Business Moves
Insurance Center of New England, Eastman & Davis Insurance Agency
Insurance Center of New England, based in Agawam, Mass., has added Eastman & Davis Insurance Agency of West Springfield, Mass., to its company.
ICNE is a privately owned and independent insurance agency with three offices in Agawam, Gardner and Westford, Mass.
Eastman & Davis clients may experience a few minor changes in process and procedures following the acquisition, according to ICNE.
As part of the transition, Eastman & Davis’ West Springfield office will be closing. However, for the convenience of its clients, Eastman & Davis’ Marilyn Loudon will move to ICNE’s main office in Agawam, Mass.
Clermont Specialty Managers, Berkley Luxury Group
Clermont Specialty Managers, a Berkley Company, is expanding its service offerings nationwide and rebranding as Berkley Luxury Group with two divisions, Berkley Luxury Real Estate Specialists and Berkley Fine Dining Specialists. The change took effect February 1.
President Bill Johnston said the rebrand is the most visible component of the company’s state-by-state U.S. rollout. The new name is designed to clearly identify the company as an operating unit of Berkley, a national commercial lines writer, and what Berkley Luxury Group offers: tailored, all-inclusive insurance for luxury condo, coop and rental properties and fine dining restaurants.
The company, headquartered in Rutherford, N.J., with offices in New York City and Chicago, writes luxury habitational business in New York, New Jersey, Illinois, Pennsylvania, Maryland, Virginia, the District of Columbia, Minnesota and Massachusetts. Berkley Luxury Group also writes fine dining business in those states, as it does in California, Connecticut, Missouri and Nevada.
The company plans to file in remaining jurisdictions as it expands its restaurant division nationwide. The rebrand will assist the company in moving into new territories, Johnston said.
As part of the rebrand, the company will also be reworking its website and social media presence.
Alera Group, FIRM Inc.
Alera Group, a national employee benefits, property and casualty, risk management and wealth management firm, has acquired FIRM Inc., an insurance agency located in Mahwah, N.J. Terms of the transaction were not disclosed.
FIRM Inc. provides clients with tailored property and casualty insurance. It specializes in comprehensive insurance protection for marinas and boatyards through its Marina Insurance Program, as well as commercial insurance for all lines of business.
This acquisition will serve to strengthen Alera Group’s presence in the Northeast, expanding its locations into New Jersey.
Based in Deerfield, Ill., Alera Group serves clients nationally in employee benefits, property and casualty, risk management and wealth management. It was created by merging 24 firms across the U.S., and the firm has continued to grow organically and through acquisitions since its formation in December 2016.
Arthur J. Gallagher & Co.,The Daniels Group Inc.
Arthur J. Gallagher & Co. has acquired New Providence, N.J.-based The Daniels Group Inc. Terms of the transaction were not disclosed.
Founded in 1991, The Daniels Group is a full-service employee benefits consultant and broker serving corporations, schools, hospitals, municipalities, religious and nonprofit organizations from plan design and implementation to ongoing plan administration.
The Daniels Group President and CEO Kathleen Passantino and her associates will be relocating to Gallagher’s Whippany, N.J., office under the direction of Kent Lonsdale, head of Gallagher’s Northeast employee benefit consulting and brokerage operations.
Arthur J. Gallagher & Co., an international insurance brokerage and risk management services firm, is headquartered in Rolling Meadows, Ill., and has operations in 34 countries. It offers client service capabilities in more than 150 countries through a network of correspondent brokers and consultants.
Capitol Indemnity Corp., Rockhill Insurance Group
Capitol Indemnity Corp., a wholly-owned subsidiary of CapSpecialty Inc., said it has acquired the renewal rights to Rockhill Insurance Group’s excess and surplus environmental insurance book of business.
Rockhill is a member of the State Auto Insurance Group, which has been looking to exit the excess and surplus lines business. CapSpecialty is a subsidiary of Alleghany Corp.
CapSpecialty, through its specialty carrier, Capitol Specialty Insurance Corp., will begin quoting all new business submissions made to Rockhill as well as renewals sometime in the first quarter of 2018. Financial terms of the transaction were not disclosed.
In 2016, State Auto stopped writing program business and realigned its excess and surplus lines unit, Rockhill. Last year State Auto CEO Mike LaRocco said the company decided to exit the excess and surplus business completely. The move is part of State Auto’s continuing turnaround effort following disappointing results in 2015.
State Auto acquired Rockhill in 2009 to enter the excess and surplus lines business.
LaRocco has been stressing a digital transformation at State Auto, according to a report by Carrier Management in which he said the E&S business was not a good strategic fit with State Auto’s core products of home, auto, personal umbrella, and on the commercial side, commercial auto, BOP, commercial umbrella, middle-market commercial, workers’ compensation and farm and ranch business.
Stephen Sills, CEO of CapSpecialty, said that adding Rockhill’s environmental book to CapSpecialty’s existing environmental book will strengthen his company’s presence in this segment for small to mid-sized businesses.
Sills said CapSpecialty will be keeping Rockhill employees currently working on this book.
Keefe, Bruyette & Woods served as financial advisor to State Auto in the transaction.
In addition to Capitol Indemnity Corp. and Capitol Specialty Insurance Corp., CapSpecialty’s affiliates include Platte River Insurance Co.
In addition to CapSpecialty, holding company Alleghany’s property/casualty subsidiaries include Transatlantic Holdings and RSUI Group. Last year Alleghany sold Pacific Compensation Insurance Co., an underwriter of workers’ compensation insurance primarily in California, to CopperPoint Mutual Insurance Co. for $150 million.
JLT Specialty USA
JLT Specialty USA, a U.S. subsidiary of Jardine Lloyd Thompson Group plc (JLT), the global specialist risk advisor and broker, has chosen Chicago as its U.S headquarters.
The company said it has seen impressive growth in the past three years and that Chicago has been a critical part of that growth and expansion. JLT Specialty USA will continue its investment in the city as the Chicago location is expected to become its flagship office and largest location in the U.S. The company plans to double the size of its workforce in Chicago in the next few years.