Business Moves
AssuredPartners, Omni Risk
AssuredPartners Inc. has acquired Omni Risk Management and Omni Benefits in Smithtown, N.Y. The firm specializes in coverage for commercial insurance with a specialty in construction coverage, surety bonding, personal insurance, as well as life and health insurance products. Omni has approximately $6 million in revenues.
As part of the acquisition, 25 Omni employees will join AssuredPartners. Omni Risk’s Long Island, N.Y., office will continue under the management of founders: Rob Mastrantonio, president; Frank Strcich, vice president-Insurance; and Glenn Glubiak, vice president-Surety.
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, Assured Partners has acquired 76 insurance firms and has grown to approximately $420 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.
Norton Insurance, Brennan Insurance
Norton Insurance Agency, a division of Norton Insurance Financial in Cumberland, Maine, announced that it has acquired the Brennan Insurance Agency of Winthrop, Maine. Terms of the transaction were not disclosed.
Norton Insurance Agency said it has made a strategic commitment to Kennebec County in Maine. In 2013, Norton Insurance Agency acquired the Davis Insurance Agency in Monmouth, Maine, and merged it with its nearby Winthrop affiliate Fairfield Kilgore Agency. Norton Insurance Agency said the Brennan Insurance transaction would complement the Davis and Fairfield-Kilgore insurance agencies.
Locally owned and operated since 1991, Brennan Insurance provides personal and commercial insurance to individuals and businesses in Winthrop and the surrounding communities of Belgrade, Monmouth, Mount Vernon and Wayne.
Brennan Insurance will continue to operate from its Winthrop location and will market under the Brennan Insurance Agency name. Michael and Patrick Brennan, along with their core team, will continue to serve their local communities.
Norton Insurance Financial has offices in Maine and Portsmouth, N.H. It provides personal and business insurance, employee benefits and retirement planning services.
Associated Banc-Corp, Ahmann & Martin
Associated Banc-Corp (Associated) has entered into an agreement to acquire Ahmann & Martin Co., a risk and benefits consulting firm in Minnesota, through Associated’s subsidiary, Associated Financial Group. The transaction is expected to close in February.
Associated Financial Group is a benefits specialist firm with more than 240 insurance specialists across Associated’s three-state footprint. It generates more than $49 million in annualized insurance-related revenues. Associated Financial Group provides employee benefits, business insurance and human resource consulting, and select individual/private insurance services.
Ahmann & Martin Co. adds a range of complementary financial services such as employee benefits, risk management and business insurance with specialization in industry-specific solutions.
Based on 2013 pro forma revenues, the company believes that this combination with Ahmann & Martin Co. will move Associated Financial Group among the United States’ top 50 insurance brokerage firms. Together, the firms will employ more than 370 colleagues and serve approximately 14,000 clients.
As part of the proposed transaction, several key Ahmann & Martin Co. executives will assume leadership roles at Associated Financial Group. Dean Hildebrandt, the current CEO of Ahmann & Martin Co., will become president and CEO of the newly combined firm. David Martin, benefits principal of Ahmann & Martin Co., will serve as executive vice president and lead Associated Financial Group’s overall benefits strategy. Richard Ahmann III, property and casualty principal at Ahmann & Martin Co., will continue playing a key role in helping to bring the businesses together.
Ahmann, Martin and Hildebrandt will all be members of Associated Financial Group’s board of directors.
The transaction is valued at approximately $48 million with the opportunity to increase the consideration by $8 million should certain contingencies be met over a defined period. The transaction is not expected to have a material impact on Associated’s 2015 and 2016 earnings and is expected to be accretive to Associated’s 2017 earnings.
Ohio’s Smith Insurance Services, Leavitt Group
Ohio-based Smith Insurance Services Inc., along with Franchise Insurance Agency Inc., has entered into a partnership with the Leavitt Group.
The agency will now be doing business as Smith & Leavitt Insurance Services and will continue to exclusively offer personal insurance through Nationwide.