Business Moves
AssuredPartners
AssuredPartners Inc. announced that its subsidiary, AssuredPartners of New Jersey, acquired Moscker Insurance Agency Inc. in Severna Park, Md. Terms of the transaction were not disclosed.
Moscker Insurance Agency specializes in coverage for individuals, businesses, and life and health insurance products. The agency reports approximately $3 million in revenues.
As part of the acquisition, 14 Moscker Insurance Agency employees will join AssuredPartners. Operations will continue under the local leadership of Peter Moscker, principal of Moscker Insurance Agency.
In another deal, AssuredPartners acquired Bandy Van Cleave & Williamson of Nashville, Tenn. The agency’s staff will continue to operate from their Nashville location under the local leadership of Bob Van Cleave and Chuck Williamson.
Bandy Van Cleave & Williamson provide a full range of commercial products and services to small to mid-size businesses in nearly every sector.
Also announced, AssuredPartners acquired Western Rivers Insurance of Paducah, Ky., and Insurance Center of Murray, Ky. The agency’s 22 employees will continue to operate from their current location under the local leadership.
An independent insurance agency, Western Rivers traces its roots back over 100 years and provides commercial, personal and group life and health insurance services and products to businesses of all sizes. In addition to standard property and casualty coverages, it offers bonds, hull, pollution, cyber and aircraft coverages, among others.
Headquartered in Lake Mary, Fla., AssuredPartners acquires and invests in insurance brokerage businesses (property/casualty, employee benefits, surety and MGUs) across the U.S. and in London.
CRC, Connecticut Underwriters
CRC Insurance Services Inc., a wholesale insurance unit of BB&T Corp.’s principal subsidiary Branch Banking and Trust Co., announced an agreement to acquire Connecticut Underwriters Inc. in Middletown, Conn. Terms were not disclosed.
Founded in 1964, Connecticut Underwriters is an independent excess and surplus lines broker serving the Northeast region. It will operate as part of CRC Insurance Services’ Southern Cross Underwriters division. Bill Kiley, Connecticut Underwriters president, will serve as regional director after the transaction is complete, the announcement said.
CRC Insurance Services, with more than $4.3 billion in casualty, property and professional premiums during 2014, is a wholesale property/casualty insurance broker.
Arthur J. Gallagher, Burkwald & Assoc.
Itasca, Ill.-based insurance broker and risk management services provider, Arthur J. Gallagher & Co., has acquired Burkwald & Associates Inc. of Pewaukee, Wis. Terms of the transaction were not disclosed.
Founded in 1978, Burkwald & Associates is a management and employee benefits consulting firm that offers group employee benefits products and consulting services to their commercial and public entity clients throughout the Midwest.
Daniel Burkwald and his team will continue to operate from their current location under the direction of William Ziebell, Gallagher’s North Central employee benefit consulting and brokerage leader.
Eustis Insurance & Benefits
Metairie, La.-based Eustis Insurance & Benefits Inc. opened a new branch office in Dallas on Oct. 1.
Eustis president Tommy McMahon explained his company’s expansion into Texas is part of a comprehensive development strategy to grow beyond its historic Louisiana footprint.
Corey M. Manning will anchor the firm’s new Dallas operation. Manning, who specializes in commercial risk management and contract and commercial surety, was recently an account executive with Equify Risk Services of Dallas.
Eustis also has offices in Metairie, Mandeville and Baton Rouge, La.
AmTrust Financial Services, Republic Cos.
AmTrust Financial Services Inc. has agreed to acquire Republic Cos. Inc. and its affiliates (Republic) from Delek Group Ltd. and Republic Insurance Holdings LLC. Republic is based in Dallas.
The purchase price is approximately $233 million, subject to adjustments. The purchase price will be a combination of $113 million in upfront cash, a $105 million note issued by AmTrust to Delek Group Ltd bearing annual interest of 5.75 percent with a four year maturity and cash payments to be made over five years.
Pending regulatory approval, the parties anticipate closing will occur during the first half of 2016.
Texas-based Republic has been providing property/casualty insurance for more than 100 years. In 2014, Republic reported total direct premiums of about $711 million.
Republic provides insurance products and services to individuals and small to medium-size businesses through a network of independent agents primarily in Texas, Louisiana, Oklahoma, Arkansas, Mississippi and New Mexico.
Prepared Holdings, Meridian
Prepared Holdings LLC, the holding company for Prepared Insurance Co., has entered into a definitive merger agreement with Meridian Insurance Holdings Inc., a private investment group, under which Prepared will be acquired by Meridian.
It is anticipated that Meridian will pay a total all-cash purchase price of approximately $35.7 million, assuming a GAAP book value of Prepared of roughly $20.58 million at closing.
The transaction is expected to close around Oct. 30, subject to the satisfaction of customary closing conditions.
Prepared Holdings LLC is the parent company in a consolidated group of companies writing homeowners insurance. Prepared Insurance Co. is the primary operating company, headquartered in Tampa, Fla. Founded in 2009, the company reported total written premiums of $53.4 million in 2014.
USI Insurance, Benefit Controls
USI Insurance Services has acquired the employee benefits business of Benefit Controls of the Carolinas Inc. This is the first acquisition in North Carolina for USI. An employee benefits consulting firm, Benefit Controls of the Carolinas Inc. designs and manages employee benefits and wellness programs as well as provides human resources consulting for companies of all sizes. This business and its employees will remain in its Charlotte, N.C., location. Terms of the transaction were not disclosed.
USI is an insurance brokerage and consulting firm in property/casualty, employee benefits, personal risk services, retirement, program and specialty solutions.
Burns & Wilcox
Burns & Wilcox Brokerage has opened a new full service brokerage office in Charlotte, N.C. This latest location is the third the company has opened in just nine months.
Former AmWINS Group Inc. Vice President Greyson Richardson will oversee operations at Burns & Wilcox Brokerage Charlotte as well as provide property brokerage services. Richardson brings nearly a decade of experience to the role and will focus on new risk exposures in the complex, high-hazard property market and growing healthcare industry.
Cassandra Grace joins Richardson in Charlotte as a professional liability broker, along with Kevin Burns as a casualty broker. Grace has a decade of experience in professional and management liability lines, most recently at Brown & Riding Insurance Services Inc. where she provided options for complex risk exposures for a range of industry classes. Grace also spent two years at Monitor Liability. Burns most recently served as assistant vice president at AmWINS Group Inc. in Charlotte. In addition to casualty, he has spent time working in the ocean marine space.
Burns & Wilcox Brokerage, is an independent business unit owned by the H.W. Kaufman Financial Group solely dedicated to wholesale insurance brokerage.
Hub, Johnson & Wood
Hub International Ltd. has acquired the assets of Carlsbad, Calif.-based Johnson & Wood Insurance Services Inc.
Johnson & Wood President Ed Johnson, and Stuart Wood, vice president, will join Hub California and report to Travis McElvany, executive vice president of Hub California.
Johnson & Wood is a multi-line agency providing commercial and personal insurance services, as well as employee benefit products.
Chicago, Ill.-based Hub is an insurance brokerage that provides property/casualty, life and health, employee benefits, investment and risk management products and services.