Business Moves
United Fire & Casualty, Mercer Insurance Group
Iowa-based insurer United Fire & Casualty is acquiring New Jersey-based Mercer Insurance Group in a deal valued at $191 million. The merger is expected to close in the first quarter of 2011. The combined companies had $605 million in net written premium last year — more than 90 percent of that total in commercial lines. The companies share no overlap in their geographic distribution, as Mercer Insurance primarily markets in six Western and Mid-Atlantic states in which United Fire has no appointed property/casualty agencies. Upon closing, United Fire will sell through approximately 1,400 independent agents in 24 states.
Donegal Group, Michigan Insurance
Donegal Group Inc. completed its acquisition of Michigan Insurance Co., which was formerly a majority-owned subsidiary of West Bend Mutual Insurance Co. Donegal Group estimates that the final purchase price will be approximately $40 million.
CIS Group, Cornerstone Appraisal Services
CIS Group LLC, a subsidiary of CIS Holdings LLC and an affiliate of CEP, has completed its acquisition of Cornerstone Appraisal Services of Valparaiso, Ind. CIS Group provides field underwriting services to the insurance and banking industries in the United States.
ISU International; Superior Insurance
ISU International announced that Superior Insurance Agency of St. Cloud, Minn., has joined the ISU Network. ISU Superior Insurance Agency is owned by Yussuf Hamid. The ISU Network, founded in 1979 and headquartered in San Francisco, consists of more than 90 independently owned and operated offices nationwide.
IMA, IMA Benefits
Retail insurance broker IMA Inc. has created a benefits practice, IMA Benefits.
IMA Benefits will be the new home of the benefits practice groups in IMA of Kansas, IMA of North East Kansas, IMA of Texas and IMA of Colorado. The small group benefits practice from Signature Select, an IMA subsidiary focused on small commercial and personal lines insurance, has also joined IMA Benefits. The retirement and executive benefits specialists from TrueNorth, IMA’s asset management subsidiary, will also work closely with IMA Benefits.
The company expects change will be seamless for IMA’s existing clients.
Marcia Benshoof has been named president of IMA Benefits. As Benshoof transitions into the new role of president of IMA Benefits, Bob Reiter will step back into the role of president of IMA of Colorado while retaining his current role of president of IMA Inc.
Insurance Navy, Insure US Corp.
Chicago-based auto insurance provider, Insurance Navy, and business insurance provider, Insure US Corp, have agreed to consolidate their insurance offerings/services in the Midwest. According to the agreement, Insurance Navy will provide technical and marketing assistance, as well as policy underwriting and management services, to Insure US in areas related to the auto insurance/SR-22 quotes in the Chicago area and Northwest Indiana.
Insure US Corp of Bridgeview, Ill., will assist Insurance Navy in areas related to business insurance, trucking insurance, cargo insurance, garage and used car dealers insurance, dealers open lot insurance, workers’ compensation and bonds.
Frank Gates/Avizent, Vantage Health
Columbus, Ohio-based Frank Gates Service Co./Avizent, a national claims and risk management service provider, has acquired Vantage Health Plan Inc. (VHP), the parent of a certified Managed Care Organization (MCO) in Ohio. With the addition of VHP, Frank Gates/Avizent will now offer a full-suite of integrated claims and managed care services to its self-insured, group rating and state fund clients in Ohio. VHP will be renamed Frank Gates Managed Care Services.
Wells Fargo Insurance, Prestige Professional Plans
Chicago-based Wells Fargo Insurance Services USA Inc. acquired Prestige Professional Plans, a single office, employee benefits insurance brokerage firm located in Dayton, Ohio. The acquisition closed on Dec. 1, 2010. Terms of the transaction were not disclosed.
Serving customers in Ohio since 1985, Prestige Professional Plans provides business and individual customers with employee benefits consulting and brokerage services including, medical, dental, life, vision, disability, and various other health insurance plans. Prestige Professional Plans has experience in all plan types, including fully-insured plans, self-funded plans, high deductible health plans, and health savings accounts (HSAs).