Business Moves
Northeast Bank, Palmer Agency
The insurance subsidiary of Northeast Bank, Northeast Bank Insurance Group, Inc. has acquired the Palmer Insurance Agency of Turner, Maine.
Palmer has six employees and generated $4 million in gross premiums over the past year. The current leadership, including owner Chip Palmer will stay onboard, along with his seasoned team of insurance professionals.
Northeast Bank Insurance Group, Inc. will now operate nine insurance offices throughout western and central Maine including Anson, Auburn, Augusta, Bethel, Jackman, Mexico, South Paris, Rangeley and now Turner.
HCC Holdings
Houston, Texas-based HCC Insurance Holdings Inc., announcing the results of its independent investigation of stock option granting practices, said company founder Stephen L. Way resigned as chief executive officer effective Nov. 17, 2006. Way will remain a director and serve as the non-executive chairman of the board. In addition, Chris L. Martin has resigned as executive vice president and general counsel.
HCC investigated stock option granting practices during the period of 1995 through the present and concluded that the company used incorrect measurement dates for certain stock option grants covering a significant number of employees during the period from 1995 through 2006. The company estimates the pre-tax financial impact is not likely to exceed $37 million.
Way founded the company and was president of the company during most of the period. Since becoming a public company in 1992 under Way’s leadership, the company’s assets have increased from $162 million to more than $7 billion. During the same time period, HCC’s gross written premium has risen from $74.9 million to $2 billion in 2005, and annual revenue has increased from $29.1 million to $1.6 billion in 2005. It has also completed over 30 acquisitions.
Effective with Way’s resignation, the Frank J. Bramanti was elected as CEO. Bramanti has 25 years of experience in the property and casualty business, almost all with HCC.
OneBeacon, National Marine Underwriters
OneBeacon Insurance Group has acquired National Marine Underwriters, a yacht-specialty managing general agent with a 20-year history of writing recreational marine business. National Marine Underwriters will become a part of International Marine Underwriters (IMU), a division of OneBeacon Insurance Group.
Based in Annapolis, Md., National Marine Underwriters is licensed to operate in the 48 continental states and the District of Columbia. The financial terms of the transaction were not disclosed.
Independent Insurance Investments Inc., Omni Insurance Group
Independent Insurance Investments Inc. has completed its acquisition of Omni Insurance Group from The Hartford Financial Services Group for about $100 million. Omni, an Atlanta-based auto insurance company for high-risk drivers, generated net written premiums of $174 million in 2005. The firm writes policies in more than 40 states and has about 250 employees and a network of independent agents.
Independent, an auto insurance firm also specializing in high-risk drivers, writes more than $220 million in annual direct premiums. Based in suburban Philadelphia, Independent has approximately 430 employees.
SAN Group
The Northeast agency newtork, SAN Group, Inc., added 24 new member agencies in 2006 through the third quarter. The new member agencies for 2006 include:
A T Tavella LLC of Madison, Conn.; Acu-Rate Insurance Agency of Nashua, N.H.; All in 1 Insurance of Bloomfield, Conn.; Bayside Insurance Agency of Marion, Mass.; C.R. Wilson Insurance Agency, LLC of East Brookfield, Mass.; Chelsea Insurance Agency LLC of Norwich, Conn.; Coyne/Michaels Agency Inc. & Foreguard Agencies of Orchard Park, N.Y.; Dale A. Frank Insurance Agency Inc. of Sunderland, Mass.; E Z Insurance Inc. of Peabody, Mass.; Eddy Insurance Agency, Inc. of Tonawanda, N.Y.; Favazza/Johnson Insurance Agency, Inc. of Gloucester, Mass.; Frontera Insuring Agency/National Planning of Clifton Park, N.Y.; Greenwich Bay Insurance Group, LLC of Warwick, R.I.; The Heritage Group of Latham, N.Y.; The Heritage Insurance Agency of Stamford, Conn.; Ives/Johnson Agency of Jamestown, N.Y.; Marshall & Lemire Insurance Agency Inc. of Marlborough, Mass.; New Worcester Insurance Agency Inc. of Worcester, Mass.; Audet Independent Insurance LLC of Concord, N.H.; SEA Insurance Agency, Inc. of Worcester, Springfield, and Lowell, Mass.; Sebastian Insurance Agency, Inc. of Saugus, Mass.; Silverio Insurance Agency of Lawrence, Mass.; The Toedt Insurance Agency, LLC of Albany, N.Y.; and The Wimperis Agency Inc. of Bridgewater, Conn.
SAN Group, Inc. now has more than 190 agencies throughout the Northeast and access to more than 30 companies.