Business Moves
United Insurance, Mexico Agency
Falmouth, Maine-based insurance agency United Insurance has acquired The Mexico Agency business from Northeast Bank Insurance Group.
The Mexico Agency, which was acquired by Northeast in 2004, writes approximately $900,000 in annual premiums and employs three.
James Brown, managing partner for United Insurance, said the two agencies have similar cultures and similar service standards, “and that’s why this opportunity benefits both organizations.”
Both United Insurance and Northeast Bank have made a number of acquisitions in recent years.
Northeast Bank Insurance Group is a wholly owned subsidiary of Northeast Bank, headquartered in Berwick, Maine.
Narragansett, Quincy Mutual
Narragansett Bay Insurance Co. will begin offering homeowners coverage to Rhode Island policyholders of Quincy Mutual Fire Insurance Co. as part of a renewal rights agreement between the two insurers.
Narragansett Bay will begin offering the coverage this month.
Both companies said they have already met with agents who have customers subject to this transfer, to review the details and timing. Both insurers have also agreed to offer policy credits for customers who use the same agent to home insurance with NBIC and auto insurance with Quincy Mutual.
Nick Steffey, president and CEO of NBIC said the “arrangement provides another avenue of growth in our home state with both our current independent agents and new agent partners.”
Marsh & McLennan Agency, NIA Group
Marsh & McLennan Agency has acquired The NIA Group, one of the largest independent insurance agencies in the Northeast.
Terms of the deal were not released.
Paramus, New Jersey-based NIA, founded in 1926, has annual revenue of $62 million, 400 employees and offices in New Jersey, New York, Connecticut and Florida. The acquisition also includes the New York City office of Kornreich-NIA.
The acquisition provides a large, Northeast base for the 14-month-old Marsh & McLennan Agency, a subsidiary of mega-broker Marsh. It marks the second major acquisition the company has made in recent months. The first, Houston-based Insurance Alliance, gave the company a major presence in the Southwest.
Marsh plans to use its agency division to build a national business focusing on mid-sized companies.
Paul Gross, chairman of The NIA Group, added that “(w)e are pleased to be joining with David and the leadership of Marsh & McLennan Agency and look forward to working as part of the team to create one of the preeminent national organizations in our industry.”