partner/ Reseller/ Distributor · 1 July 2024StateWide Insurance (Brookings, SD) joined the First MainStreet Insurance platform in July 2024 as part of a three-agency expansion in Iowa and South Dakota.
• McCartan Insurance GroupminorChannel Partner/ Reseller/ Distributor · 1 July 2024McCartan Insurance Group (West Des Moines, IA) joined the First MainStreet Insurance platform in July 2024 as part of a three-agency expansion in Iowa and South Dakota.
• McFadden Insurance Services (McFadden Dental Program)coreChannel Partner/ Reseller/ Distributor · 1 January 2023McFadden Insurance Services joined the First MainStreet Insurance platform in 2023. McFadden has been serving the dental community for over 20 years and is the Preferred Provider of the Iowa Dental Association. The McFadden Dental Program has access to robust resources and carrier markets to better service their dental clients.
• Core-Vens InsurancecoreChannel Partner/ Reseller/ Distributor · 1 January 2021Core-Vens Insurance became a partner agency of First MainStreet Insurance in 2021. With two locations in Clinton and Davenport, IA, Core-Vens has been servicing clients and communities for over 60 years. They specialize in the Firearms Insurance Program launched in 1987, serving collectors, dealers, retail gun shops, shooting ranges, wholesale dealers and manufacturers nationwide.
• TrueNorth CompaniescoreStrategic or Co-development PartnerTrueNorth Companies is the parent company and affiliate of First MainStreet Insurance. Founded in 2001, TrueNorth is one of the largest privately held insurance firms in the country. First MainStreet was established in 2017 as an affiliated business unit of TrueNorth to support independent agencies. TrueNorth provides the overarching resources, scale, and brand backing that enable FMSI to offer expanded carrier relationships and shared services to partner agencies.
• KHI SolutionscoreStrategic or Co-development PartnerKHI Solutions is a strategic partner for health insurance offerings. First MainStreet Insurance partners with KHI Solutions to offer affordable, competitive, and reliable health coverage to clients. Through this partnership, securing health insurance is positioned as simple, flexible, and designed to provide peace of mind for small business owners and self-employed individuals.
• Nationwide (Pet Insurance)minorGTM or Marketing PartnerNationwide is a partner for pet insurance products. First MainStreet has partnered with Nationwide to offer pet health insurance plans designed to help manage unexpected costs of caring for animals. The partnership provides access to flexible, customizable coverage for dogs, cats, birds and exotic animals through First MainStreet's personal lines offerings, with a 5% discount for First MainStreet clients.
• TrueNorth Legacy Foundation (TNLF)minorOthersThe TrueNorth Legacy Foundation (TNLF) is a private foundation offering charitable organizations means to advance philanthropic goals and secure funding for transformational projects. Over the last two years, TNLF has granted nearly $100,000 to FMSI communities.

Scale indicators4 records

Recent moves8 records

Expansion highlights5 records

Broad incumbents

• Hub International: Large national insurance brokerage aggregator that acquires independent agencies across the U.S. and Canada. Directly comparable to FMSI's agency aggregation model but at far greater scale and geographic breadth.
• Acrisure: Top-10 global insurance broker built through aggressive acquisition of independent agencies. Comparable aggregation strategy and use of a shared services platform, but at multi-billion-dollar scale.
• Brown & Brown: National insurance brokerage that grows through regional agency acquisitions. Similar roll-up model across personal and commercial lines, publicly traded with substantially larger scale than FMSI.
• Arthur J. Gallagher: Global insurance brokerage and risk management firm with significant U.S. retail operations built largely through independent agency acquisitions. Comparable model and customer base to FMSI.
• USI Insurance Services: National insurance brokerage and consultancy that aggregates independent agencies around a shared services platform. Closely parallels FMSI's affiliate-of-parent aggregation model.
• AssuredPartners: National insurance brokerage built by acquiring independent agencies, with strong regional clusters. Highly comparable aggregation strategy and customer mix to FMSI's commercial lines focus.

Direct peers

• Leavitt Group: Privately held insurance agency aggregator with regional concentration across the Western U.S. Uses the same independent-agency-aggregation playbook as FMSI, including shared services and partner agency branding.
• Highstreet Insurance Partners: Mid-sized independent agency aggregator that partners with regional agencies on a shared platform. Closely matches FMSI's size, regional clustering, and acquisition-led growth model.

Others

• TrueNorth Companies: Parent company and affiliate of First MainStreet Insurance. Provides the shared services, carrier relationships, and scale that enable FMSI's model; effectively the closest internal analog to FMSI.

Regional players

• Insurica Insurance Management Network: Regional agency network aggregating independent agents across the Midwest and South. Comparable in geographic footprint and customer base, though somewhat larger in employee count.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat5 records

Key risks6 records

Key highlights7 records

Customer concentration

• LinkedInlinkedin.com/company/first-mainstreet-insurance

Revenue estimate

Valuation estimate

Number of profiles

Profiles17 records

Subsidiaries60 records

Funding overview

Funding rounds

Investors

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A4 records

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about First MainStreet Insurance