Business

TrueNorth acquires central Iowa insurance company

The deal will give TrueNorth more offices in the area

The corporate headquarters of TrueNorth Cos., 500 First St. SE, in downtown Cedar Rapids. (File image/The Gazette)
The corporate headquarters of TrueNorth Cos., 500 First St. SE, in downtown Cedar Rapids. (File image/The Gazette)

A Cedar Rapids-based insurance company has acquired a smaller Iowa insurance business to grow its presence in the central part of the state.

TrueNorth Cos. announced recently that it has acquired the assets of Gateway Insurance Services, which has offices in Ames and Iowa Falls. Gateway Insurance will take on the TrueNorth brand.

The acquisition of Gateway Insurance will give TrueNorth its first presence in Ames, TrueNorth Chief Administrative Officer and General Counsel Randy Rings said. TrueNorth already has locations in the Greater Des Moines metro area.

Gateway Insurance had about 20 employees at the time of the acquisition, Rings said. While TrueNorth will conduct a post-acquisition evaluation period, Rings said there are no immediate changes for those employees.

Terms of the acquisition were not disclosed.

TrueNorth has about 300 employees in total, with about 218 in Cedar Rapids, Rings said, noting that the company is “looking forward to continuing to grow.”

l Comments: (319) 398-8366; matthew.patane@thegazette.com

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