Business Moves
Hub, Wells Fargo
Global insurance broker Hub International Ltd. has agreed to acquire the assets of the crop insurance broker business of Wells Fargo Insurance.
Terms of the agreement to buy the business, known as Wells Fargo Crop Insurance Agency, were not disclosed.
With offices in South Dakota, North Dakota, Minnesota, Iowa, Nebraska and Indiana, Hub offers insurance to protect agriculture-related operations.
Following the acquisition, the Wells Fargo Crop team members will join Hub Mountain. Jeff Kemink, national crop insurance manager of Wells Fargo Crop, and Jean Hinsverk, assistant vice president and operations manager, will join Hub Mountain in leadership roles.
The deal continues Wells Fargo’s exit from the crop line. Last year, Zurich American Insurance Co. bought Rural Community Insurance Agency and its subsidiary Rural Community Insurance Co. from Wells Fargo Insurance for $700 million.
Last October Hub purchased Mayport Insurance & Realty Inc. in North Dakota, which specializes in insurance for the agriculture and crop industry.
Arthur J. Gallagher, Associated Insurance Services
Arthur J. Gallagher & Co. has acquired Westlake Village, Calif.-based Associated Insurance Services Inc.
Terms of the deal were not disclosed.
Michael C. Creswell, Tim McClain, Megan B. Gaines and their associates will continue to operate from their current location under the direction of Scott Firestone, head of Gallagher’s Southwest region retail property/casualty brokerage operations.
Associated Insurance Services is an independent commercial and personal lines property/casualty insurance agency with a focus on construction industry, retail, hospitality and manufacturing clients.
Rolling Meadows, Ill.-based Arthur J. Gallagher & Co. is an international insurance brokerage and risk management services firm.
Prime Risk Partners, Gunn, Steers & Company
Prime Risk Partners Inc. (PRP) has acquired Gunn, Steers & Co., a Manhattan, N.Y.-based insurance broker with a specialized practice for financial institutions and asset management companies.
Gunn Steers will maintain its name and continue operating at its current location in Manhattan following the acquisition.
As part of PRP, Gunn Steers will continue to offer clients day-to-day service, backed by the national resources of PRP and the metro presence of Cook Maran & Associates (Cook Maran), PRP’s New York metropolitan area platform.
Gunn Steers’ specialized expertise in financial services will be available to all clients of PRP countrywide. Gunn Steers’ specialty will add capabilities to PRP’s national platform and strengthen its presence in the New York metropolitan area, which PRP has already worked to grow via strategic acquisitions and service through Cook Maran.
Gunn Steers started in 1925 and grew to become a domestic and international full-service brokerage and financial services firm. During the past 30 years, the firm has focused its efforts on brokering and servicing financial institution-related clients.
PRP, headquartered in Atlanta, is building a national platform founded with regional agencies like Cook Maran and Gunn Steers that seek expansion through local management and knowledge with the resources of a national organization.
AssuredPartners Inc., Synergy Professional Associates
AssuredPartners Inc. has acquired Synergy Professional Associates of Fairfield, N.J.
Synergy is a managing general agent and wholesale insurance intermediary devoted to professional liability and program development. It was founded as a boutique gateway for specialized professional liability programs, and its programs allow markets and carriers to reach customers outside of the broad categories and general needs.
Following the acquisition, Synergy’s staff of 18 will continue operations under the leadership of Ira Dawer, Michele McCrohan and Maggie Rendeiro.
Synergy expects that its model, coupled with AssuredPartners’ nationwide presence and services, will give it the opportunity to develop professional liability programs that address niches not served by standard insurance products.
Headquartered in Lake Mary, Fla., and led by Jim Henderson and Tom Riley, AssuredPartners Inc. acquires and invests in insurance brokerage businesses across the United States and in London.
Cross Insurance, Holden Agency
Cross Insurance, a subsidiary of Cross Financial Corp. and an independent insurance provider in New England, has acquired the Holden Agency and its benefits division, Employee Benefits Solutions Inc. Both are based in Portland, Maine.
Under the terms of the October 3 acquisition, Eric Jermyn, president of Cross Employee Benefits, and Dave Messersmith, president of Cross Insurance/Portland, Maine, will assume branch management responsibilities.
Holden Agency executives Thomas Holden and John Benoit will remain on staff and assist with management of the office. Financial terms of the acquisition are not being disclosed.
Jonathan Cross, chief operating officer at Cross Insurance, said this latest acquisition represented an opportunity to expand operations in Maine.
Given the complexity of issues and escalation of healthcare costs facing clients, the acquisition will also enhance efficiencies and improve available resources and expertise for clients, the company said.
HPM Insurance, Byse Agency Inc.
HPM Insurance, an Amherst, N.H.-headquartered insurance agency, has acquired Byse Agency Inc. of Laconia, N.H.
The purchase of Byse Agency expands the footprint of HPM Insurance into the lakes and northern regions of New Hampshire, as it includes the Byse home office in Laconia, Bristol Insurance Agency in Bristol and Franconia Insurance Agency in Franconia Notch.
Byse Agency decided to join HPM Insurance to ensure clients and employees would continue to appreciate what it has built, while providing access to additional resources to move the agency forward, said Byse Agency President Jeffrey Flanders.
HPM Insurance has offices in Amherst, Bedford and Byse, N.H.
Alera Group, Flagship Healthcare
Deerfield, Ill.-based Alera Group, a national employee benefits, property and casualty, risk management and wealth management firm, has acquired Flagship Healthcare, a physician-owned insurance brokerage specializing in professional liability insurance solutions for healthcare providers.
Located in Chicago, Flagship Healthcare strives to educate and collaborate with each of its clients, meeting their individual malpractice insurance needs. Flagship Healthcare will join Alera Group through the local firm GCG Financial in Chicago.
The Flagship Healthcare acquisition is one of three completed by Alera Group on Nov. 1. Alera also has acquired HealthFirst, which specializes in cost management, benefit administration technology, monthly reporting, compliance support and HR support. And Flagship Healthcare acquired Somerset Capital Advisors, which offers investment advisory services.
HealthFirst and Somerset Capital are located in Berwyn, Pa.
Seeman Holtz Property & Casualty, Check Out Insurance
Boca Raton, Fla.-based Seeman Holtz Property & Casualty Inc. has acquired Check Out Insurance LLC, headquartered in Dallas.
Check Out Insurance will be joining the Primera Capital team to bring a solid book of quality client relationships to the Seeman Holtz portfolio throughout Texas.
Seeman Holtz Property & Casualty remains focused on targeting high-quality independent agencies for geographic expansion and continued growth. With the addition of Check Out Insurance LLC, Seeman Holtz Property & Casualty Inc. closed its 22nd agency acquisition for 2017.
The Hilb Group, David Hill and Associates
The Hilb Group, LLC (THG) has acquired David Hill & Associates, Inc. (DHA) of Wilmington, N.C. DHA will be joining the existing Hilb Group office in Wilmington to build an expanded benefits practice.
DHA represents THG’s 41st acquisition since 2009 and the 11th acquisition in 2017.
THG is a middle market insurance agency headquartered in Richmond, Va.