Business Moves
Marsh, Torrent
Insurance broker Marsh has agreed to acquire Torrent Technologies Inc., which serves write-your-own insurers participating in the National Flood Insurance Program (NFIP).
Torrent’s approximately 100 employees will combine with Marsh’s existing flood insurance specialists and remain headquartered in Kalispell, Mont., to create a Flood Center of Excellence, offering a suite of flood insurance products and services.
The transaction is subject to customary closing conditions. Terms were not disclosed.
The 10-year-old tech company’s products include TorrentFlood, which is cloud software for processing of flood policies by carriers and agencies, and GetFlood, a web tool that gives agents and consumers real-time price estimates and online payment options for flood policies.
It also offers FloodAssure, which helps lenders manage their flood compliance risk.
The two firms have an existing relationship. In 2013, Marsh began using Torrent’s platform to access the NFIP.
Global Indemnity, American Reliable, Assurant Specialty
Assurant Specialty Property, a business segment of Assurant Inc., has agreed to sell its general agency business and associated insurance carrier, American Reliable Insurance Co., to Global Indemnity Group Inc., the U.S. subsidiary of Dublin, Ireland-based Global Indemnity, for approximately $114 million in cash.
Global Indemnity will also assume approximately $280 million in customary insurance related liabilities, obligations and mandates.
American Reliable, which is based in Scottsdale, Ariz., and has an office in Omaha, Neb., writes specialty personal lines and agricultural property/casualty insurance through a network of general and independent agents. Its product lines include manufactured housing, watercraft, recreational vehicles, farm and ranch, and federal flood insurance. American Reliable recorded $250 million of net earned premiums in 2013.
Global Indemnity plc provides both admitted and non-admitted specialty property/casualty insurance coverages in the United States, as well as reinsurance worldwide. The holding company was formed in 2010 under the laws of Ireland. Its U.S. operations are composed of six insurance companies: Penn-America Group, Diamond State Group, United National Group, J.H. Ferguson & Associates/VacantExpress.com and Collectibles Insurance Services. Its non-U.S. operation is Global Indemnity Reinsurance Co. Ltd.
Assurant Specialty Property sells insurance services in partnership with mortgage lenders, property managers, financial institutions, manufactured home sellers, auto finance companies and their customers. Services include insurance tracking and management and lender-placed homeowners insurance, property preservation services, and property and personal coverage such as renters and flood insurance.
With roughly 17,500 employees, Assurant has approximately $30 billion in assets and $9 billion in annual revenue.
The transaction is expected to close following regulatory approval and satisfaction of customary closing conditions.
Heffernan, Pilot Employee Benefits
Heffernan Insurance Brokers has purchased the assets of Pilot Employee Benefits of Melville, N.Y.
Family owned and operated for more than 50 years, Pilot Employee Benefits has developed benefits programs and services for a wide variety of companies and thousands of employees. Pilot Employee Benefits will be joining forces with Heffernan’s New York City office, integrating employee benefits services alongside Heffernan’s property/casualty insurance efforts.
The Pilot Employee Benefits’ leadership personnel, consisting of Managing Senior Vice President Joshua Senders and Managing Senior Vice President Benjamin Senders, will oversee Heffernan’s newest office, located in Long Island, N.Y.
Headquartered in Walnut Creek, Calif., Heffernan Insurance Brokers has offices in San Francisco, Petaluma, Menlo Park, Los Angeles and Orange County, Calif.; Portland, Ore.; St. Louis, Mo.; and New York City.
Lawley Insurance, S. Turtletaub & Sons
Lawley Insurance, an independent agency based in Buffalo, N.Y., has acquired S. Turtletaub & Sons Inc., an agency in Bayonne, N.J. Terms of the transaction were not disclosed.
The transaction is part of Lawley Insurance’s overall New York City and downstate growth plan, according to the announcement. S. Turtletaub & Sons Inc. staff will join Lawley Insurance’s branch office in Florham Park, N.J.
Lawley Insurance is a privately held, third-generation agency. The Buffalo, N.Y.-based firm has more than 370 staff members and has branch offices across New York state in Amherst, Batavia, Elmsford, Fredonia, Melville and Rochester, along with an office in Florham Park, N.J.
Risk Strategies, Benefit Development Group
Risk Strategies Co., a national insurance brokerage and risk management firm based in Boston, has acquired Benefit Development Group, a Worcester, Mass.-based broker for health insurance, group, and voluntary benefits in the Northeast United States.
Founded in 1976, Benefit Development Group offers health insurance, group and voluntary benefits services for clients in various industries, including retail and distribution, utilities, higher education, not-for-profits, consulting, and healthcare/clinical professions.
