OVERLAND PARK, Kan., May 3, 2012 /PRNewswire/ — Insurance consulting firm Power Group Holdings, LLC today announced completion of a management buy-out from its parent, the Bicknell Family Holding Company (“BFHC”). The buy-out transfers ownership to the firm’s leaders, including Mark Avery, who will remain as chief executive officer, Gary Davis, David Power, Paul C. “Chip” Power, Matthew Weaver, Jeff Wipperman and Kurt Wolfe.

Power Group, an insurance brokerage agency that specializes in employee benefits and risk management solutions, was purchased by BFHC in 2008. Power Group’s relationship with BFHC fueled tremendous growth over the last several years, as Power Group more than doubled its revenue and number of employees while expanding services to include a very successful property and casualty business.

“As a firm, we have certainly benefited from our relationship with the Bicknell Family Holding Company,” said Mark Avery. “However, we have now reached a point where we will be able to operate more effectively as an independent, management-owned company. Power Group stresses employee initiative and accountability at every level of the firm, and we believe that by placing ownership in the hands of our firm’s leaders, we will be able to function in a manner than is more consistent with what we preach.”

According to Martin C. Bicknell, “It’s been rewarding to see Power Group’s growth over the past few years. We are proud of their success and look forward to assisting in this transition and working closely with them in the future. While ownership will be in the hands of the firm’s leaders, we anticipate a significant partnership for many years to come.”

About Power Group

Ranked the 31st fastest growing insurance services company on the 2011 Inc. 500/5000 Fastest Growing Companies List, Power Group Holdings, LLC is a business consulting group specializing in insurance solutions that mitigate risk, optimize their clients’ human capital investment and leverage risk finance. The company offers business insurance services, including property, general liability, automobile, crime/fidelity, inland marine/equipment, boiler and machinery/equipment breakdown, workers’ compensation, umbrella liability, employment practices, directors and officers, fiduciary, professional liability, surety/bonds and personal insurance policies. It also provides health, dental, vision, disability and life insurance, as well as a suite of voluntary benefits, including long term care, critical illness/cancer and retiree medical/medicare supplement insurance policies and wellness programs.

Visit www.pgcompanies.com.

SOURCE Power Group Holdings, LLC