Business Moves
Validus Holdings Ltd. has completed its acquisition of Crop Risk Services business (CRS), a primary crop insurance managing general agent, from Archer Daniels Midland Co.
In the deal that was announced in January, ADM received $127.5 million in cash in exchange for 100 percent of the outstanding stock of CRS.
The transaction includes a marketing services agreement under which ADM and Validus will continue to work together to offer a full range of insurance and farm products and services to CRS customers.
CRS will operate as part of the Western World Insurance Group.
CRS, based in Decatur, Ill., had $555 million gross premiums written in 2016 and has 1,170 agents across 36 states.
Validus Holdings is a holding company for reinsurance and insurance operating companies and investment advisors including Validus Reinsurance, Talbot Underwriting, Western World Insurance Group and AlphaCat Managers.
CRS was established in 1982 as ASI AgriServe Inc. In 2010, ADM acquired 100 percent of the shares of ASI, and the company became ADM Crop Risk Services
World Insurance Associates LLC, an independent insurance agency headquartered in Tinton Falls, N.J., has merged with Mark Lauria Associates Inc., an independent insurance agency with offices in Staten Island, N.Y. and Red Bank, N.J. The transaction went into effect April 1, 2017.
Mark Lauria Associates Inc. began business in June 1979 when co-founders Mark Lauria and Laura Lauria set out to provide better service for insureds as an independent agency. The company guides its clients through the insurance process, acting as an adviser and resource. Mark Lauria Associates is a leader in providing personal and professional business insurance to clients in New York, New Jersey and Florida.
Mark Lauria is joining World Insurance as a partner of the firm, and Laura Lauria is joining World Insurance as vice president.
World Insurance Associates LLC offers personal and business insurance solutions in 46 states. The company specializes in group benefits and insurance for transportation companies, the hospitality industry, coastal properties and high-net-worth individuals, in addition to general commercial clients in diverse industries. World Insurance Associates began business in 2012 and now serves more than 18,000 customers from 11 offices in New Jersey, Pennsylvania and New York.
The Hilb Group LLC (THG) has acquired Keough Kirby Associates (KK) of Woonsocket, R.I. The transaction became effective April 1, 2017.
As an established agency in New England, KK has been providing property and casualty, life and employee benefits services since 1914.
KK and its employees will join THG’s regional operations in New England while continuing to operate out of the Woonsocket office following the acquisition.
The Hilb Group is a middle-market insurance agency headquartered in Richmond, Va., and is a portfolio company of Boston-based private equity firm, ABRY Partners. Going forward, The Hilb Group seeks to grow through targeted acquisitions in the middle-market insurance brokerage space.
Insurance Services United (ISU), a full-service insurance agency in York, Pa., has purchased Lewis Casualty, an insurance services company based in Quarryville, Pa.
The purchase of Lewis Casualty is the second recent expansion announcement for ISU, serving to double the company’s size within the past eight months.
Lewis Casualty has provided insurance services throughout southeastern Pennsylvania for 36 years. Although Lewis Casualty’s current Lancaster office will close due to the purchase, the company’s President, John Lewis, will join the ISU team and will continue to provide insurance services to clients. Existing Lewis Casualty clients will continue to receive insurance services without interruption.
ISU has been a local insurance company serving individuals, families and businesses in south central Pennsylvania for 65 years.
ISU previously announced the purchase of Runkles Insurance in October 2016. With the recent purchase of Lewis Casualty, ISU will now have a team of 13 insurance experts at its office.
Ohio-based property/casualty insurer Motorists Mutual Insurance Co. and West Virginia-based workers’ compensation insurer BrickStreet Mutual Insurance Co. Inc., have been granted regulatory approvals to affiliate through a joint venture.
This affiliation has created a new super regional carrier ranked in the top 20 mutual companies in the United States and includes more than 1,600 employees, 10 offices writing in 29 states, premiums of nearly $1.2 billion, a surplus of nearly $1.55 billion and assets of $4.5 billion.
