Business Moves
Brown & Brown, The Wright Group
Daytona Beach, Fla.-based national insurance broker Brown & Brown Inc. is acquiring for $602.5 million The Wright Insurance Group LLC from Aquiline Capital Partners, Wright’s lead equity partner.
The Wright Insurance Group (TWIG), with $114 million in revenue, is a fee-based specialty insurance services company that underwrites and administers property/casualty risks through three distinct segments: Wright Flood, program services servicing reciprocals and self-insured groups and managing general agent services. It is the largest provider involved in the federal flood insurance program.
B&B will acquire 100 percent of the membership interests of TWIG and its subsidiaries, with the exception of WRM America Indemnity Co. in Uniondale, N.Y.
The announcement said Wright’s leadership team will remain in place. Wright’s operations will become part of Brown & Brown’s National Programs Division.
The total net consideration to be paid for the ownership interests of Wright is $602.5 million. This amount is comprised of cash payments of $587.5 million for the program business, $7.5 million for Wright National Flood Insurance Co. (WNFIC) and $7.5 million for WNFIC statutory surplus.
SNL, iPartners
SNL Insurance, a division of SNL, has acquired iPartners LLC, which offers analytics and reporting software and services that help insurers collect and analyze internal business data. Terms were not disclosed.
SNL Insurance clients will be given the option to add the iPartners reporting tool to their subscription at a preferred rate. SNL provides insurance market and financial data, research and analytics. iPartners says it serves 45 property/casualty insurance firms. SNL is based in Charlottesville, Va.; iPartners is in Atlanta.
Cross Insurance
Bangor, Maine-based Cross Insurance has acquired the assets of two insurance brokers – Willis of Northern New England Inc., and The Insurance Exchange Inc. of Stamford, Conn.
Formerly known as the Dunlap Agency, Willis of Northern New England is a Northeast insurance broker specializing in attorneys, not-for-profit organizations, hospitals and contractors. Willis of Northern New England operated out of four offices in Maine. All four offices will subsequently be re-branded under the Cross Insurance name.
The acquisition of Stamford-based The Insurance Exchange, an independent, family owned agency, marks Cross Insurance’s first move into the Connecticut insurance market.
Risk Strategies, DataRisk
Risk Strategies Co., a national insurance brokerage and risk management firm based in Boston, has acquired DataRisk LLC, a Portsmouth, N.H.-based risk management consulting firm offering risk management and specialized insurance brokerage services.
As part of the transaction, Mike Daigle, DataRisk’s CEO and founder, joined Risk Strategies as a managing director.
AssuredPartners, Leonard Insurance
AssuredPartners Inc., through its Dawson Companies platform, has acquired Leonard Insurance Services, an Ohio-based agency that specializes in commercial, personal, life and health insurance, employee benefits, financial planning, and surety programs for contractors.
Since its founding in 1904, Leonard Insurance Services has grown to become one of the largest independent agencies in Ohio. The firm reports approximately $10 million in revenue, and is managed by principals Fred Kloots, Richard Martindale and Todd Witham.
As part of the acquisition, 58 Leonard Insurance Services employees will join Dawson Companies. Operations are based in North Canton, Ohio, and will continue under the local leadership of Fred Kloots and Rick Martindale.
Additionally, AssuredPartners, through its Dawson Companies platform, has completed the acquisition of InSight Aviation Insurance in Richmond, Va.
InSight Aviation is an agency that specializes in property/casualty insurance and risk management for aviation businesses.
Headquartered in Lake Mary, Fla., AssuredPartners is a portfolio company of Chicago-based private equity firm GTCR.
Lucien Wright, Paul Lowe Agency
The Lucien Wright Insurance Agency has purchased the Paul Lowe Agency in Arlington, Texas. The Paul Lowe Agency represents several national carriers and specializes in personal insurance.
Lucien Wright Insurance Agency, headquartered in Ft. Worth, Texas, was founded by the late Lucien Wright in 1937 as an independent agency specializing in automobile and homeowners insurance, and later added commercial insurance.
