Business Moves
World Insurance Associates LLC, Bruen DiDio Associates Inc.
World Insurance Associates LLC, an independent insurance agency headquartered in Tinton Falls, N.J., has acquired Bruen Deldin DiDio Associates Inc. (BDD) of New York, Connecticut and Rhode Island.
Following the transaction, Jeffrey Deldin joins World Insurance as a partner.
BDD is a full-service insurance and bonding agency and brokerage with locations in Brewster, N.Y., Rocky Hill, Conn., and Coventry, R.I. It specializes in various industries, including construction, self-storage, flood services, manufacturing and retail.
The company has a lineage that goes back several generations, with a history of servicing commercial and personal insurance clients in the New York, Greater New England, and Rhode Island territory dating back to 1872. Now, BDD has grown to a staff of 35 employees in three locations. The company is committed to providing customer service in business and personal insurance services, bonding products and employee benefits.
World Insurance Associates 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, high-net-worth individuals, and general commercial clients in diverse industries. It began business in 2012 and now serves more than 23,000 customers from 15 offices. It has completed 24 acquisitions so far.
Risk Strategies Company, Cornerstone Professional Liability Consultants
Risk Strategies Company, a privately held national insurance brokerage and risk management firm, has acquired insurance brokerage Cornerstone Professional Liability Consultants. Terms of the deal are undisclosed.
Based in Philadelphia, Cornerstone specializes in medical malpractice insurance for physicians and surgeons. Founded in 2002 and led by President Chris Zuccarini, Cornerstone works with more than 3,000 physicians and surgeons in solo practice and large groups across specialties, including radiology, orthopedics, anesthesia and neurosurgery.
Its current client base covers much of the Northeast, including Pennsylvania, New York, New Jersey, Connecticut, Massachusetts and Delaware. In addition to its Philadelphia headquarters, Cornerstone has a presence in New York City.
Following the acquisition, Cornerstone will become an integral part of Risk Strategies Company’s nationwide health care practice. As well as expanding Risk Strategies’ capabilities to help the industry manage liability and risk, the acquisition of Cornerstone serves to expand Risk Strategies’ Pennsylvania office.
Risk Strategies Company offers risk management advice as well as insurance and reinsurance placement for property and casualty, health care and employee benefits risks. It serves commercial companies, nonprofits, public entities and individuals, and has access to all major insurance markets with offices in more than 35 locations nationwide.
Its health care practice has grown over the past two years with the addition of San Diego-based health care brokerage specialist Dubraski & Associates, as well as Minneapolis-based reinsurance specialist Re-Solutions in 2015. In 2016, Risk Strategies acquired TSG Financial in New York, bringing with it a specialty home health care focus.
The Hilb Group LLC, Mid-State Insurance Agency Inc.
The Hilb Group LLC (THG), a property and casualty insurance and employee benefits broker based in Richmond, Va., acquired Massachusetts-based Mid-State Insurance Agency Inc. (MSIA). The transaction became effective September 1, 2017.
MSIA is THG’s 37th acquisition since it was founded in 2009. Following the transaction, MSIA’s employees, including managing partners Jim Pietro and Paul Pietro, will join THG and will continue to operate out of its Worcester, Mass., and Taunton, Mass. offices.
MSIA provides a range of property and casualty insurance and employee benefits products to businesses and individuals throughout the New England region. It specializes in developing tailored risk management and insurance programs for automobile dealerships. Its specialized products and services for auto dealerships will add depth to the capabilities of THG’s New England operations, while MSIA’s experienced team will further enhance THG’s presence in the region, said THG CEO Ricky Spiro in a company press release.
For MSIA, being part of a larger organization will give its clients access to additional resources while continuing to work with the service teams they trust, Jim Pietro said.
THG is a Top 50 middle market insurance agency and is a portfolio company of Boston-based private equity firm, Abry Partners. THG seeks to grow through targeted acquisitions in the middle market insurance brokerage space.
Arthur J. Gallagher & Co., Lincoln Financial Management
Arthur J. Gallagher & Co. has acquired Nebraska-based Lincoln Financial Management LLC. Terms of the transaction were not disclosed.
Founded in 1993 by Stephen Letts and later acquired by Cyrus Kiani, Lincoln Financial Management is an employee benefits consultant and brokerage firm offering health and welfare products and services to businesses and individuals throughout the United States.
Angela Kiani and her associates will continue to operate from their current location under the direction of Jerry Roberts, head of Gallagher’s Heartland Region employee benefits consulting and brokerage operations.
