Business Moves
Hub, WBS
Hub has acquired the assets of Workplace Benefit Solutions (WBS) a Manchester, New Hampshire-based employee benefit brokerage and consulting firm. Terms were not disclosed. WBS will become part of Hub International New England, and its employees will remain in their existing office in Manchester. David Larrivee, principal consultant and founder, and Tom DeLacey, principal consultant, will join Hub as part of this transaction. WBS advises primarily mid- to large-size companies. Its specialty niches include the healthcare industry and the public sector.
USI, Plumhoff & Associates
USI Insurance Services (USI), headquartered in Briarcliff, N.Y., has closed its acquisition of Plumhoff & Associates, a Houston, Texas-based employee benefit brokerage firm for upper middle-market businesses. The acquisition is expected to contribute $6.4 million to USI on an annual basis.
Fidelity National
Title insurer Fidelity National Financial Inc. has sold its flood insurance operations to WRM America Holdings LLC. Under the agreement, WRM America of Uniondale, New York, will acquire 100 percent of the equity interests of Fidelity National Indemnity Insurance Co. and Fidelity National Insurance Services for $210 million.
FNF Chairman William P. Foley II said the company has been the nation’s largest flood insurance provider and it has been “very profitable and consistent” for nearly 10 years but the sale represented an opportunity to realize the value of the business.
WRM Holdings was formed in 2008 by Wright Risk Management, a risk financing and insurance management company, and Aquiline Capital Partners to serve the education market. Wright Risk Management manages the New York Schools Insurance Reciprocal and the New York Municipal Insurance Reciprocal.
Aon, Ward Financial
Aon Corp. has acquired Westfield Financial Corp. and its subsidiary, the Ward Financial Group, from Ohio Farmers Insurance Co. Aon said that Ward would be integrated with Aon’s McLagan Partners, its own consulting and benchmarking firm. Ward provides benchmarking and best practices research studies for insurance companies in North America. It is known for its Ward’s 50, for which it identifies the top-performing insurers in various industry segments.