Business Moves
Alliant, Hecht & Hecht
Alliant Insurance Services Inc. has acquired Portland, Ore.-based Hecht & Hecht’s property/casualty insurance services.
The deal will bring Hecht & Hecth’s P/C insurance services under the Alliant banner. Alliant previously acquired Hecht’s employee benefits arm in 2016.
Hecht, along with the company’s management team and staff, will join Alliant and will continue to service clients from its headquarters in Portland. Terms of the deal were not disclosed.
Hecht & Hecht offers personal and business insurance services.
Newport Beach, Calif.-based Alliant provides P/C, workers’ compensation, employee benefits, surety and financial products and services.
Seeman Holtz Property & Casualty, Self Insurance
Seeman Holtz Property & Casualty Inc., headquartered in Boca Raton, Florida, has acquired a Sikeston, Missouri-based agency, Tri-Star of Sikeston Inc., doing business as Self Insurance.
Now led by Brian Self, the agency has served the insurance needs of Missouri customers for more than 90 years.
Seeman Holtz said the acquisition expands its foothold across the nation and to the Midwest. The company targets high-quality independent agencies for geographic expansion and continued growth throughout the United States.
Ryan Specialty Group, New Day Underwriting Managers
Ryan Specialty Group LLC has reached a definitive agreement to acquire the assets and operations of New Day Underwriting Managers LLC, a specialty intermediary with offices in Hamilton, N.J.
New Day will become part of R-T Specialty LLC, the wholesale brokerage unit of RSG. Terms of the transaction were not disclosed.
RT Specialty is a Delaware limited liability company based in Illinois.
New Day was founded in 2005 by CEO Jefferey S. Lejfer and is a specialist in environmental liability and construction-related professional liability insurance.
Following the acquisition, Lejfer will continue leading the New Day team as it combines into RT Specialty.
Jeff Slivka, president of New Day Underwriting Managers, will lead its environmental and construction professional liability practice group following the acquisition.
Founded in 2010, RSG is an international specialty insurance organization which includes a wholesale brokerage firm and managing general underwriting companies designed specifically for brokers, agents and insurers.
Loan Protector Insurance, Willis Towers Watson
The CEO and managing partner of Solon, Ohio-based Loan Protector Insurance Services has purchased the company from insurance brokerage Willis Towers Watson. The buyout by Dennis Swit was financed by InsurBanc.
The 150-employee business was acquired by Willis Towers Watson in 2008. Swit will continue as CEO, and the company will continue to operate under the Loan Protector brand.
Swit positioned Loan Protector into an industry leader in lender-placed insurance and insurance tracking services for the mortgage servicing industry. Once given the opportunity to purchase the business, he approached multiple lending sources but only InsurBanc delivered a deal and structure that worked to get the deal done.
Swit now has full control and the flexibility to grow his company and make investments to benefit him and his stakeholders. He anticipates investing in new technology, including software and a web-based call center, as well as making some acquisitions in the future.
InsurBanc is based in Farmington, Connecticut, and is a division of Connecticut Community Bank N.A.
TCOR Management, Legacy Insurors Group, MS&B Bonds and Insurance Services
New Braunfels, Texas-based TCOR Management announced a merger with Legacy Insurors Group LLC, and MS&B Bonds and Insurance Services LLC, effective March 1. The operations of these two entities will continue under TCOR management.
Rowdy Nutt, previous principle of Legacy, will join TCOR as a partner, producer and manager of TCOR’s Tyler branch. Prior to starting Legacy in 2015, Nutt spent 15 years as a commercial lines producer at an independent agency in East Texas.
Steve Smith, previous principle of MS&B, will join TCOR as a partner, producer and director of Surety Services, and will office at TCOR’s headquarters in New Braunfels. Prior to founding MS&B in 2014, Smith spent more than 20 years producing construction and commercial surety in the Houston, Austin and San Antonio markets. Smith’s commercial surety background ranges from national law firms to waste haulers to oil and gas clients.
Rick Dudney, managing partner at TCOR Management, said the mergers will expand both TCOR’s geographical foot print and its product and service offerings.
HVACi, Donan Engineering
HVAC Investigators, a national provider of HVAC damage assessments for insurance claims, has acquired Donan Engineering’s HVAC Forensics division, based in Louisville, Ky. The consolidation of two brands is anticipated to benefit the customer bases of both organizations through larger service areas, increased technical expertise and quicker cycle times.
Donan’s HVAC Forensics division previously served 23 states. Those customers will now have access to HVACi’s 800-plus network of technicians and national footprint to assign any HVAC or refrigeration claim, anywhere, to one service provider. HVACi’s large technician network will also provide HVAC Forensics’ clients with quicker assessment cycle times. HVAC Forensics customers will have other benefits, including access to real-time HVAC market pricing verification and availability, technical professionals following the closing of the claim, and HVACi’s large loss team.
Following the February 1, 2018, acquisition, all of Donan’s HVAC Forensics division will become part of the HVACi group of companies. All other lines of Donan Engineering’s business will remain within the Donan Engineering Company family.
SouthPoint Risk Advisors, Consolidated, Southern
SouthPoint Risk Advisors, an independent insurance agency based in Nashville, has announced the acquisitions of two Tennessee agencies at the end of 2017.
On Oct. 1, SouthPoint officially acquired Consolidated Insurance Services, located in Knoxville. CIS provides auto, home, business, liability and life insurance protection for thousands of individuals and families throughout the Knoxville region.
Senior Partner Dennis W. Koontz, CIC, has been in the insurance business since 1975 and opened Consolidated Insurance Services in January 1990. His daughter, Erin Koontz Copeland, joined the team in 2009 in an accounting role. After becoming part of the Southpoint Risk Advisors team, Dennis is now the agency manager focusing on commercial and personal lines sales growth, while Erin oversees day-to-day tasks as office manager.
On Dec. 1, SouthPoint acquired Southern Insurance, located in McMinnville. Southern Insurance has been serving the McMinnville/Warren county area since 1986 when it began as a cluster of the Tom Bragg Insurance Agency and Burrows, Keathley, and Helton Insurance. The agency serves small, main street businesses, manufacturing, and municipal accounts, as well as personal lines and life insurance.
Senior Co-Partner Jay Bragg began working with his father in the insurance industry in 1977. Senior Co-Partner Boyd Ramsey began in the insurance industry in 1998 and joined the Southern Insurance team in 2004.
With these two acquisitions, the SouthPoint team grows to 81 employees serving eight locations across Tennessee and Kentucky, including Nashville, Knoxville, Maryville, Clarksville, Russellville, Ashland City and McMinnville.
Hub, Spectra Management
Hub International Ltd. has acquired the assets of Sandy, Utah-based Spectra Management LLC.
Terms of the deal were not disclosed.
Brent Bennett, president and CEO of Spectra, will continue to lead Spectra operations.
Spectra specializes in helping companies create employee benefits packages.
Chicago, Ill.-based Hub is an insurance brokerage that provides property/casualty, life and health, employee benefits, investment and risk management products and services.