Business Moves

April 17, 2017

EPIC Insurance Brokers & Consultants has acquired The Capacity Group of Companies in Mahwah, N.J. Terms of the deal were not disclosed.

The firm will now operate as The Capacity Group – an EPIC Company, and the Capacity Group’s leadership team will continue to play a role with the EPIC organization.

The addition of The Capacity Group expands EPIC’s capabilities, adding more than 280 professionals, 15 locations and a client base centered in the Northeast.

The Capacity Group – an EPIC Company offers a range of standard and customized insurance and financial products.

EPIC is a retail property/casualty and employee benefits insurance brokerage and consulting firm.

MassMutual Southern New England in Warwick, R.I., and MassMutual Northern New England in Bedford, N.H., have merged with Commonwealth Financial Group (CFG), a Boston-based comprehensive financial planning firm.

CFG, a general agency of Massachusetts Mutual Life Insurance Co., was established in 1857 with the commitment of providing financial services and products to individuals, families and business owners.

The firm has expanded through this merger to just less than 200 advisors. It has also broadened its outreach from metropolitan Boston to greater New England. CFG now has corporate offices in Boston; Hingham, Mass.; Hyannis, Mass.; Warwick; Bedford, N.H.; and Burlington, Vt.

Ryan Specialty Group LLC (RSG) has reached a definitive agreement to acquire substantially all of the assets of LoVullo Associates Inc., a wholesale insurance brokerage and binding authority operation based in Depew, N.Y.

LoVullo will become part of RT Specialty LLC, the wholesale brokerage unit of RSG, and will establish the RT Specialty Buffalo, N.Y., office at the current LoVullo location. With the acquisition, Dave Pietrowski, president of LoVullo Associates, will become president of RT Specialty’s Buffalo office.

Founded by Leonard S. LoVullo in 1949, LoVullo serves more than 1,200 independent brokers in the Northeast, employs more than 100 people in the Buffalo area, and operates as an excess and surplus lines broker and managing general agent. LoVullo distributes commercial, professional and personal lines products. The leadership team is led by Senior Vice President Paul LoVullo and CEO Leonard T. LoVullo.

In connection with the acquisition, RSG and LoVullo anticipate that RSG will acquire LoVullo’s affiliated premium finance business, Superior Payment Plan LLC (Superior), which also operates out of the Depew location.

RSG and LoVullo expect that the acquisition of Superior will occur later in 2017, subject to fulfillment of standard licensing requirements and other customary conditions. It is intended that Superior will roll into RSG’s overall operations and establish a platform to offer payment solutions to RSG’s clients.

Superior was formed in 2002 and has provided finance solutions for clients seeking extended terms for the payment of their insurance premiums.

Terms of the transaction were not disclosed.

Producers Ag Insurance Group Inc. (ProAg), a member of the Tokio Marine HCC group of companies, has agreed to acquire crop managing general agent, West Des Moines, Iowa-based International Ag Insurance Solutions LLC (International Ag).

The transaction, which is subject to a number of closing conditions including final approvals by certain International Ag members and regulatory authorities, is expected to close by April 3, 2017.

International Ag manages multiperil crop, crop hail and named peril crop insurance. In 2016, the company managed gross premiums of $67.4 million, as reported by National Crop Insurance Services (NCIS).

ProAg is headquartered in Amarillo, Texas, with seven offices across the United States. ProAg employs about 400 people supporting crop insurance operations in 41 states.

Headquartered in Houston, Tokio Marine HCC is a specialty insurance group with offices in the United States, United Kingdom, Spain and Ireland.

Boston-based Risk Strategies Co. has acquired Terrell Insurance Services, an independent insurance agency headquartered in Dallas.

Terms of the deal were not disclosed.

Founded in 2012 by President and Principal Charles T. Terrell Jr., Terrell Insurance offers tailored insurance and employee benefits plans for commercial clients, as well as a private client insurance services program offering a broad range of custom-tailored coverages.