Business Moves
Swiss Re Corporate Solutions, IHC Risk
Swiss Re Corporate Solutions has agreed to buy IHC Risk Solutions and its direct employer stop loss (ESL) business from Independence Holding Co. for $152.5 million in cash. The transaction includes IHC Risk Solutions’ operations, its team of experts and business portfolio, including in-force, new and renewal business written with IHC subsidiaries, Standard Security Life Insurance Co. of New York and Independence American Insurance Co.
Under the terms of the agreement, business produced by IHC Risk Solutions will be written through Swiss Re Corporate Solutions’ largest U.S. carrier, Westport Insurance Corp.
IHC Risk Solutions has 100 employees in Arizona, Connecticut, Illinois, Indiana and New Jersey.
The transaction is subject to regulatory approval and is expected to close during the first quarter of 2016
Walsh Duffield, Barry York
Walsh Duffield Companies Inc., an independent insurance agency based in Buffalo, N.Y., announced that it has acquired Barry York Inc., an independent agency in Pittsford, a suburb of Rochester, N.Y. Terms of the transaction were not disclosed.
This is the second agency acquisition for Walsh Duffield in the Rochester region. Walsh Duffield previously acquired Stuart G. Smith Agency – now doing business as Walsh Quinn Agency LLC – in Brighton, N.Y., in 2014.
Walsh Duffield said Barry York Inc. will do business as Barry York Agency and that its Pittsford office will stay open and will not be merging with any other offices at this time.
Barry York Inc. will continue to be led by President Barry York, and the firm’s six staff members will join Walsh Duffield as part of the transaction.
Walsh Duffield is a fourth-generation, family-owned independent agency. With six offices in Buffalo, Medina and Rochester, N.Y., regions and with more than 80 employees, Walsh Duffield offers personal and commercial insurance products.
AssuredPartners, Archer A. Associates
AssuredPartners Inc. has acquired the business of Archer A. Associates Insurance, an independent agency based in Franklin Square on Long Island, N.Y. Terms of the transaction were not disclosed.
The team of 21 employees at Archer A. Associates will continue to operate under the leadership of Charles Torsiello, president. Founded in 1952, Archer A. Associates reports approximately $3.5 million in revenues.
Based in Lake Mary, Fla., AssuredPartners acquires and invests in insurance brokerage businesses across the U.S. and in London.
Confie, Fair Price Insurance
Confie, a national provider of personal and commercial lines insurance, has acquired Fair Price Insurance Inc., a specialty auto insurance agency based in the Bronx, New York City. Terms of the transaction were not disclosed.
This is Confie’s second agency acquisition in New York City. Confie previously acquired R&R&R Brokerage Inc., a provider of auto insurance also based in the Bronx, in June 2015.
There are four employees that will continue with Fair Price Insurance as part of the transaction.
Confie also said it’s “very bullish” regarding its acquisition pipeline for 2016.
Established in 2008, Confie is a California-based national insurance distribution company primarily focused on personal lines and small commercial insurance.
World Insurance, HTK/Hunt
World Insurance Associates LLC, an independent agency based in Tinton Falls, N.J., announced the acquisition of the HTK/Hunt Traina Kennard Insurance Agency Inc., also based in Tinton Falls. Terms of the transaction were not disclosed.
HTK/Hunt Traina Kennard is an independent agency formed in 1996 after a merger of three agencies.
HTK/Hunt Traina Kennard offers commercial and personal insurance to residents of Tinton Falls and surrounding areas. The firm has approximately $10.5 million in property/casualty premiums.
HTK/Hunt Traina Kennard owners and partners Glenn M. Kennard and Rich Hunt will continue to serve their agency clients, operating as the HTK/Hunt Traina Kennard Insurance Agency, a Division of World Insurance Associates. The current HTK/Hunt Traina Kennard location will close and its eight employees will move into World Insurance’s Tinton Falls headquarters office.
World Insurance Associates LLC is an independent agency with 57 employees and 10 offices in the Northeast region. The firm serves more than 15,000 customers and places more than $90 million in property/casualty premiums.
