Business Moves
Encharter
Massachusetts-based Encharter Insurance agency will open a fifth branch office, the latest in Simsbury, Connecticut.
Encharter will sell personal lines coverage throughout the Farmington Valley, the agency said. It is Encharter’s second Connecticut location, in addition to its Watertown, Conn. office. Encharter has Massachusetts offices in Amherst, Reading and Lexington.
Virginia Farm Bureau, Countryway
Virginia Farm Bureau Mutual Insurance Co., is acquiring New York-based Countryway Insurance.
Countryway, with headquarters in Syracuse, sells farm and personal lines coverage in 10 states through 380 agencies — chiefly in the Northeast. Virginia Farm Bureau is purchasing the insurers from Indiana Farm Bureau Insurance.
The deal is expected to close in the first quarter and is subject to approval by New York regulators.
USI, Venbrook
New York-based USI Holdings Corp. has acquired the commercial marine business operation from Venbrook Group, a Los Angeles-based property and casualty company.
The acquired business will be combined with USI’s existing marine industry practice group in its Seattle office. The acquired business is expected to contribute approximately $1 million in annual revenue to USI.
Terms of the deal were not disclosed.
Confie Seguros, Seguros Sin Barreras
New York-based Confie Seguros, a provider of auto insurance with an emphasis on serving Hispanic consumers, has acquired Los Angeles-based Seguros Sin Barreras, an insurance broker that serves Hispanic customers.
Seguros Sin Barreras is licensed in 49 states and maintains dedicated agents at two call centers that will complement Confie Seguros’ retail locations.
Conifer, Mid-Continent
Michigan-based insurance holding company Conifer Holdings has completed its acquisition of Mid-Continent Insurance Co. Inc. from the Fetterolf Group Inc. and Woodbine Holdings
Terms of the deal were not disclosed.
Mid-Continent was formed in 1969 and is a property and casualty insurance company domiciled in Pennsylvania that provides niche insurance products in Pennsylvania, Maryland, Ohio and Indiana.
Mid-Continent has annual revenues of approximately $15 million. A.M. Best has rated Mid-Continent Insurance “B+” (Good). Conifer Holdings Inc. is an insurance holding company serving the needs of specialized property and casualty risks. Conifer Insurance Co. is a Michigan-domiciled insurance company founded in 1987.
SIAA
The Strategic Insurance Agency Alliance (SIAA) said it has added 26 new member agencies in December. Nineteen of the new agencies were formerly captive agents.
Its newest east coast agencies include Brazen Insurance Agency, Inc. of Dobbs Ferry, N.Y., Galloway Insurance Services of LaPlata, Md., George R Flinn Insurance of York, Pa. and Keeling-Jefferson Insurance Agency Inc. of Virginia Beach, Va.
In 2010, SIAA said it added 400 member agencies to the group, bringing the total to more than 3,500 agencies. Its combined membership was projected to write $289 million in new business premiums for 2010, a 20 percent increase from the $235 million written in 2009.
Tower Group, Navigators
Tower Group has acquired the renewal rights to the middle market commercial package and commercial auto business of Navigators.Terms of the deal were not disclosed.
The portfolio of policies sold by New York-based Navigators have gross written premiums of approximately $33 million per year. Tower Group said it expects the deal to contribute $25 million in gross premiums written on an annualized basis.
The transaction does not include Navigators’ global nor life sciences products business.
Ohio Mutual, Casco Indemnity
Ohio Mutual Insurance Group completed it acquisition of Maine-based Casco Indemnity Co., which will now operate as a wholly owned subsidiary of Ohio Mutual. Casco Indemnity Co. was formed in 1985 by a consortium of seven New England insurers, and currently offers commercial auto, personal auto, and personal umbrella insurance in six states (Maine, R.I., Conn, Vt., N.H. and S.C.) through a network of 140 independent agents, supported by about 20 associates based in Saco, Maine.
The company had $17.4 million in direct written premium in 2009, reported a statutory surplus of $8.8 million at the end of 2009, and at year-end 2010 held a B+ rating from A.M. Best Co.