Business Moves – Southeast

Cooper Gay Swett & Crawford

Cooper Gay Swett & Crawford (CGSC) has agreed terms with Lightyear Capital LLC and institutional co-investors for a substantial investment into the CGSC Group. The investor will own 55 percent of CGSC following the purchase of shares from existing shareholders and a substantial investment in new equity.

Details were not disclosed but CGSC did confirm that the added resources will help it realize the group’s acquisition ambitions. “We expect to make further announcements in the near future. … We have made no secret of our desire for an IPO as part of our overall journey. The current time is not right and in order to continue expanding, we sought investment from a third party; in this case, Lightyear Capital,” CGSC said.

The deal is expected to close before the end of 2012.

OneBeacon, Hagerty Agencies; Essentia, Markel

OneBeacon Insurance Group Ltd. is selling its Essentia Insurance Co. unit to Markel Corp. Essentia focuses on the collector car and boat business that the company writes through Traverse City, Mich.-based Hagerty Insurance Agency and Hagerty Classic Marine Insurance Agency. OneBeacon said it will retain and run off the loss reserves and unearned premium reserves associated with the business before the sale.

Essentia, under Markel ownership, will remain the underwriting company for Hagerty’s collector car and boat business.

Hagerty has not been sold and continues to be a privately-owned family business. Hagerty offers insurance for classic cars, vintage boats, motorcycles and auto collectibles.

OneBeacon CEO Mike Miller said OneBeacon has partnered with Hagerty for the past five years, but the two were unable to reach mutually acceptable terms to extend the relationship.

Markel said Essentia will continue to underwrite insurance exclusively for Hagerty Insurance Agency and Hagerty Classic Marine Insurance Agency.

“Our new relationship with Markel is a natural fit because we are both exclusively focused on specialty and niche insurance markets and are dedicated to providing the best protection to all types of collector vehicles,” said McKeel Hagerty, CEO of Hagerty Insurance.