Business Moves – Midwest
AmWINS
North Carolina-based insurance wholesaler AmWINS Group Inc. has partnered with two insurance industry executives, Terry Younghanz and Richard Parks, to form a new managing general underwriter (MGU) focused on specialty insurance products.
Based in Kansas City, the MGU will underwrite specialty commercial property and casualty exposures.
Younghanz is the former president and chief executive officer of Rockhill Insurance Group, which he founded in 2005 and sold to State Automobile Mutual Insurance Co. in February 2009. Prior to founding Rockhill, Younghanz was with St. Paul Surplus Lines Insurance Co., RLI Insurance Group and GE Insurance Solutions.
Parks is the former president of Rockhill’s Specialty Insurance Division. Parks also served on several executive committees at Rockhill including risk, strategic planning, information technology and mergers/acquisitions.
AmWINS, Smic
AmWINS Group Inc. has acquired Special Markets Insurance Consultants Inc. (Smic), headquartered in Stevens Point, Wis., with a sales office in Chicago, Ill.
Founded in 1985 by Nora Stransky, Smic is a niche managing general underwriter providing student accident medical, catastrophe medical, general liability and related insurance programs for elementary and secondary schools, colleges, youth groups, church groups, recreational programs and sports-related associations across the U.S.
Smic CEO Kim Walker acquired the organization in 2005 and will continue to lead the MGU along with Stransky.
SIAA
The Strategic Insurance Agency Alliance (SIAA) announced eight new member agencies located in in Midwest states: Francis Insurance Agency of Grand Blanc, Mich.; Robert James Insurance Services of Oak Brook, Ill.; ARK Insurance Group of Johnston City, Ill.; Eagle Insurance & Financial Group of McCordsville, Ind.; The Northwoods Insurance Agency of Ontonagon, Mich.; Schneider Insurance Services of Woodbury, Minn.; Howard Insurance of Hamilton, Ind.; and Allen Insurance Agency of Westmont, Ill.
Since its inception in 1995, SIAA has signed more than 4,200 new members.
Arthur J. Gallagher & Co., Grace/Mayer Insurance Agency
Arthur J. Gallagher & Co. announced the acquisition of Grace/Mayer Insurance Agency Inc. in Omaha, Neb.
Founded in 1917, Grace/Mayer Insurance Agency is a retail insurance broker providing property/casualty, employee benefits and risk management insurance services for U.S. and international commercial and personal lines clients.
The firm specializes in placing coverage for the agribusiness, not-for-profit, real estate, food processing, transportation and construction industries.
John Lehr and his team will continue to operate from their current Omaha location as Gallagher Grace/Mayer.
McGowan Cos., CGA Associates
Fairview, Ohio-based McGowan Cos. has purchased the assets of CGA Associates Inc. (CGA).
Effective immediately, CGA will begin operating under the McGowan Program Administrators brand.
Founded in 1997, CGA is a nationwide commercial insurance brokerage agency with “pens” for accident and health, flood, workers compensation, and real estate umbrellas. It also has expertise in hotels/motels, condominium associations, restaurants, “Main Street” BOPs, package risks, builders risk, liquor liability and commercial auto.
All CGA brokers will receive automatic appointments with McGowan and its full range of products and capabilities, and McGowan brokers will now have access to all of CGA’s product offerings.
Digital Insurance, Bremer Financial
Benefits-only insurance agency, Digital Insurance, announced an alliance with Minnesota-based Bremer Financial Corp. to manage the organization’s health insurance and employee benefits programs.
Bremer serves hundreds of employers and thousands of individual policy holders in Minnesota, North Dakota and Wisconsin.
While the organization will retain local sales and service representatives, policyholders also can use new amenities such as Digital’s Customer Advocate Center, whose representatives help callers resolve questions related to coverage and claims.
