Business Moves – East
American International Group
AIG’s property/casualty division Chartis announced the launch of its hospitality and leisure industry practice group, which will provide specialized insurance and risk management products for the hotel, amusement, gaming, restaurant, resort and theme park segments.
Chartis said it will leverage expertise in engineering, safety, crisis and claims management to present optimal approaches to managing risk, the insurer said.
Consolidated Insurance Agents
Consolidated Insurance Agents, a network of independently owned and operated insurance agencies in New Jersey, added two new agencies to its network in May. BCG Advisors Inc. of Jersey City and Alamo Insurance Group of Newark have joined the network. Consolidated Insurance Agents now has 24 agencies with 26 locations in 12 counties in the Garden State.
Marsh & McLennan Agency
Marsh & McLennan Agency LLC (MMA), a subsidiary of broker Marsh Inc., acquired Progressive Benefit Solutions (PBS), a $5 million revenue employee benefits agency based in Raleigh, North Carolina. PBS will operate as a division of Rutherfoord, a Marsh & McLennan Agency LLC company, expanding Rutherfoord’s employee benefits capabilities in the Raleigh market. PBS offers health, wellness, compliance, and executive compensation products and services to midsize clients.
USI Insurance Services
New York-based insurance broker USI Insurance Services has acquired Impact Benefit Management Services, LLC of Roswell, Georgia. USI said the acquisition is expected to contribute $2.5 million in revenues an annual basis. Impact provides benefits administration, employee communications and plan management services for brokers, insurance carriers and employers.
Wells Fargo
Wells Fargo & Co., which has been renewing its appetite for acquisitions lately, is interested in buying insurance sales businesses, its chief executive said recently.
CEO John Stumpf reportedly said at the recent Sanford C. Bernstein conference that he loves the insurance distribution business. Wells Fargo’s insurance brokerage business is already one of the biggest in the world and the largest affiliated with a bank.
The fourth-largest U.S. bank by assets is the biggest seller of mortgages, used car loans and middle-market loans in the United States and those borrowers all need insurance, Stumpf said.
Stahlka, Historic Square Insurance
Stahlka Agency, an independent insurance agency and member of the EMS Group, based in Williamsville, N.Y., acquired the Western New York practice of Erie, Penn.-based Historic Square Insurance Agency.
Stahlka Agency, an independent agency serving the Western New York market, will merge Historic Square’s office in Orchard Park, N.Y., into its existing Orchard Park location near Buffalo.
“This is a key strategic acquisition as we expand our business in Western New York,” said Mark Stahlka, president of Stahlka Agency. North Bridge Advisors, a Concord, Mass.-based consulting firm specializing in insurance agency acquisitions and mergers, served as an advisor to Stahlka Agency on the transaction. Stephen Gutting, Historic Square Insurance Agency’s managing partner, said the transaction will allow his firm to focus on the Erie, Penn., area and strengthen its core business in the region.
Stahlka Agency is a member of the EMS Group and EMS Financial Services. Historic Square offers all personal and commercial lines.
Frank Crystal
Frank Crystal & Co., an independent insurance brokerage firm headquartered in New York, has formed an exclusive cooperation with P.L. Ferrari & Co. to launch a new U.S.-based marine insurance practice.
A European-based insurance broker specializing in marine liability for ship owners, P.L. Ferrari will work with Frank Crystal to offer protection and indemnity (P&I) insurance to American-based ship owners through bespoke transactional, technical and advisory support.
Northern United Agents Alliance
The Northern United Agents Alliance (NUAA), an independent agency partnership based in New Hampshire, said Hunkins & Eaton Insurance Agency has joined the group as its newest member.
Founded in 1880, Littleton, N.H.-based Hunkins & Eaton Insurance Agency is an independent, locally owned and operated insurance firm. It offers both personal and business lines of insurance.
Headquartered in Concord, N.H., the NUAA is an alliance of independent insurance agents. It currently has nine members.