Business Moves
Brown & Brown, Global Benefit Strategies
Florida-based national insurance broker Brown & Brown Inc. announced that its New Jersey-based subsidiary Brown & Brown Metro Inc. has acquired certain assets of Global Benefit Strategies in Morristown, N.J. Terms of the transaction were not disclosed.
Global Benefit Strategies was founded by Doug Pridgen and specializes in providing employee benefits insurance products and services. The firm has annual revenues of approximately $1.1 million. Pridgen and his team will join Brown & Brown Metro’s existing Florham Park, N.J., location under the leadership of Ty Beba, executive vice president of Brown & Brown Metro.
Brown & Brown Metro said this acquisition would enable the firm to continue to grow its retail presence in New Jersey and throughout the Northeast.
AssuredPartners, Sheehan Insurance, First Palmetto
Lake Mary, Fla.-based AssuredPartners Inc. has acquired the business and assets of Sheehan Insurance Group. Terms of the transaction were not disclosed.
As part of the acquisition, 22 employees will join AssuredPartners.
Sheehan Insurance Group operations are based in Haymarket, Va., and will continue under the local leadership of Pat Sheehan. The agency specializes in coverage for businesses, including the senior living, transportation and hospitality industries; and insurance for individuals. It reports revenues of approximately $4 million.
In addition, AssuredPartners, through its subsidiary Assured Neace Lukens, has acquired First Palmetto Insurance Agency in South Carolina. Terms of the transaction were not disclosed.
First Palmetto Insurance Agency offers personal lines insurance, including homeowners and auto, and coverage for businesses including general liability, commercial property and product liability insurance.
As part of the acquisition, eight First Palmetto Insurance Agency employees will join AssuredPartners. First Palmetto operations will continue in the Murrells Inlet and Pawleys Island offices in South Carolina, under the local leadership of Will Hanna, managing director.
AssuredPartners, a portfolio company of Chicago-based private equity firm GTCR, 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 more than 75 insurance firms and has approximately $400 million in annualized revenue.
Arthur J. Gallagher, AMG, iBEN, O’Gorman & Young
Arthur J. Gallagher & Co. in Itasca, Ill., recently acquired the following businesses: Affinity Marketing Group LLC in Natick, Mass; Independent Benefit Services Inc. in Rockville, Md.; and O’Gorman & Young Inc. in Chatham, N.J.; and its affiliate G.R. Murray Insurance in Princeton, N.J. Terms of the transactions were not disclosed.
Established in 2001, AMG is a national program broker that provides access to products and services designed for members of affinity groups, associations and fraternal organizations throughout the United States.
AMG specializes in developing coverage programs for its client sponsors that reach more than 25 million consumers with AMG’s offerings of affinity products such as life, auto, home and ancillary health insurance, identity theft protection, and business service discounts. Doug Furbush and his team will continue to operate from their current location under the direction of Kevin Garvin, head of Arthur J. Gallagher & Co.’s North American affinity operations.
Founded in 1989, iBEN provides employee benefits, human resources and retirement plan consultation, and brokerage services for middle-market clients in the mid-Atlantic region.
iBEN specializes in offering tailored group benefits, retirement planning, HR consulting and executive benefits with an emphasis on planning analysis and design, cost-benefit analysis, compliance, implementation, and communication and education. Neil Simons and his associates will continue to operate at their current location under the direction of David Ziegler, head of Arthur J. Gallagher & Co.’s Eastern employee benefit consulting and brokerage operations.
Founded in 1894, O’Gorman & Young is a retail insurance broker providing commercial property/casualty, employee benefits, risk management consulting and personal lines insurance services to clients throughout the eastern United States.
O’Gorman & Young specializes in insurance services for public and private schools, contractors, municipalities, lawyers, and financial and nonprofit institutions. Ernest “Jay” Lawton and his team will continue to operate in their Chatham and Princeton locations in New Jersey under the direction of Douglas Brown, head of Arthur J. Gallagher & Co.’s Eastern region retail property/casualty brokerage operation.
Integro, Ventura Insurance
New York-based brokerage and risk management firm Integro announced its acquisition of Ventura Insurance Brokerage, also based in New York. Terms of the transaction were not disclosed.
Ventura Insurance Brokerage is an entertainment specialist brokerage firm providing insurance services to the film, television, media and theatre industries. The firm also serves the aviation, commercial and private client and benefits markets.
Christine Sadofsky, president of Ventura Insurance Brokerage, and her team will continue in their leadership roles, Integro said in its announcement.
Integro said the addition of Ventura enhances Integro’s film, TV, media and theater specialties in the United States and will support the transatlantic film team.
Integro’s entertainment-focused brokerage acquisitions in recent years include: Stonehouse Conseillers Ltd. (2014) and Allan Chapman & James (2012) in the United Kingdom and U.S. Doodson Broking Group (2013) in the U.K. and the U.S.; Multimedia Risk (2013) of Canada; and Nashville, Tenn.-based Frost Specialty (2010).
INSURICA, James & Associates, Alliance Brokers & Consultants
Oklahoma City-based INSURICA Insurance Management Network announced in mid-December that it acquired an agency in Oklahoma and one in California during the third quarter of 2014.
In Oklahoma, INSURICA added James & Associates, located in Tulsa. James & Associates has been in business for nearly 50 years. The agency was founded by Clark James, who was succeeded by his son, John James. John James manages the book of business and has joined INSURICA’s downtown Tulsa office.
In California, INSURICA acquired Alliance Brokers & Consultants in Bakersfield, in a strategic move to enhance the employee benefits division of INSURICA’s Bakersfield office, Walter Mortensen Insurance/INSURICA. Alliance’s Clay Koerner brings more than 40 years of experience in providing benefits strategies to help employers control costs while expanding benefits and services. Koerner and his four team members have joined INSURICA’s Bakersfield office.
INSURICA has 26 offices located throughout Oklahoma, Texas, Arkansas, Arizona and California.