Business Moves
Editor’s Note: For a comprehensive report of mergers and acquisitions for 2008, see Special Report: Agency Mergers in 2008 in the Dec. 22, 2008, edition of Insurance Journal.
Brown & Brown, Insurance 1, Alexander & Bolton
Brown & Brown Inc. is acquiring two Alexandria, La.-based agencies: Insurance 1 Inc. and Alexander & Bolton Inc.
With annualized revenues of approximately $800,000, Insurance 1 focuses on property and casualty, as well as health and life insurance for individuals and businesses in Louisiana.
Company principals James “Jimmy” Bradford, Brian Duke, Martin Heyman and their staff will continue at their current location as a specialty division of Brown & Brown’s existing Lafayette, La., operation, under the leadership of Mark Romero.
Alexander & Bolton, founded in 1890, is one of Louisiana’s longest operating insurance agencies. With annualized revenues of approximately $1.3 million, Alexander & Bolton focuses on property and casualty, as well as health and life insurance for individuals and businesses in Louisiana.
Chairman Roscoe A. Bolton and his staff also will continue at their current location as a division of Brown & Brown’s existing Lafayette, La., operation, under the leadership of Mark Romero.
Brown & Brown’s presence in Louisiana dates from 2001, when it acquired The Huval Companies; it now has locations in Lafayette, Baton Rouge, New Orleans and Lockport.
Apex Global Partners, Brooks Bittner and Associates
Apex Global Partners (AGP) has acquired Brooks Bittner and Associates, a privately owned employee benefits broker in Dallas.
Brooks Bittner and Associates provides benefit department outsourcing, health and welfare plans insurance brokerage and consulting, as well as retirement plans and executive compensation consulting, to corporate clients throughout Dallas and North Central Texas.
Joe Bittner, president and owner of Brooks Bittner and Associates, will join AGP’s management team, continuing in his role as president of the Brooks Bittner division of Apex.
Cincinnati Financial; Watkins Insurance Group
Cincinnati Financial Corporation’s property casualty insurance subsidiary, the Cincinnati Insurance Company, appointed Watkins Insurance Group, with locations in Austin and Marble Falls, Texas, as the first independent agency in the state to market its policies.
Watkins Insurance Group is led by President Patrick Watkins and Vice President Mike Mosley.
Cincinnati Insurance expects to appoint five more agencies in Austin, Dallas and Waco in early 2009 and add at least 10 more during the year.
Its first Texas policies are effective Jan. 1, 2009. It expects to appoint a total of 30 agencies in Texas during the next two years.
The company said marketing representatives Sean Givler and Shawn Murphy have relocated to Austin and Dallas. Cincinnati Insurance expects to add another marketing representative to serve the Dallas/Fort Worth market and field associates to provide claims, loss control, premium audit and other services in the region.
Hallmark Financial, TGA Insurance Managers
Hallmark Financial Services Inc. (Hallmark), based in Fort Worth, Texas, reported its subsidiary TGA Insurance Managers Inc. (TGA) will start issuing excess and surplus lines policies through its affiliate Hallmark Specialty Insurance Company (HSIC) in Texas and Louisiana, beginning Jan. 1, 2009.
TGA has operated as a product developer and underwriter since 1978. Hallmark acquired the company in 2006.
TWFG, Austin Indemnity Lloyds
The Woodlands Financial Group (TWFG) will begin offering replacement coverage for the homeowners business of Austin Indemnity Lloyds Insurance Company, effective Jan. 29, 2009. TWFG General Agency, a subsidiary of TWFG, will provide coverage for impacted homeowners policyholders previously insured through AILIC.
The Texas Department of Insurance (TDI) has filed to liquidate Austin Indemnity. The company sold homeowners and personal auto coverage in Texas. All policies issued by Austin Indemnity that are still in effect on Jan. 28, 2009, will terminate effective Jan. 29 at 12:01 a.m.
TWFG General Agency will provide all homeowners clients with an offer for a new policy. All offers were to be mailed by Dec. 17, 2008. There will be no lapse in coverage if replacement policy is accepted by Feb. 8, 2009.
Coastal area policyholders will not be offered windstorm, hurricane and hail (WHH) coverage, and may have increased deductibles. Policies that exclude WHH will contain a HO-140 WHH Exclusion form that must be signed and returned for coverage to take effect. Agents will need to obtain a windstorm policy through the Texas Windstorm Insurance Association for impacted policyholders.
TAGA, Great American Insurance
TAGA, an independent privately-owned managing general agency based in the Austin, Texas, area, announced it is now managing general agent for Great American Insurance Group to offer admitted property and inland marine markets.
Great American Insurance Group is rated A XII by AM Best and provides a variety of property and inland coverages for communications, construction, education, manufacturing, medical/health services, municipalities, professional services, retail/wholesale and transportation/warehousing exposures.
TAGA, Tejas American General Agency, is a managing general agency established in 1997. TAGA is one of the largest MGAs in Texas, working with more than 50 carriers/markets and servicing more than a thousand agencies in Texas, Oklahoma, New Mexico, Arkansas, Mississippi and Louisiana.