Business Moves
Breckenridge, REcentis
New York-based wholesaler Breckenridge IS has acquired a majority interest in REcentis Intermediaries, a specialty reinsurance broker with offices in California and Australia.
Terms of the deal were not disclosed.
REcentis specializes in energy, casualty and financial reinsurance and has consulted, designed and executed reinsurance programs for risk retention groups, captives, program administrators and Fortune 500 companies.
Breckenridge said the acquisition complements its current services in financial services, workers’ compensation, construction, public entity, transportation and alternative risk markets. Breckenridge CEO Tracey Carragher.
REcentis was founded in 2006 by Brendan Roche, former head of R.K. Carvill & Co.’s West Coast operations, and REcentis President James Fulgentis, former executive vice president with Wachovia Securities. Roche, before joining Carvill was a partner and managing director of Australian reinsurance broker Minet Burn & Roche, an affiliate of the St. Paul Cos.
Bollinger, Charles G. Treloar Agency
New Jersey-based broker Bollinger has acquired Charles G. Treloar Agency Inc. of Kenvil, New Jersey.
Terms of the deal were not disclosed.
The agency’s employees will be relocated to Bollinger’s corporate headquarters in Short Hills, New Jersey.
The 50-year-old agency was founded by Charles G. Treloar to serve personal and business clients in northern New Jersey. In 1993, Treloar’s daughter, Michele S. O’Halloran, joined the firm where she served as an officer and shared in the agency’s ownership. O’Halloran joins Bollinger as a vice president in its commercial lines division.
“We are pleased to have the Treloar Agency employees join us and we look forward to continuing to provide a high level of service to Treloar’s valued customers,” Bollinger Chairman and CEO Jack Windolf said.
PURE, Massachusetts
Privilege Underwriters Reciprocal Exchange (PURE) said it is now offering coverage for high-value homes in Massachusetts. PURE, a policyholder-owned firm. already writes coverage in a number of Northeast states, including Rhode Island, Connecticut, New York, New Jersey, Maryland and Washington, D.C.
“We view Massachusetts as the single-greatest opportunity for our company to continue its diversification and national expansion,” said Ross Buchmueller, PURE president and chief executive officer.
Palumbo Construction Risk
Massachusetts-based William Palumbo Insurance Agency has formed a new division called Palumbo Construction Risk.
The new division will have expanded resources tailor made to the unique exposures and servicing needs of companies within the construction industry.
The focus of the new division will be on general contractors, heavy construction, specialty trades, and the new emerging “green energy” contractors.
United Property Casualty
United Property & Casualty Insurance has been approved to begin writing homeowners and other P/C coverage in Massachusetts.
The company is a subsidiary of Florida-based United Insurance Holdings Corp. It is the third state in which the company can now write business, along with South Carolina and its home state.
United writes homeowners and dwelling fire coverage. United CEO Don Cronin said the expansion is “another significant step in our expansion outside of Florida.”
MarketScout Wholesale, Wastepac
MarketScout Wholesale has acquired New York-based Wastepac from Insurance Specialty Group.
Wastepac is general agent focusing on private businesses in the waste hauling and sanitation industries. It will remain in its current location in Port Jefferson, New York under the leadership of Lee Orabona.
Glenn Hargrove, president of Dallas-based MarketScout Wholesale, called the acquisition an opportunity to “take an exceptional regional program to a national platform offering our customers exclusive best-in-class products.”
AON M&A
Aon Corp. has united its merger and acquisition practices to form Aon M&A Solutions, which will provide M&A risk and human capital solutions.
Aon M&A Solutions will be led by Mark Arian and Brian Casey. Brian Cochrane will lead global sales and innovation.
The group will be comprised of approximately 100 M&A professionals around the globe working in collaboration with specialty product, solution and industry practices across Aon. The group will be responsible for M&A-related client and project management, to Aon’s corporate and private equity clients.