EPIC's Detroit Play: Acquiring 113-Year-Old Korotkin Insurance Group

NEW YORK – September 17, 2026 — The American insurance distribution landscape is undergoing a profound structural transformation, driven by private equity capital and a relentless pursuit of specialized market share. This shift was starkly illustrated today as EPIC Insurance Brokers & Consultants, a national brokerage behemoth with approximately $1.4 billion in annual revenue, announced its acquisition of Korotkin Insurance Group (KIG).

Operating out of Southfield, Michigan, KIG is a fifth-generation independent brokerage with a 113-year history. The transaction not only establishes a vital Detroit-area beachhead for the New York-headquartered EPIC but also serves as a textbook case study in the modern consolidation pressures reshaping the multi-generational family business model.

While financial terms of the deal were not publicly disclosed, the transaction dynamics highlight a broader industry trend. With an estimated $12 million to $15 million in annual revenue and a workforce of roughly 55 to 70 employees, KIG represents the ideal target for national aggregators looking to bolt on highly specialized, high-margin commercial books of business. Five of KIG's leaders—Emily M. Korotkin, Jeffrey S. Belen, JJ Reifler, Kyle Fenton, and Matt H. Warsh—will transition into EPIC's Midwest retail division as Managing Principals.

The Perpetuation Wall and the End of Independence

For over a century, KIG survived the Great Depression, two World Wars, and seismic shifts in the global financial system. Yet, navigating the transition of ownership across five generations eventually brings independent agencies face-to-face with what industry insiders call the "perpetuation wall."

In today's market, top-tier, high-growth commercial property and casualty brokerages with niche vertical practices are commanding EBITDA multiples between 11.5x and 14.0x, with performance earnouts pushing total transaction considerations even higher. For a fifth-generation agency, internal succession becomes mathematically daunting. The spread between the premium valuations offered by private-equity-backed aggregators and what junior internal partners can afford to debt-finance—historically hovering around 5x to 7x—creates an insurmountable buyout gap.

"When you look at the capital required to run a modern agency, the calculus for remaining independent has fundamentally changed," noted one Midwest-based M&A advisor familiar with regional consolidation trends. "Firms are facing surging operational overhead. You have to invest heavily in cybersecurity, advanced agency management systems, and AI-driven underwriting tools just to remain competitive. Add in carrier consolidation that demands increasingly higher premium volume commitments to retain top-tier contingency contracts, and a private equity buyout becomes the most logical path to secure the firm's future."

By rolling equity into EPIC's parent entity, Galway Holdings—which is backed by private equity heavyweights Oak Hill Capital and Harvest Partners—KIG's leadership achieves critical balance-sheet de-risking and liquidity while retaining operational control over their client portfolios.

Emily M. Korotkin, stepping into her new role as Managing Principal, emphasized this strategic alignment in the company's announcement. "EPIC's culture, resources and expertise made the decision to join the firm clear. Together, we'll be able to expand opportunities for our employees, deepen the capabilities available to our clients and continue building on the foundation of trust and service that has driven KIG’s success."

Strategic Consolidation in Highly Specialized Risk

Beyond the financial mechanics of succession, EPIC's acquisition of KIG is a targeted strike to acquire institutional-grade specialty programs with high barriers to entry. In the current M&A environment, buyers are aggressively hunting for commercial lines specialists rather than generalist retail agencies.

KIG brings a treasure trove of specialized vertical practices to EPIC's national platform. Most notably, KIG Transportation stands as the largest writer of limousine and luxury livery insurance in Michigan. In a commercial auto market plagued by nuclear verdicts and severely restricted carrier capacity, KIG has maintained its edge by operating an in-house risk and safety management program—a highly attractive asset for EPIC to scale nationally.

Furthermore, KIG has carved out a dominant position in the health club and family entertainment sectors. The firm has served as the preferred national insurance partner for Powerhouse Gyms since 2013, underwriting property and professional liability for franchisees across dozens of states, alongside tailored programs for Planet Fitness and Crunch Fitness. These turnkey national programs can be seamlessly integrated into EPIC's existing National Entertainment & Sports specialty practice.

Tom O’Neil, vice chairman of EPIC, highlighted the strategic value of these specialized assets. "KIG represents exactly the type of organization we look for as we continue building EPIC — a firm with deep expertise, longstanding client relationships and a strong presence in its market. Their longevity is a testament to the strength of the business and the trust they’ve built with clients and their community. By bringing KIG onto EPIC’s national platform, we have an opportunity to build on that foundation while creating even more capabilities and opportunities for their clients and team."

Expanding the Cross-Michigan Axis

The geographic implications of the deal are equally significant. Prior to this acquisition, EPIC's primary Michigan anchor was located on the state's west side in Grand Rapids. By acquiring KIG in Southfield, EPIC establishes a formidable presence in Oakland County, creating an east-west axis across the Interstate 96 corridor.

This positioning is critical for capturing Michigan's evolving commercial landscape, which spans advanced manufacturing, automotive supply-chain logistics, and a rapidly growing mobility sector. Michigan has recently been ground zero for independent agency roll-ups, serving as the home turf for aggressive aggregators like Acrisure and HighStreet Insurance Partners. EPIC's physical expansion into Metro Detroit signals a willingness to compete directly in this highly contested territory.

Dan Grelecki, president of EPIC’s Midwest Region, framed the geographic expansion around human capital. "At EPIC, our strongest partnerships begin with outstanding people, a shared commitment to culture, and specialized expertise, and KIG embodies all three. The confidence their clients place in them and the reputation they have built in the market speak volumes about the quality of their team and the strength of their culture. While this partnership creates exciting opportunities to expand our Michigan footprint, our investment is ultimately in the people who have built such a successful organization. We look forward to what we can accomplish together."

The Future of the Regional Commercial Buyer

For the commercial policyholders who have relied on KIG for generations, the transition from a local independent agency to a $1.4 billion national platform brings a new tier of resources. While there is always a risk that localized service could be diluted inside a massive corporate structure, the retention of KIG's executive leadership suggests a commitment to continuity.

The most immediate benefit for KIG's commercial clients will be access to EPIC's expansive employee benefits infrastructure. Historically weighted toward property, casualty, and niche commercial programs, KIG can now offer its clients institutional-level benefits consulting, including Individual Coverage Health Reimbursement Arrangements (ICHRAs) and self-funded health trusts.

More importantly, as regional commercial property and liability pricing remains firm, KIG’s clients will gain direct access to Galway Holdings' massive wholesale and retail placement leverage. In a market where securing capacity is increasingly difficult for single-office independent shops, the backing of a national mega-broker provides crucial negotiating power at renewal time.

Ultimately, the absorption of the Korotkin Insurance Group marks the end of an era for a storied Michigan family business, but it also reflects the unavoidable realities of modern corporate strategy. In a landscape defined by technological arms races and the demand for specialized risk management, the century-old independent agency model is evolving, trading total autonomy for the scale, leverage, and longevity required to survive the next hundred years.