Business Moves

Confie Seguros

Confie Seguros, a national provider of personal lines insurance, has acquired three insurance brokerages.

Confie Seguros acquired The Insurance Market Agency Inc. in Tonawanda, N.Y., and Action Auto Insurance Agency Inc. in Cheektowaga, N.Y. Both Agencies have been part of the Buffalo, N.Y., community for many years and offer auto, homeowners and small commercial insurance.

Additionally, Confie said it has added Fast Quote Insurance in Ontario, Calif., which specializes in auto insurance from five Southern California offices.

Confie has acquired more than 70 businesses since its inception in 2008 and has grown to revenue of $350 million and 560 offices. Last month the company announced five acquisitions in New York, Washington and Texas. The California-based national insurance distribution company primarily focuses on the insurance needs of Hispanic consumers. Confie Seguros is a portfolio company of ABRY Partners.

Starkweather & Shepley, Universal Insurance Agency

Starkweather & Shepley Insurance Brokerage Inc. in East Providence, R.I., has acquired Universal Insurance Agency of Smithfield, R.I. Terms of the transaction were not disclosed.

Universal Insurance Agency will merge its operation into Starkweather & Shepley’s East Providence office. Larry Signore, president of Universal Insurance Agency who founded the agency in 1981, will bring all of his clients to the new location.

Universal Insurance Agency provides personal and commercial insurance to a range of classes such as environmental, manufacturing, commercial real estate and development, construction and construction management and high-tech firms.

Starkweather & Shepley’s Chairman and Chief Financial Officer William McGillivray said the transaction further expands the firm’s Rhode Island footprint.

Founded in 1879, Starkweather & Shepley provides commercial and personal insurance, health and employee benefits, surety bonding and risk management services. Headquartered in East Providence, R.I., the firm has additional branch offices in Westerly, R.I.; Martha’s Vineyard, Sturbridge and Westwood, Mass.; Bristol and Shelton, Conn.; and Fort Myers, Fla.

Hub International, Laurus Strategies

Insurance brokerage Hub International Ltd. (Hub) announced its Chicago-area affiliate Hub International Midwest (Hub Midwest) plans to acquire Laurus Strategies from CSIG Holding Co.

Laurus is an employee benefits, human resources, and human resource information system (HRIS) global benefits consulting business. Terms of the acquisition were not disclosed.

Closing of the acquisition is conditioned upon customary closing conditions and is expected to occur in November 2014. As part of the transaction, Hub will acquire Laurus’ employee benefits and HR technology consulting practices. This HR technology consulting practice will continue to operate under the “ihouse” brand.

Laurus offers global health and benefits consulting, including expertise in such areas as: private exchange, human capital development, international total rewards, property and casualty, nonprofit and public affairs, and human resource information system (HRIS) consulting, which helps clients assess current systems and identify the best alternatives, enabling benefit solutions to integrate with existing HR systems, such as payroll.

Founded in 2003, Laurus focuses on midsized and large, complex Fortune 2000 companies. The firm’s more than 130 employees serve more than 450 clients throughout the United States, Canada and Latin America from its Chicago headquarters and three regional offices.

Chris Cordes, Laurus’ managing partner, will join Hub as the president and market leader of Hub Midwest, responsible for employee benefits and consulting services and reporting to Neil Hughes. Hub’s National Employee Benefits Practice is headed by its President Mike Barone.

EXL, Overland Solutions

Business process solutions company EXL has acquired Overland Solutions Inc., an Overland Park, Kan.-based provider of underwriting support services including premium audit, commercial and residential underwriting surveys and outsourced loss control services for the insurance industry.

Overland’s audit segment provides critical information on risk and exposures for carriers and their regulators. The survey segment works with residential and commercial underwriters and managing general agents to understand underwriting risks, identify loss prevention opportunities and survey individual properties for replacement cost valuations.

The merger consideration of $53 million in cash was funded from existing cash resources on EXL’s balance sheet, the company said. The transaction is expected to be immediately accretive to adjusted EPS and contribute approximately $10 million of revenue in the fourth quarter.

In business since 1999, EXL is headquartered in New York.