Business Moves – East
Brown & Brown, Richard W. Endlar
Brown & Brown of Massachusetts LLC, a subsidiary of Brown & Brown Inc., acquired assets of Richard W. Endlar Insurance Agency Inc. in Dedham, Massachusetts.
Founded in 1975, Richard W. Endlar Insurance Agency specializes in providing property/casualty insurance products to condominium associations and other habitation-related clients in Massachusetts and throughout New England. It has combined annual revenues of $4.6 million.
Following the transaction, Richard W. Endlar Insurance Agency will continue to operate from its current location in Dedham, Massachusetts, under the leadership of Howard Savitt, the sole shareholder of the agency. Brown & Brown Inc. is a brokerage firm headquartered in Daytona Beach, Fla.
McGowan, Allied Insurance Brokers
Fairview Park, Ohio-based McGowan Companies purchased the assets of Marriottsville, Md.-based Allied Insurance Brokers. Allied will begin operating under the “McGowan Program Administrators” brand. Founded in 1996, Allied is a managing general underwriter specializing in writing package programs for commercial real estate, apartments, condominium associations, and religious groups. All Allied brokers will receive automatic appointments with McGowan and its products.
Shenandoah Life Insurance Co.
The Virginia State Corporation Commission said it ended Roanoke, Va.-based Shenandoah Life Insurance Co.’s receivership following a successful rehabilitation plan. Shenandoah Life will now be allowed to manage its affairs, and the company can also resume writing new policies. The insurer was placed into receivership on Feb. 12, 2009.
Tower Group Inc.
New York-based Tower Group Inc. said it has committed to invest $75 million in Canopius Group, Ltd., a privately owned Lloyd’s insurance holding company domiciled in Guernsey, Channel Islands. Canopius’ principal business is insurance and reinsurance underwriting through Lloyd’s syndicates.
Genworth Financial Inc.
Genworth Financial Inc. has cut nearly 80 positions at two Virginia operations. The move came shortly after the Richmond, Va.-based company’s chairman and CEO, Michael Fraizer, resigned. The company said the changes are designed to drive cost efficiencies within its U.S. life insurance unit.