Business Moves
Brown & Brown, Spain Agency
Brown & Brown Inc. announced that its subsidiary Brown & Brown of New York Inc. has acquired certain assets of Spain Agency Inc., an independent agency based in Mahopac, N.Y. Terms of the transaction were not disclosed.
Founded by the Spain family in 1922, the agency provides commercial and personal lines insurance, primarily in New York, and has a focus on the insurance needs of municipalities. It has annual revenues of approximately $6.5 million.
As part of the transaction, Michael Spain, Brian Miles and their team will continue to operate out of Spain Agency’s existing office in Mahopac.
Florida-based national insurance broker Brown & Brown Inc., through its subsidiaries, offers insurance and reinsurance products and related services. Additionally, certain Brown & Brown subsidiaries offer risk management, third-party administration and other services.
Cross Insurance, Corcoran & Havlin
Cross Insurance, an independent insurance agency headquartered in Bangor, Maine, has purchased Corcoran & Havlin Insurance Group, an independent agency in Wellesley, Mass. Terms of the transaction were not disclosed.
Corcoran & Havlin’s owners Jack Keefe and George Doherty will continue to lead the organization following the transaction.
Founded in 1967, the Wellesley-based Corcoran & Havlin has additional offices in Medfield and Duxbury in Massachusetts.
Founded in 1954, Cross Insurance, a subsidiary of Cross Financial Corp., is an independent insurance agency with 700 employees in more than 35 offices, serving 100,000 customers throughout the New England region. Cross Insurance provides personal and commercial insurance lines, employee benefits, surety bonds, risk management advice and counsel, and specialized products focused on higher education and high-net-worth needs.
Domenick & Co., Human Services Co.
Domenick & Co., a Philadelphia-based independent agency specializing in property/casualty insurance and risk management services to the nonprofit sector, has acquired the assets of Human Services Company, an independent agency in Baltimore that also caters to the nonprofit segment. Terms of the transaction were not disclosed.
Domenick & Co., which has approximately $10 million in premium volume, said the acquisition would help the firm expand its service offerings, particularly in the Maryland and Washington, D.C., areas.
Kaplansky Insurance, North State
Kaplansky Insurance Agency, an independent agency headquartered in Needham, Mass., has acquired North State Insurance Agency of Chelmsford, Mass. Terms of the transaction were not disclosed.
North State Insurance Agency has been providing insurance services to local residents and businesses in Massachusetts and New Hampshire for more than 50 years. Michael Noone, vice president of operations for Kaplansky Insurance, and Pamela Ubele, branch manager of North State, will coordinate the merger.
Ely Kaplansky, president and CEO of Kaplansky Insurance who founded the firm in 1974, said his firm is continuing its search for profitable, quality agencies for its expansion. Kaplansky Insurance has acquired 20 agencies since its inception.
Kaplansky Insurance provides personal and commercial insurance services through 11 locations in eastern and central Massachusetts.
AmTrust Financial, ARI Mutual
AmTrust Financial Services Inc. has entered into a definitive agreement, pending regulatory and policyholder approval, to acquire ARI Mutual Insurance Co. in Newtown, Pa., following the completion of the conversion of ARI to a stock company from a mutual company.
AmTrust said it has also entered into a quota-share reinsurance agreement with ARI as a first step in the process to complete the acquisition. The transaction is expected to close by the fall of 2015.
ARI is one of the top 10 writers of commercial auto insurance in New Jersey and has recently entered Pennsylvania and Maryland. During 2014, ARI wrote approximately $58 million in premiums, primarily written in New Jersey.
AmTrust Financial Services, a multinational insurance holding company headquartered in New York.
Atlas Financial, Global Liberty
Atlas Financial Holdings Inc. in Elk Grove Village, Ill., has acquired Global Liberty Insurance Co. of New York, along with its affiliated underwriting and premium finance companies.
The purchase price is approximately $24.7 million in cash and preferred shares of Atlas, which is subject to post-closing adjustments as set out in the definitive agreement with Global Liberty announced in October.
Founded in 2003, Global Liberty’s principal business is in the light commercial auto sector, principally insuring limousine, black car, and luxury car vehicles. The company is based in Melville, N.Y.