Insurance Associates

What Insurance Associates does

Insurance Associates, Inc. of the Midwest is a privately held independent insurance agency founded in 1974 by Merle "Bud" Ross and David R. Savage in Monticello, Iowa. The firm operates three brick-and-mortar offices in eastern Iowa — Monticello (headquarters), Cascade (operating as Gleason Insurance Associates), and Oxford Junction — and distributes a full multi-line insurance book spanning auto, home, farm, life, health, recreational vehicle, and commercial coverage for individuals, families, small and mid-sized businesses, and farmers. The agency writes business through a broad carrier panel that includes Nationwide, EMC Insurance, Acuity, IMT, United Fire Group, Employers Mutual, Iowa Mutual, Rain and Hail, Farmers Mutual Hail, Humana, Mutual of Omaha, Wellmark Blue Cross & Blue Shield, Aetna, Encova, Hagerty, Chubb, and Progressive, enabling it to shop rates across providers for clients.

The business model is a traditional independent-agency commission model: the agency earns carrier commissions on policies placed, with quote-based, customized pricing and no publicly disclosed rates; billing is generally monthly. Go-to-market is sales-led and relationship-driven, supported by a website with quote-request forms, Facebook presence, and direct phone/text/email outreach. The eight-person team carries nearly 300 years of collective industry experience and writes across verticals including trucking, contractors, schools, municipalities, healthcare, construction, manufacturing, and main street business, providing industry-specific coverage guidance. There is no proprietary technology platform; operations rely on standard agency systems and carrier-provided tools.

Ownership remains with co-founder David Savage as Owner and President, with multiple Savage family members in account-specialist and customer-service roles, consistent with a closely held family-operated business. The firm has not pursued M&A, outside capital, or inorganic expansion since the 1996 divestiture of the Dyersville office and the subsequent Cascade and Oxford Junction openings (1996-2006); organic growth is the stated mode. Service area extends beyond the three office towns into Cedar Rapids, Anamosa, Hopkinton, Lost Nation, and surrounding eastern Iowa communities. No AI capabilities, patents, certifications, or awards are disclosed.

Name

Insurance Associates

Legal name

Insurance Associates, Inc.

Website

https://insuranceassociates-iaiowa.com

Company type

Private

Founded year

1974

Operating status

Operating

Headcount range

1–10 employees

Short description

Insurance Associates is a privately held independent insurance agency founded in 1974 in Monticello, Iowa, distributing multi-line personal, commercial, farm, and health coverage across eastern Iowa through three offices and a broad carrier panel.

Ownership category

akta.pro rank

Headquarters

HQ city

Monticello

HQ country

United States

HQ region

North America

Offices3 records

Markets served

GTM type

B2B and B2C

Offering type

Services

Cost components

Personnel, Operations, Marketing or Sales

Revenue model

1. Insurance Commissions: The agency earns commissions from insurance carriers for policies placed. They shop rates across multiple providers including Nationwide, EMC Insurance, Acuity, IMT, United Fire Group, and others to find competitive options for clients.

Pricing tiers

Go-to-market motion1 record

Distribution channels2 records

Marketing channels3 records

Core offering

Insurance Associates is an independent insurance agency that brokers and places personal, commercial, farm, life, health, and recreational vehicle insurance policies on behalf of clients by shopping multiple carrier partners. The agency operates three physical offices in eastern Iowa and earns commissions from insurance carriers such as Nationwide, EMC Insurance, Acuity, IMT, and United Fire Group for policies placed.

