Business Moves – East
USI, Kelly Insurance
USI Insurance Services, an insurance brokerage and financial service firm in Briarcliff Manor, N.Y., completed its acquisition of New York-based Kelly Insurance Brokerage Inc. Terms of the transaction were not disclosed.
Kelly Insurance Brokerage offers a wide range of employee benefits and consulting services, including financial analysis, government compliance, benefit plan design and development, and account management services. Founded in 1997, the firm is considered one of the largest Asian brokerage firms in the New York Metropolitan area. The firm will be combined with Emerson Reid and Company, USI’s benefits wholesale operation which is headquartered in New York City. USI is headquartered in Briarcliff Manor, N.Y., and operates out of 81 offices in 24 states. USI is a portfolio company of Goldman Sachs Capital Partners, a private equity affiliate of Goldman Sachs & Co.
Amlin plc
UK-based specialist insurer Amlin plc is setting up a U.S. market for casualty reinsurance targeting nationwide business with a focus on general and professional liability.
The business will be sourced direct from U.S. brokers and underwritten on behalf of Syndicate 2001 within Lloyd’s, through a new U.S.-based Amlin service company, Amlin Reinsurance Managers Inc. Amlin Reinsurance Managers will be open for business on Oct. 1 and will operate from offices in New Jersey.
The Hartford, Philadelphia Financial Group
The Hartford Financial Services Group has completed the sale of its Hartford Life Private Placement unit to Philadelphia Financial Group.
The transaction, valued at $117.5 million, was first announced last December. Philadelphia Financial Group is a Philadelphia-based company that specializes in ultra-high net worth private placement insurance market.
The company announced the deal’s completion last month. The Hartford Life Private Placement unit is based in Florham Park, N.J. It provides insurance and wealth management services for consumers and businesses.
W.R. Berkley
W.R. Berkley Corp. formed Berkley Custom Insurance Managers LLC in July. Based in Stamford, Conn., Berkley Custom Insurance Managers will focus on the excess casualty insurance market and will underwrite on behalf of W.R. Berkley’s member insurance companies.
NUAA, Scarafoni Financial Group
The Northern United Agents Alliance (NUAA), an independent agency partnership based in New Hampshire, has teamed up with a group benefits/financial consulting firm to launch a new property/casualty agency.
NUAA said in July that it has partnered with Scarafoni Financial Group of Pittsfield, Mass., to start Berkshire Fairfield Insurance Agency. The new agency, based in Pittsfield, Mass., will offer a wide range of property/casualty insurance products and risk management services. NUAA and Scarafoni Financial Group will have joint ownership of the new agency, which now has five employees. Scarafoni Financial Group offers group benefits, business continuation/estate planning, and retirement and long-term care planning services.