The proposed marriage was announced in October 2016. The companies have spent the past seven months working with regulators from West Virginia, Ohio, New Hampshire, Pennsylvania and Wisconsin to make the joint venture through affiliation a reality.
Because it is not a merger, policyholder approval was not necessary.
BrickStreet and Motorists said their joint venture using an affiliation agreement will allow them to partner together financially and operationally, while maintaining their individual brands. As mutual companies, both will continue to be owned by their policyholders and remain headquartered in West Virginia and Ohio.
The companies market products under both the Motorists Insurance Group and BrickStreet brands. Co-branded products will first be available through select independent insurance agents in West Virginia, Pennsylvania and Illinois later this year. Other operating states will be added over time.
Arthur J. Gallagher & Co. has acquired Tulsa, Okla.-based Commercial Insurance Brokers LLC. Terms of the transaction were not disclosed.
Commercial Insurance Brokers was formed in 2012 as a group of insurance producers and service personnel offering a broad range of property/casualty and employee benefit products and services to energy, construction, financial services, manufacturing, transportation, professional services, nonprofit, healthcare and high-net-worth clients throughout the United States and internationally.
Brad McCrory and his associates will continue to operate from their location under the direction of Bret VanderVoort, head of Gallagher’s south central retail property/casualty brokerage operations.
Arthur J. Gallagher & Co., an international insurance brokerage and risk management services firm, is headquartered in Rolling Meadows, Ill., has operations in 33 countries and offers client service capabilities in more than 150 countries through correspondent brokers and consultants.
Platform Partners LLC, a private company headquartered in Houston, has completed the acquisition of Beneplace LLC, which markets and distributes voluntary employee benefits and employee discount programs serving Fortune 1000 companies, large associations and government agencies.
Founded in 1995, Austin, Texas-based Beneplace serves employers and institutions in the United States, Canada, Latin America, Europe, Australia and Asia. Along with a comprehensive voluntary benefits offering that includes auto and home, critical illness, dental, disability, group legal, long-term care, and other voluntary benefits, Beneplace offers an employee discount platform for well-known products and services such as consumer electronics, vacations, automobiles, tax preparation and many others.
Beneplace offers its products and services to more than 9 million employees across multiple industry sectors. Its management team, led by President Rusty Stein, will continue to manage the business.
In addition to Platform and the management team, Galtney Partners LP, led by Will Galtney, a successful owner and investor in numerous insurance and healthcare companies, invested alongside Platform.
Focus Strategies LLC acted as financial advisor to Beneplace, and Hogan Lovells LLP acted as legal counsel in connection with the transaction.
NFP Corp. has acquired Reno, Nev.-based Hole-in-One U.S.A. (HIO).
HIO is a provider of hole-in-one coverage for golf events throughout the U.S.
David Nelson, principal of the firm, will join NFP as a director and report to Terry Scali, CEO of NFP’s property/casualty (P/C) division.
NFP is a broker and consultant that provides employee benefits, P/C, retirement and private client solutions.
Alliant Insurance Services Inc. has acquired Summit Insurance Resource Group in Sandpoint, Idaho.
Summit will operate as part of Alliant Americas, which provides the middle market with regionally focused insurance products and services through a dedicated platform.
Angela Oakes, Summit’s owner, along with the Summit management team and staff, will join Alliant and continue to service clients from its Sandpoint offices.
Terms of the deal were not disclosed.
Summit provides commercial and personal insurance solutions, including homeowners, auto, business, health, life, recreational and umbrella/excess liability.
Newport Beach, Calif.-based Alliant provides property/casualty, workers’ compensation, employee benefits, surety and financial products and services.
Hub International Ltd. has acquired the assets of Buena Park, Calif.-based City Insurance Services, its affiliates Silver City Insurance Services Inc. and MOA Financial Services. Terms of the deal were not disclosed.
Brian Jeung, City’s president, will join Hub California and report to Andrew Forchelli, senior executive vice president of Hub California.
City is a multiline insurance solutions provider including commercial and personal lines insurance, as well as employee benefits solutions.
Chicago-based Hub is an insurance brokerage that provides property/casualty, life and health, employee benefits, investment and risk management products and services.