EPIC, McCart Group
Edgewood Partners Insurance Center, a retail property/casualty insurance brokerage and employee benefits consultant based in San Francisco, has acquired The McCart Group of Duluth, Ga.
The McCart Group will add approximately $20 million in revenue to EPIC in 2014, along with more than 100 employees and a regional presence in the Southeast.
Founded in 1971, The McCart Group provides risk management, property/casualty, employee benefits and personal risk management products.
EPIC CEO John Hahn said the addition of The McCart Group establishes EPIC’s first large regional hub outside of California and is “a solid base” for EPIC in the Southeast.
Backed by the Carlyle Group and Stone Point Capital, EPIC’s strategic plan calls for a dramatic increase in its current $100 million in revenue to $250 million by 2018.
EPIC has 450 employees operating from nine offices across California (Los Angeles, Irvine, Inland Empire, Fresno, Folsom, San Francisco, San Mateo, Petaluma and San Ramon) and in Atlanta, Boston, Chicago, Denver and New York.
Hilb Group, Hockman Insurance
The Hilb Group LLC has acquired Hockman Insurance Agency Inc. of Tampa, Fla. The transaction was effective Jan. 1, 2014. Terms were not disclosed.
Hockman Insurance will continue to operate at its current location under the leadership of Ron Hockman. Founded in 1961, the agency provides commercial and personal insurance.
The Hilb Group was founded in 2009 by Robert H. Hilb, the former founder, CEO and chairman of Hilb, Rogal and Hobbs, and Robert J. Hilb, a former corporate vice president of HRH.
The Hilb Group makes targeted acquisitions in the middle market insurance brokerage space. The company is headquartered in Richmond, Va.
BevCap Management
BevCap Management has announced the formation of BevCap Sponsored Captive Insurance Inc., domiciled in Hawaii.
BevCap Sponsored Captive Insurance Inc. is a cell captive, with its first cell being BevCap Health, a heterogeneous group captive. BevCap Health is a self-funded health plan with group risk sharing. Members implement separate and distinct health plan designs, yet administer the plans as a group.
BevCap Health was founded in February 2013 with Standard Sales Co. out of Odessa, Texas.
Leavitt Group, Mountain West
Mountain West Benefits will become part of the Leavitt Group in an affiliation that also includes the Leavitt Group’s two Montana agencies, Taylor-Leavitt Insurance Agency of Billings, and Northern Montana Insurance Services of Choteau.
The new entity will be called Leavitt Great West Insurance Services. All three agencies will combine operations and expertise to provide a range of insurance, risk management and employee benefits solutions.
The merger will not affect current accounts; clients will continue to work with the same personnel and phone numbers will remain the same, according to an announcement by Leavitt. Current agency owners will remain owners of the new entity.
The Leavitt Group provides clients with risk management services, and a range of employee benefit solutions.
Alliant Insurance Services
Alliant Insurance Services has launched Alliant Americas. The new organization will expand Alliant’s middle market presence through strategic acquisitions and investments.
Alliant Americas’ acquisition criteria will place a high value on companies in populous areas throughout the United States with a proven history of growth and a strong management team.
The organization will be led by Sean McConlogue, who will serve as president of Alliant Americas and be responsible for the strategic direction and leadership of the group. McConlogue serves as president of Alliant Specialty Insurance Services and will continue in this role.
Newport Beach, Calif.-based Alliant provides property/casualty, workers’ compensation, employee benefits, surety, and financial products and services to more than 26,000 clients nationwide.
Align, Catalytic, Western RE Managers
San Diego-based Align Financial Group LLC has formed Catalytic Holdings LLC, a specialist property catastrophe underwriting manager. Catalytic has acquired the property catastrophe business of Align General Insurance Agency LLC and all of the stock of Western Re Managers Insurance Services Inc.
Catalytic is merging the existing teams and businesses, and plans to acquire additional property catastrophe companies and assets over time to create a major new property catastrophe insurance industry player.
Catalytic represents syndicates at Lloyd’s of London, as well as international and domestic carrier partners to write stand-alone commercial earthquake DIC and terrorism risks.
Western RE is a California-domiciled insurance agency. The firm is headquartered in Los Angeles, and has an underwriting office in Chicago.