Business Moves
Combined Agents, First Texas, Lake
Combined Agents of America LLC (CAA), based in Austin, Texas, has added two new members: First Texas Insurance Services LC of Arlington, Texas; and Lake Insurance Agency Inc. of Laverne, Okla.
CAA now has 44 agency members. It has added seven member agencies in 2009, representing a growth of more than 18 percent.
First Texas Insurance Services LC, founded in 1996, is a locally-owned and operated independent insurance agency serving the Arlington and greater north central Texas community. Collectively, the principals of First Texas have more than 150 years of local experience providing a broad range of insurance solutions including commercial, personal, and life and health.
Founded in 1923, Lake Insurance Agency Inc. serves thousands of individuals, families and businesses throughout Laverne and the greater state of Oklahoma. Owned and operated by Don and Melissa Burke since 1991, Lake Insurance specializes in oil and gas insurance while providing a full range of insurance services that cover commercial, personal and life and health needs.
Western Security, WestPro
Western Security Surplus Insurance Brokers (WSS) announced that all managing general agency business and specialty programs it has been handling will now be written through a new exclusive MGA Dallas facility, WestPro Insurance Services.
According to Kyle Stevens, president and CEO, the change brings WSS back to its roots when it was founded in 1981 by Richard and Georgina Polizzi as an exclusively brokerage operation. In the mid-1980s, WSS began accepting MGA business to complement its brokerage business but has decided to return WSS to being a strictly brokerage operation.
WestPro will be the MGA operation and will handle PhoneQuotes, personal lines, programs and other traditional products offered through an MGA facility.
Brokerage clients will continue to work with WSS and the brokers and offices they are familiar with and currently use. In addition to WestPro’s eight binding facilities, the firm also will be expanding its exclusive Package Liquor Liability Program for Bars, Taverns and Nightclubs. Originally available to Texas agents, this is now being written in Florida and Hawaii, and other states will be added this year.
Ironshore
Ironshore Inc. is expanding its distribution network by establishing regional offices throughout the United States.
Steven England has been appointed executive vice president of Ironshore Insurance Services, responsible for overseeing Ironshore’s U.S. Field Operations. Ironshore Insurance Services has opened offices in regional geographic markets to work with retail brokers on a regional basis.
Ironshore Insurance Services also named new regional executives to lead its efforts in the following territories: David Rogers, Midwest (Chicago); Bob Newmarker, Northeast (Boston); Kevin Fee, Mid-Atlantic (Philadelphia); Ron Gleason, South Central (Houston); Wade Pitman, Southwest (Los Angeles); and Michael Gill, Gulf Coast (New Orleans).
England, who joined Ironshore in December 2008, will continue to manage the Wholesale Property and Casualty office based in St. Louis, Mo. The St. Louis Property and Casualty operation will continue to market to the wholesale distribution channel under the new name Ironshore Risk Agency.
AmTrust, American Capital
AmTrust Financial Services Inc. is making an investment in American Capital Acquisition Corp. in connection with the acquisition by ACAC of GMAC’s U.S. consumer property/casualty insurance business.
AmTrust said it will initially invest approximately $42.5 million in a convertible preferred security. GMAC’s consumer property/casualty insurance unit sells automobile coverages through independent agents in the United States. It utilizes a network of 10,500 agents in 12 core markets, as well as exclusive relationships with 23 affinity partners.
GMAC’s U.S. consumer property/casualty insurance business had net written premium in excess of $1 billion in 2008 that encompassed all 50 states. Its coverages include standard/preferred auto, RVs, non-standard auto and commercial auto. The investment includes 10 statutory insurance companies that write the automobile coverages for GMAC.
American Capital Acquisition Corp. is an affiliate of American Capital Partners LLC, a newly formed acquisition corporation. The principal of ACAC was a founder of AmTrust Financial Services Inc. and Maiden Holdings Ltd.