Arthur J. Gallagher & Co., an international insurance brokerage and risk management services firm, is headquartered in Rolling Meadows, Ill., has operations in 34 countries, and offers client service capabilities in more than 150 countries through correspondent brokers and consultants.
Hub International Ltd., Stellarus Benefits
Global insurance brokerage Hub International Ltd. (Hub) has acquired the assets of Wisconsin-based Stellarus Benefits Inc. Terms of the acquisition were not disclosed.
With offices in Brookfield and Appleton, Wis., Stellarus specializes in employee benefits. Stellarus President Christy Schwan will join HUB Midwest West, and report to Michael Booth, president of employee benefits and chief sales officer at HUB Midwest West.
Hub International is headquartered in Chicago.
Fifth Third Insurance Agency, Epic Insurance Solutions Agency, Integrity HR
Fifth Third Insurance Agency Inc., an indirect, wholly owned subsidiary of Cincinnati-based Fifth Third Bancorp, has agreed to acquire Epic Insurance Solutions Agency LLC, which recently announced it will acquire Integrity HR Inc.
Both transactions are expected to close in fall 2017.
Epic Insurance Solutions was founded in 2013. Its primary service areas include commercial and personal property insurance and casualty, employee benefits and HR consulting services.
Integrity HR was founded in 2007. Its primary services include HR outsourcing, recruiting, training, HR policies and procedures and other HR-related services. The Louisville-based insurance agency and company primarily serve the Kentucky and Indiana market.
Don Thompson, president of Epic Insurance Solutions, and partners Jason Rankin and John Neace will join Fifth Third, along with Amy Letke, president of Integrity HR.
Seeman Holtz Property & Casualty, DernCo Insurance
Seeman Holtz Property & Casualty Inc. has acquired DernCo Insurance, headquartered in Milwaukee.
Serving both Wisconsin and Colorado for more than 25 years, Rich Dern and his team have been offering insurance products from numerous companies, enabling them to deliver a magnitude of options within budget.
In Wisconsin, the DernCo team will be joining Seeman Holtz Property & Casualty’s Green Bay offices.
Seeman Holtz Property & Casualty is headquartered in Boca Raton, Fla.
LCTA Workers’ Comp, Risk Management Resources, LCTA Specialty Insurance
Baton Rouge, Louisiana-based workers’ compensation insurance provider, LCTA Workers’ Comp (LCTA), has acquired Risk Management Resources and created a new subsidiary, LCTA Specialty Insurance Co.
Risk Management Resources, which provides independent risk management consulting services to corporations and public entities, has been rebranded as LCTA Risk Services Inc. The company’s services are available to agents, customers and other businesses interested in improving health and safety of their employees.
LCTA Specialty Insurance Co. will allow more choices for its agents to cover their insureds. LCTA Casualty will continue to provide the high-level service and coverage for which it is known. It will also continue to pay dividends to qualified policyholders.
These announcements come on the heels of its expansion to write business in Mississippi and Arkansas, and its conversion to a casualty insurance company in early 2016.
LCTA is continuing to eye other markets as it sees opportunities to expand where it makes sense. By writing workers’ comp in other states, LCTA has been able to provide coverage to more Louisiana-based companies who also have locations in those states.
LCTA provides workers’ comp for industries such as health care, supermarkets, restaurants, artisan contractors and municipalities.
Hub International Limited, Benefit Advisory Group
Chicago-based Hub International has acquired the assets of Benefit Advisory Group LLC, with offices in New Orleans and Baton Rouge, La.
Terms of the acquisition were not disclosed.
Benefit Advisory Group specializes in employee benefits, including group and individual plans, and voluntary benefits.
Jay McGuire and Jeff Joffrion, managers of Benefit Advisory Group, will join HUB Gulf South and report to Steve Terry, president of HUB Gulf South.
NFP, Beacon Insurance Group
NFP, an insurance broker and consultant that provides employee benefits, property/casualty, retirement and individual private client products, has acquired Beacon Insurance Group, Inc., of South Carolina.
The transaction closed effective Aug 1.
Based in Bluffton, S.C., Beacon is a P/C broker providing services to clients throughout South Carolina and eastern Georgia, with a specialty in coastal property insurance.
Principals Kenneth Groff, Jr. and Brian Rose, Jr. will join as directors of NFP’s P&C division and report directly to Alan Wise, a managing director in the Southeast region.