Tarpey, Wilson Insurance
Tarpey Insurance Group Inc., a family-owned and operated independent agency based in Wakefield, Mass., with four additional locations in the state, has acquired the assets of the Wilson Insurance Agency in Melrose, Mass. Terms of the acquisition were not disclosed.
The Melrose location will remain a viable office for Tarpey Insurance and Wilson Insurance’s President Keith Bowden will remain with the agency as a producer serving his existing commercial and personal lines clients. Wilson Insurance’s four support staff members will also join Tarpey Insurance.
Tarpey Insurance will have a total of 33 employees following the transaction.
Hub International, Gathings Insurance
Hub International Limited has acquired the assets of Gathings Insurance Services, LLC of Ridgeland, Miss. Terms of the acquisition were not disclosed.
James M. Gathings, principal, will join Hub Gulf South and report to Shaun Norris, chief sales officer, Hub Gulf South. Gathings senior account executives Michael C. Ulmer and D. Kirk Scoggins and the other members of the Gathings team also will be joining Hub Gulf South.
Hub International Limited is headquartered in Chicago Hub International Limited is a global insurance brokerage that provides property and casualty, life and health, employee benefits, investment and risk management products and services from offices located throughout North America.
VistaNational, Business Insurance Underwriters
Oak Brook, Ill.-based VistaNational Insurance Group Inc. has acquired Business Insurance Underwriters of Wheaton, Ill. Terms of the transaction were not disclosed.
VistaNational Insurance specializes in employee benefits.
Business Insurance Underwriters has been designing and servicing employee benefits programs for decades. As part of the acquisition, the Business Insurance Underwriters service team will be joining the VistaNational office in Oak Brook.
VistaNational offers employee benefits, including health, life, disability, dental/vision and long-term care.
DSP Insurance Services,
Willis of Illinois
DSP Insurance Services has purchased another group of assets of Willis of Illinois’ Schaumburg office. The acquisition was finalized on Dec. 31, 2015.
Nancy Vatch and key staff personnel lead the team of professionals that are now part of DSP.
H.W. Kaufman Financial Group, B&F Special Risks Inc.
H.W. Kaufman Financial Group, based in Farmington Hills, Mich., has acquired B&F Special Risks Inc., a New Orleans (Metairie), La.-based specialty insurance broker.
B&F Special Risks was founded in 1977 by J. Patrick Berry and provides specialty wholesale brokerage services to clients throughout Louisiana.
B&F will join the expert team of brokers and underwriters at Kaufman’s flagship company Burns & Wilcox in New Orleans.
CoVerica
Dallas-based independent insurance agency, CoVerica Inc., has opened a new branch location in Tyler, Texas.
Keith Nail is Tyler’s branch president and Tyler resident. The new location is at 400 S. Broadway Suite 103 Tyler, Texas 75702.
Ascende, EPIC
Houston, Texas-based human capital and employee benefits consulting firm, Ascende Inc. (Ascende), has joined forces with national retail insurance brokerage and employee benefits consulting firm, EPIC Insurance Brokers & Consultants.
California-based EPIC noted that Ascende significantly expands its employee benefit capabilities nationally, adding nearly 100 top professionals and a strong client base in the Southwest to EPIC’s existing team of more than 200 employee benefits professionals across the country.
Cunningham Insurance Group
The Cunningham Insurance Group opened a new property/casualty insurance agency, Wilkerson/Cunningham Insurance, in Alexandria, La. This office joins with offices in Natchitoches and Mansfield, La.
Kris Wilkerson, a 13-year veteran of the insurance industry, will serve as a partner and lead producer for the Alexandria office. The agency will focus on small- to mid-size commercial lines prospects and personal lines packages in the Louisiana and East Texas area.
Joe Cunningham Jr., president of Cunningham Insurance Group, said the company plans more growth and is actively looking for additional acquisitions in Central and North Louisiana, as well as in East Texas.
Cunningham Insurance Group is a member of the Northlake Insurance Group of agencies.
Ascension, Sundance
Ascension Insurance Inc. has acquired Sundance Insurance Inc. in Yuma, Ariz.
Don Werley and Debbie Blakesley, the previous co-owners of the Sundance, will join Ascension as senior vice president and senior account manager.
Ascension is an insurance agency that offers risk management and benefits consulting services. Sundance is a property/casualty insurance broker.