Business Moves
New York-based Glens Falls National Bank and Trust has acquired Upstate Agency Inc., a property and casualty insurance agency with eight offices in New York.
Terms of the transaction were not disclosed.
Upstate Agency, which is headquartered in Chestertown, will operate as a wholly owned subsidiary of Glens Falls National Bank.Agency principal Mark J. Carpenter will continue to manage the agency, which offers personal and commercial lines of coverage.
Glens Falls National said the addition of Upstate Agency was aimed at complementing the bank’s other property and casualty insurance operation, Loomis & LaPann Inc., as well as its health insurance agency, Capital Financial Group, both of which are located in the Glens Falls area.
New York-based Marsh & McLennan Agency has acquired Hampton Roads Bonding (HRB), a surety-bonding agency for commercial, road, utility, maritime and governmental contractors in Virginia.
Terms of the deal were not disclosed.
HRB will operate as part of Rutherfoord, a Marsh & McLennan Agency company. The move will expand Rutherfoord’s construction capabilities in the mid-Atlantic region, Marsh said. It’s the second deal this year aimed at bolstering Rutherfood’s presence, following Marsh’s recently announced acquisition of Georgia-based broker Strategic Benefit Solutions.
HRB has more than 150 accounts and $3 million in revenue, according to Marsh. Agency founder Mark Bundy, longtime associate Gene Crawley and the rest of the HRB staff will join Rutherfoord’s existing Hampton Roads, Virginia office and continue in their current roles, Marsh said.
Ryan Specialty Group (RSG) has acquired New York-based Concord Specialty Risk, a managing general underwriter and consultancy that provides transactional risk insurance and loss mitigation-evaluation services.
Terms of the deal were not disclosed.
CEO David S. De Berry and his brother, President Kenneth W. De Berry, founded Concord Specialty.
David S. De Berry said the acquisition “help(s) the clients of our brokers strengthen bids, close transactions, facilitate syndications and offerings and obtain balance sheet protection. Combining with RSG will significantly enhance our capabilities to better serve our clients and trading partners.”
Illinois-based RLI Corp. announced that it has launced its new Property Treaty Group within its RLI Re Division.
The division which offers customized assumed property reinsurance solutions — expands RLI’s capabilities in the reinsurance marketplace.
The group is based in Stamford, Conn., and will be led by George Dragonetti, senior vice president of RLI Re.
Dragonetti joins RLI with 20 years of experience in the treaty reinsurance industry as both an underwriter and broker. Prior to joining RLI Re, hes served as general manager for Lexington Bermuda.
The McGowan Cos. has rebranded its core insurance operations.
McGowan and Company Inc., which designs, administers and markets specialized insurance programs, has been renamed McGowan Program Administrators.
Statehouse Casualty Managers Inc. and The Windward Group Inc. have merged to form McGowan Excess & Casualty, a managing general underwriter that specializes in writing umbrella and excess liability products for a broad range of commercial customer types and sizes.
McGowan, Donnelly & Oberheu, a wholesale insurance broker specializing in the placement of professional and management liability risks, will retain its name.