Benefit Development Group’s President and Founder Mike Tsotsis and Senior Vice President Christopher Powers will continue to manage the firm, and will do business as “Benefit Development Group, a Risk Strategies Company,” according to the announcement.
Confie Seguros, AA Insurance, Carallo
Confie Seguros, a Huntington Beach, Calif.-based national provider of personal lines insurance, has acquired AA Insurance Services and Parietti & McGuire Insurance in New York.
AA Insurance Services, founded in 1995 and based in Lockport, N.Y., is a standard personal lines agency specializing in auto and homeowners insurance.
Parietti & McGuire Insurance is a second-generation family-owned business founded in 1964 and based in Monroe, N.Y. Parietti & McGuire specializes in providing auto, home and small commercial insurance.
In a separate deal, Confie Seguros acquired the assets of Carallo Insurance Group Inc., an auto insurance agency in Garland, Texas.
Confie has acquired and integrated more than 70 businesses since its inception in 2008, and has more than 560 offices nationwide.
Confie Seguros is a portfolio company of Boston-based private equity firm ABRY Partners.
First Commonwealth, Thompson/McLay
First Commonwealth Insurance Agency, an Indiana, Pa.-based insurance agency and a subsidiary of First Commonwealth Financial Corp., acquired Thompson/McLay Insurance Associates, an agency also based in Indiana, Pa. Terms of the transaction were not disclosed.
Thompson/McLay has been in business for 29 years and serves thousands of regional clients through home, auto, commercial and specialty insurance lines. Following the acquisition, Thompson/McLay will retain its name and operate as a division of First Commonwealth Insurance Agency.
With the acquisition of Thompson/McLay, First Commonwealth Insurance Agency said it will focus on delivering in three primary service categories: employee benefits consulting; personal and commercial property/casualty offerings; and client consultation pertaining to the Affordable Care Act for individuals and small businesses.
The Horton Group, Boyle, Flagg and Seaman Insurance
Orland Park, Ill.-based insurance brokerage, The Horton Group, announced the acquisition of certain assets of Boyle, Flagg and Seaman Insurance Inc., located in Illinois and Michigan.
An insurance agency with locations in Illinois and Michigan, Boyle, Flagg, & Seaman has served its local communities for more than 90 years.
BF&S’s Illinois retail operations will now operate under the Horton name and staff will relocate to The Horton Group offices in Orland Park. The locations in Sturgis and Three Rivers, Mich., will continue to operate at their current locations as W.E. English Insurance Agency Inc.
Going forward, BF&S will be exclusively focusing on the wholesale side of its business, as it continues to be the exclusive marketing agent for the Illinois Public Risk Fund.
The Horton Group has nearly 300 employees in Illinois, Indiana, Wisconsin, Tennessee and Michigan.
AssuredPartners, Crawford Advisors
AssuredPartners Inc., through its subsidiary AssuredPartners of Maryland, LLC, has acquired Crawford Advisors LLC, in Hunt Valley, Md. Terms of the transaction were not disclosed.
Crawford Advisors specializes in employee benefits and compliance services for mid-market and large companies. It reports approximately $12 million in revenue.
AssuredPartners said Crawford Advisors offers a range of health, life, disability and voluntary benefit programs that will strengthen AssuredPartners’ employee benefits capabilities nationally.
As part of the acquisition, 60 Crawford Advisors employees will join AssuredPartners. Local operations will continue under the leadership of Reagan Crawford, AssuredPartners said.
Headquartered in Lake Mary, Fla., AssuredPartners acquires and invests in insurance brokerage businesses (property/casualty, employee benefits, surety, MGA/wholesalers) across the United States and in London. Since its founding in 2011, AssuredPartners has acquired 69 insurance firms and has grown to $380 million in annualized revenue, with more than 80 offices in 27 states and a London office. AssuredPartners is a portfolio company of Chicago-based private equity firm GTCR.
USI Insurance Services, Wallace/Scott
Valhalla, N.Y.-based USI Insurance Services announced the closing on the acquisition of Wallace Insurance Inc./Scott Insurance Services headquartered in Anchorage, Alaska.
The employee benefits practice and all of its employees will join USI’s Anchorage office. By acquiring Wallace/Scott, USI’s footprint in the Northwest has been further extended. Terms of the deal were not disclosed.
Wallace/Scott delivers to its clients an array of employee benefit products and services, including expertise in wellness, insured/self-funded plans, group life and disability plans, along with executive business travel accident programs.
USI operates out of more than 140 offices across the United States.