Business Moves

LexisNexis Risk Solutions, Genstar Capital

LexisNexis Risk Solutions is selling its P/C insurance software business to a San Francisco-based Genstar Capital.

The division being sold provides policy administration software for the property/ casualty insurance industry. Based in Hartford, Conn., the business serves more than 100 insurers. The insurance products being sold include ones for policy decisions for both commercial and personal lines, claims, billing, Insurance Enterprise View as well as hosting/ASP services.

But LexisNexis is not selling the Insurance Exchange, its highly-touted collaborative insurance risk placement platform and proposal software for agents, brokers, wholesalers and carriers.

Marsh & McLennan Agency, Gallagher & Associates

Marsh & McLennan Agency, a New York-based subsidiary of broker Marsh Inc., acquired Gallagher & Associates, a $1 million P/C agency specializing in public school districts.

Based in Blaine, Minn., Gallagher & Associates will operate within RJF, a Marsh & McLennan Agency company. Gallagher executives will join RJF’s Minnesota office and continue in their current roles.

SAC Capital Advisors, SAC Re

Steven Cohen, a hedge fund manager who runs $14 billion SAC Capital Advisors in Stamford, Conn., recently told investors he plans to launch SAC Re, a reinsurer based in Bermuda, early next year, according to people familiar with the matter.

Farrell Backlund, Richardson-Cuddy

Taunton, Mass.-based Farrell Backlund Insurance Agency merged with Richardson-Cuddy Insurance Agency in the nearby city of Attleboro, Mass.

The deal creates one of the largest independent property/casualty agencies in southeastern Massachusetts. Richardson-Cuddy will become part of Farrell Backlund but will maintain its own name brand.

Keystone Insurers Group, Dumbaugh

Keystone Insurers Group, a franchisor of insurance agencies headquartered in Northumberland, Penn., has added a new franchise partner in Ohio.

Keystone has established a partnership with Mount Vernon, Ohio-based Dumbaugh Insurance Agency. It is Keystone’s 28th franchise partner in that state.