Product overview

Insurance Associates is an independent insurance agency offering a comprehensive portfolio of insurance products across personal, commercial, and employee benefit lines. The agency acts as a retail broker offering auto, home, farm, life, health, and recreational vehicle insurance products from multiple carrier partners. Core product lines include Auto Insurance with liability, comprehensive, collision, and specialty coverage options; Homeowners Insurance covering property, liability, and rental properties; Farm Insurance protecting agricultural operations with crop, livestock, equipment, and structure coverage; Life Insurance including individual, group, and key person policies; Health Insurance spanning individual plans, group benefits, dental, vision, and supplemental coverage; and Recreational Vehicle Insurance for boats, motorcycles, motorhomes, ATVs, and snowmobiles. The agency also provides commercial insurance including industry-specific coverage, business owners policies, workers compensation, and employee benefit programs. Insurance products are distributed through carrier partnerships with providers including Nationwide, EMC Insurance, IMT, Acuity, United Fire Group, Mutual of Omaha, and Wellmark Blue Cross. The agency was established in 1974 and serves clients in Monticello, Cascade, Oxford Junction, and surrounding Iowa communities.

Differentiator

Problem solved

Functional benefit

Brands

• Gleason Insurance Associates: Insurance location in Cascade, IA operated by Insurance Associates, Inc. of the Midwest
• Gleason Insurance Associates

Products and services

• Auto Insurance Vehicle coverage protecting individuals and families against accidents, liability, theft, and damage, with liability, comprehensive, collision, and specialty options. Distributed via Nationwide and other carrier partners.
• Homeowners Insurance Property and liability protection for residential dwellings including coverage for property damage, personal liability, and additional living expenses for homeowners.
• Farm Insurance Agricultural coverage protecting farms and ranches including crop insurance, farm owners insurance, livestock insurance, farm equipment, farm structures, farm dwellings, and farm auto coverage.
• Life Insurance Financial protection products including individual life, group life, long-term care, mortgage protection, disability, and key person insurance for families and businesses.
• Health Insurance Medical coverage including individual and family plans, group health, dental, vision, supplemental, medical expense, child health, prescription, and HSAs.
• Recreational Vehicle Insurance Specialty coverage for boats, motorcycles, motorhomes, ATVs, and snowmobiles including collision, comprehensive, and liability protection.
• Commercial Insurance - Industry-Specific Coverage Specialized commercial coverage for specific industries including accounting, construction, healthcare, manufacturing, real estate, retail, technology services, education, and more.
• Business Owners Policy (BOP) Combined commercial property and liability coverage for small businesses packaged as a single policy.
• Commercial Auto Insurance Vehicle coverage for business fleets and commercial transportation needs.
• Commercial General Liability Business liability protection against bodily injury, property damage, and personal injury claims for commercial clients.
• Commercial Property Insurance Coverage for business buildings, equipment, and inventory against covered losses.
• Commercial Umbrella Insurance Excess liability coverage above commercial general liability and auto liability limits for businesses.
• Professional Liability Errors and omissions coverage protecting businesses from negligence claims.
• Workers Compensation Coverage for employee work-related injuries and occupational diseases required for Iowa businesses.
• Bonds (Fidelity & Surety)

Segments4 records

Ideal customer profiles3 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Partnerships

17 partnerships are on record, tiered core and minor.

• NationwidecoreChannel Partner/ Reseller/ DistributorOne of the top insurance providers partnered with Insurance Associates. Allied Insurance brand is part of Nationwide. Provides auto and home insurance products.
• EMC Insurance CompaniescoreChannel Partner/ Reseller/ DistributorMajor regional insurance provider offering commercial and personal lines coverage through the agency.
• Acuity InsurancecoreChannel Partner/ Reseller/ DistributorWisconsin-based insurance company offering commercial and personal insurance products through independent agents.
• IMT InsurancecoreChannel Partner/ Reseller/ DistributorIowa-based insurance carrier providing auto, home, and commercial insurance products.
• United Fire GroupcoreChannel Partner/ Reseller/ DistributorRegional insurance company offering commercial and personal lines through independent agents.
• Employers MutualcoreChannel Partner/ Reseller/ DistributorWorkers compensation and commercial insurance provider.
• Iowa MutualcoreChannel Partner/ Reseller/ DistributorRegional insurance carrier serving Iowa and surrounding states.
• Rain and Hail InsurancecoreChannel Partner/ Reseller/ DistributorSpecialized crop insurance provider for agricultural operations.
• Farmers Mutual HailcoreChannel Partner/ Reseller/ DistributorCrop insurance specialist serving farmers and agricultural operations.
• HumanacoreChannel Partner/ Reseller/ DistributorHealth insurance provider offering individual and group health coverage.
• Mutual of OmahacoreChannel Partner/ Reseller/ DistributorHealth and life insurance provider offering individual and group products.
• Wellmark Blue Cross & Blue ShieldcoreChannel Partner/ Reseller/ DistributorRegional health insurance provider serving Iowa and South Dakota.
• AetnacoreChannel Partner/ Reseller/ DistributorHealth insurance provider offering individual and group coverage options.
• EncovaminorChannel Partner/ Reseller/ DistributorCommercial and personal lines insurance carrier.
• HagertyminorChannel Partner/ Reseller/ DistributorSpecialty insurance provider for classic and collector vehicles.
• ChubbminorChannel Partner/ Reseller/ DistributorGlobal insurance provider offering commercial and personal lines including high-value property coverage.
• ProgressiveminorChannel Partner/ Reseller/ DistributorAuto insurance provider known for competitive rates and online quoting.

