Business Moves
Wells Fargo Insurance Services, Grady & Associates
Wells Fargo Insurance Services Inc. signed a definitive agreement to acquire Grady & Associates, a retail broker in Las Vegas. The acquisition closed June 1, 2009, and terms of the transaction were not disclosed.
Grady & Associates has served customers across in Nevada since 1999. Founded by John Grady, the agency focuses on health and benefits insurance. The company serves a broad customer base, including customers in the hospitality, construction, hospitals, auto sales and home development industry.
Universal Insurance Holdings, ICAT Holdings
Universal Insurance Holdings of North America and ICAT Holdings LLC of Boulder, Colo., received regulatory approval completing Universal North America’s purchase of ICAT Specialty Insurance Co. (ISIC).
Universal North America will acquire ISIC’s residential named hurricane program and business in Hawaii. ISIC, under ICAT’s ownership, underwrites small commercial property accounts in Florida and named hurricane coverage for homeowners in Hawaii.
The Florida commercial business will be transitioned on renewal from ISIC to ICAT’s Lloyd’s of London Syndicate 4242.
The Hawaii residential named hurricane business will be underwritten by ISIC (expected to be renamed Universal Specialty Insurance Co.). Universal North America has entered into a long-term agreement with ICAT Managers whereby ICAT will administer all functions related to the Hawaii residential named hurricane business, including claims functions.
Universal’s President Rick Espino stated, “Universal North America is focused on being a premier multi-regional insurance provider in the U.S.”
The company entered the Hawaii residential property market in September 2008 offering homeowners, condominium unit owners, renters, dwelling fire and flood products through Universal Insurance Company of North America. ISIC (soon to be Universal Specialty Insurance Co.) will provide stand-alone named hurricane coverage.
ICAT Holdings LLC is an insurance holding company that specializes in underwriting small and middle market commercial properties located in catastrophe-exposed regions of the United States. ICAT is an underwriter at Lloyd’s of London through their Syndicate 4242 rated “A” by A.M. Best Co. and “A+” by Standard & Poors.
Universal Insurance Holdings of North America is a Delaware-domiciled property and casualty insurance group organized to market property and casualty insurance in North America. Universal North America currently writes in Arizona, Florida, Hawaii, Nevada, South Carolina, and California.