Bremer Financial Corp. is a privately held, $8.1 billion regional financial services company, jointly owned by its employees and the Otto Bremer Foundation (OBF). It provides a comprehensive range of banking, investment, trust and insurance products and services. Some 92 percent of dividends paid are distributed to the Foundation, which issues grants to help local nonprofits build healthy communities. Last year these grants totaled approximately $30 million.
Norman-Spencer Agency, Keenan Marine Insurance Agency
Ohio’s Norman-Spencer Agency Inc. has acquired New York-based Keenan Marine Insurance Agency LLC.
Keenan Marine is a national specialty yacht insurance agency and has provided comprehensive solutions to yacht owners across the United States for many years.
Norman-Spencer’s marine insurance services division is a specialized provider of recreational boat and yacht insurance.
Coverages from Norman-Spencer range from AquaPac, the endorsed consumer insurance program of the Marine Retailers Association of the Americas, to the FishOn insurance program, high performance boats, yacht and mega yacht programs. The MRAA is a national association representing boat and engine dealers and other retailers across North America.
Norman-Spencer also provides insurance services to clients and insurance buyers nationwide with over 10 proprietary in-house programs covering industries like construction, real estate, and professional lines.
With roots dating to the early 1900s, Norman-Spencer has 160 employees in 7 offices across the U.S., and has excess of $200 million in annual written property/casualty premium.
ASNOA
The Agent Support Network of America, ASNOA has welcomed its two newest partners, insurance veterans J. Scott Loveland and Roger Collins.
J. Scott Loveland, owner and founder of Springfield, Mo.-based Scott Loveland Insurance LLC, has purchased the principal agency partner position for ASNOM (Agent Support Network of Missouri). Loveland purchased the agency principal partner position for ASNOM from Jean McCarter.
Roger Collins, a seasoned Chicago-area insurance professional with 20 years of industry experience has acquired the rights to appoint ASNOA affiliates in the greater Chicagoland region. Collins has acquired the rights to appoint new agents in the city of Chicago, suburban Cook County and Will County. He began his career as a captive agent in 1989.
Ryan Specialty Group, Direct Group
Chicago-based Ryan Specialty Group (RSG) has signed an agreement to acquire UK insurance services provider Direct Group for an undisclosed consideration.
The acquisition is subject to regulatory approval.
Direct Group has been a partner to specialist Lloyd’s insurer Jubilee, part of RSG, for a number of years. The acquisition will build on Jubilee’s existing TPA operation, Jubilee Service Solutions.
Direct Group is based in Doncaster. It delivers a range of MGA and TPA services across the insurance industry and provides solutions to financial institutions, corporations and affinities. These services include underwriting, proposition delivery, policy administration, premium collection, distribution services, insurer and captive reporting and comprehensive claims handling services.
Direct Group’s directors will remain with the business and play an active role in its future development, the company said.
American Family, Permanent General Cos., Lumbermens Casualty
American Family Insurance, based in Madison, Wis., is acquiring Nashville, Tenn.-based PGC Holdings Corp. and its subsidiaries, including non-standard auto insurers Permanent General and The General.
The agreement was announced by American Family and Capital Z Partners, majority owner of PGC Holdings Corp.Closing of the anticipated $239 million transaction is targeted for later this year, subject to regulatory approval.
PGC Holdings, also known as Permanent General Companies, will remain a completely separate brand from American Family and will continue to operate as a separate entity. Employee positions will be retained, and Randy Parker will continue in his role as Permanent General’s chief executive officer.
In a separate transaction, American Family is moving forward with an agreement to purchase Lumbermens Casualty Insurance Co. (LCIC). LCIC is a subsidiary of Illinois-based Lumbermens Mutual Casualty Co.
The purchase gives American Family the flexibility to expand into other states in the future. LCIC stopped selling and renewing insurance policies in 2003 and is a shell company. LCIC has property and casualty licenses (auto, homeowners and umbrella) in approximately 40 states.
Lumbermens Mutual was placed in rehabilitation by order of an Illinois Circuit Court on July 2, 2012. The sale of LCIC to American Family was recently approved by the same court.
The sale was to be finalized on Oct. 1.