Scale indicators3 records

Recent moves2 records

Expansion highlights4 records

Direct peers

• Cottingham & Butler: Dubuque, Iowa-based independent insurance brokerage providing commercial, personal, and group benefits across the Midwest. Closely comparable in product breadth, multi-carrier model, and Iowa-headquartered independent agency positioning.
• TrueNorth Companies: Cedar Rapids, Iowa-based independent insurance and financial services firm offering commercial, personal, and employee benefits coverage. Directly comparable Midwest independent agency with similar product breadth and carrier partnerships.
• Bankers Insurance Group: Iowa-based independent insurance agency offering personal, commercial, and farm insurance products. Comparable as a smaller-scale Midwest independent agency with farm/agriculture focus and multi-carrier distribution model.
• Leavitt Group: National network of independent insurance agencies headquartered in Cedar City, Utah with extensive Midwest presence. Offers personal, commercial, farm, and benefits products through a multi-carrier model comparable to Insurance Associates, though at significantly greater scale.
• Holmes Murphy & Associates: Iowa-based independent insurance brokerage offering commercial, personal, and employee benefits products through a multi-carrier model. Directly comparable as a Midwest-headquartered independent agency with farm/agriculture and group benefits specialty, though substantially larger in scale than Insurance Associates.

Broad incumbents

• AssuredPartners: Large U.S. insurance brokerage focused on middle-market commercial and personal lines. Comparable in product focus but operates as a PE-backed aggregator of regional agencies, making it both a competitor and a potential acquirer of agencies like Insurance Associates.
• Arthur J. Gallagher & Co. One of the largest global insurance brokerages offering commercial, personal, and risk management services. Comparable in product breadth but operates at vastly greater scale as a public, globally distributed brokerage rather than a regional independent agency.
• Hub International: Large North American insurance brokerage serving commercial, personal, and employee benefits markets. Comparable product offering but at national scale and as a PE-backed rollup aggregator of independent agencies like Insurance Associates.
• Brown & Brown Insurance: Major U.S. insurance brokerage providing commercial, personal, and benefits products. Comparable as a multi-line insurance intermediary but operates at national scale and grows primarily through acquisitions of independent agencies.

Others

• EMC Insurance Companies: Iowa-based regional property and casualty insurance carrier that is one of Insurance Associates' core carrier partners. Comparable as a Midwest-headquartered insurance entity but operates as a carrier/underwriter rather than an independent agency placing business.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat4 records

Key risks6 records

Key highlights7 records

Customer concentration

• Facebookfacebook.com/IAIMidwest
• LinkedInlinkedin.com/company/insurance-associates-inc.-of-the-midwest

Revenue estimate

Valuation estimate

Number of profiles

Profiles8 records

Funding overview

Funding rounds

Investors

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

M&A

Investments

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

Frequently asked questions about Insurance Associates