Business Moves
Risk Strategies, Lester Brokerage
Risk Strategies Co., a privately held, national insurance brokerage and risk management firm based in Boston, has acquired Lester Brokerage, an independent agency in Englewood Cliffs, N.J. Terms of the transaction were not disclosed.
Lester Brokerage will maintain its Englewood Cliffs location and operate under the name Lester Brokerage, a Risk Strategies Co. Lester Brokerage President Michael R. Elitzer and the agency’s staff will join Risk Strategies as part of the transaction. Elitzer will become Risk Strategies’ senior vice president and will continue to lead the Lester Brokerage operations.
Risk Strategies has offices in more than 20 locations across the U.S. and more than 550 employees.
Marsh & McLennan, Celedinas Insurance Group
Marsh & McLennan Agency LLC (MMA), the middle market agency subsidiary of Marsh, has acquired Celedinas Insurance Group, one of Florida’s largest independent agencies. Terms of the transaction were not disclosed.
Established in 1959 and headquartered in Palm Beach Gardens, Fla., Celedinas generates approximately $22 million in annual revenue and specializes in providing property/casualty insurance, marine insurance, and employee benefits services.
All of Celedinas’ 120 employees and leadership, including President and CEO Ray Celedinas, are joining MMA and will continue to operate out of their existing five offices throughout Florida under the name Celedinas Insurance Group, a Marsh & McLennan Agency Co., and under Ray Celedinas’ leadership. Celedinas also has been named National Private Client Practice leader for MMA.
According to Marsh President and CEO Peter Zaffino, MMA’s addition of Celedinas will enhance Marsh’s capabilities in high-net worth personal lines and accelerate its revenue growth in this segment.
Venture Insurance Programs, Tidal Solutions
Venture Insurance Programs, a national insurance program administrator, has acquired Tidal Solutions, LLC, a Charlotte, N.C.-based managing general underwriter serving the North American specialty commercial marine market.
Venture will integrate the Tidal Solutions marine products into its portfolio of industry-specific insurance programs. The products, which include hull and machinery; protection and indemnity; general liability and maritime employer’s liability coverage, will be marketed nationwide by Venture under the brand Tidal Marine through Venture’s agent and broker network.
Tidal Solutions’ current management will be retained with David Pearlstein, the current CEO of Tidal Solutions, assuming the role of executive vice president on Venture’s management team. Damon Vaughan has been named senior vice president, Marine Program Management/Development. Keith Lovatt will lead marine sales as senior vice president and Keith Warncken will act as the senior vice president in charge of Marine Underwriting.
Venture Insurance Programs, based in West Chester, Pa., is a program administrator that designs, underwrites and distributes industry-specific insurance packages.
NSM Insurance Group, Heacock Classic
NSM Insurance Group, has acquired Heacock Classic, a division of Florida-based Heacock Insurance Group that provides collector car insurance. This marks NSM Insurance Group’s third acquisition in the collector car insurance industry.
Heacock Classic, originally CollectorGuard, was established under the Heacock Insurance Group umbrella in 1990 by Ford Heacock III. Over the past 26 years, Heacock has grown the division, both organically and through acquisitions, to insure more than 30,000 clients nationwide.
Heacock will continue to serve as the face of Heacock Classic and as a brand ambassador for the foreseeable future.
NSM Insurance Group is aggressively seeking to acquire additional niche specific insurance businesses and program manager.
Hub, BenefitsMart, Gwaltney & Associates
Hub International Ltd. acquired the assets of BenefitsMart LLC, a benefits brokerage in Burlington, Mass. Terms of the transaction were not disclosed.
Founded in 1993, BenefitsMart specializes in employee benefits and provides services including insurance, compliance, wellness and benefits administration. BenefitsMart Founder and President Jean Russell will join Hub New England, a division of Hub International.
In another deal, Hub International Ltd. acquired the assets of Anchorage, Alaska-based Gwaltney & Associates Inc. Terms of the deal were not disclosed.
Dave Gwaltney, president of Gwaltney, will join Hub Northwest and report to Steve Wagner, senior vice president of Alaska for Hub Northwest.
Gwaltney specializes in providing commercial lines insurance.
Chicago-based Hub provides property/casualty, life and health, employee benefits, investment and risk management products and services.