Business Moves
Hub International, Kilbride & Harris Insurance Services
Hub International Ltd., a global insurance brokerage, has acquired the assets of Kilbride & Harris Insurance Services LLC. Terms of the acquisition were not disclosed.
Located in South Portland, Maine, Kilbride & Harris provides multiline insurance solutions, including medical malpractice, commercial lines and employee benefits products for its clients.
Now part of Hub New England and further strengthening Hub’s Healthcare practice, the Kilbride & Harris leadership team including Joe Kilbride, Chip Harris, Kim Johnson and Aaron McMorrow will remain intact and continue to work with their clients while providing access to the regional and national resources of Hub.
Headquartered in Chicago, Hub is a full-service global insurance broker providing property and casualty, life and health, employee benefits, investment and risk management products and services.
Affinion Insurance Solutions, Mill Point Capital
Affinion Group LLC, a subsidiary of Affinion Group Holdings Inc., has closed its sale of its insurance division, Affinion Insurance Solutions, to an affiliate of Mill Point Capital.
As a result of the sale, Affinion Group will operate as a company that uses technology and data-driven analytics to design, administer and fulfill loyalty and engagement programs that strengthen and enhance relationships for its clients around the globe.
Mill Point Capital is a New York-based middle-market private equity firm focused on control-oriented investments in the business services and industrial sectors.
Affinion Group is a Stamford, Conn.-based loyalty and customer engagement company.
Seeman Holtz Property & Casualty, Merchants Preferred Insurance Services
Seeman Holtz Property & Casualty Inc. has continued its expansion into Pennsylvania with its acquisition of Merchants Preferred Insurance Services, headquartered in Erie, Pa.
This acquisition will strengthen Seeman Holtz Property & Casualty’s foothold in the Northeast, according to the company.
Merchants Preferred Insurance Services has been serving the Pennsylvania, Ohio and West Virginia areas for more than 25 years. Family owned and operated, Merchants offers commercial, personal and auto insurance products and services.
The Seeman Holtz family of companies provides comprehensive financial and insurance advice to clients across the country. Seeman Holtz Property & Casualty Inc. targets independent agencies for geographic expansion and further growth throughout the U.S.
North Risk Partners, Benefit Solutions
Benefit Solutions Inc. located in Hiawatha, Iowa, has been acquired by Minnesota-based independent insurance agency, North Risk Partners.
Greg Dunn, BSI co-founder, will head the Hiawatha office, and BSI advisors and staff will remain unchanged.
BSI will continue to represent its same insurance providers and products, including Wellmark BlueCross BlueShield, Principal, United Health Care, Delta Dental, VSP, and others, in addition to gaining access to additional providers as a result of the acquisition. The acquisition also gives BSI business clients access to North Risk’s support services in the areas of human resources, safety, workplace wellness and more.
BSI has joined North Risk as its 24th location across three states, including Minnesota, Iowa and Nebraska. The firm will be co-branded with the North Risk Partners name and logo. Eventually, BSI will adopt the North Risk Partners brand exclusively.
Higginbotham, Colt Risk Management
Fort Worth, Texas-based Higginbotham has acquired Colt Risk Management Services.
CRMS is an independent commercial insurance broker specializing in aviation risk.
The CRMS team has moved to Higginbotham’s Friendswood office, giving that location a combined staff of nearly 40 insurance and employee benefits professionals serving businesses and individuals. The firm will operate under the Higginbotham name with Higginbotham’s Ryan Moss as managing partner and CRMS President John Springrose as vice president.
Colt Risk Management Services is an independent commercial property/casualty insurance broker serving the aviation industry. It opened in 2010 with representatives in Houston and Atlanta. CRMS serves more than 400 aviation companies globally.
Higginbotham operates 29 offices in Texas and Oklahoma City.
Alera, BIAFS
Alera Group, a national employee benefits, property and casualty, risk management and wealth management firm, has acquired Barnes Insurance & Financial Services of Florida.
BIAFS is a benefits agency with two locations in northwest Florida. Founded in 2005, this independent agency is one of the largest insurance agencies in the panhandle.
BIAFS brings to Alera Group more than 100 years of experience. Its principal lines of business include health, dental, life disability, supplemental policies and financial services.
Alera Group was formed in early 2017 and is a nationwide independent insurance agency and privately held employee benefits firm headquartered in Deerfield, Ill. Alera Group offers employee benefits, property and casualty, risk management and wealth management.
DARAG, SOBC, Peachtree Casualty
International insurance and reinsurance company DARAG, and U.S.-based acquisition specialist SOBC have formed a joint venture with SOBC DARAG in Delaware to support DARAG’s expansion into the United States and Bermuda/Caribbean run-off markets. According to the companies, the joint venture combines the experience and strong capital access of DARAG with the local expertise and reputation of SOBC.
SOBC DARAG’s first acquisition will be Peachtree Casualty Insurance Co., a Florida domiciled nonstandard auto insurer in run-off. The acquisition of Peachtree is subject to regulatory approval and is expected to close in the third quarter of 2018.
The joint venture and acquisition follow the appointment of Tom Booth as CEO and the completion of a $300 million capital raise by DARAG.
Peachtree will eventually be owned by the newly formed DARAG Guernsey, owned by DARAG Group Investors. SOBC DARAG Holdings, a direct subsidiary of DARAG Guernsey, will be the principal vehicle for future U.S. and other non-European Union based acquisitions.
DARAG is an international insurance and reinsurance company specializing in the assumption of discontinued business and the provision of capital relief solutions. Since 2009, DARAG has completed 23 run-off transactions in 15 countries with a value of in excess of €740 million.
SOBC is a U.S.-based company specializing in the acquisition of entities with legacy insurance liabilities, including insurance companies, captives and risk retention groups.
The Liberty Co., Mitchell & Mitchell
The Liberty Company Insurance Brokers has acquired majority ownership in Mitchell & Mitchell Insurance Agency of Novato, Calif.
Liberty will become a majority owner joining with several former shareholders of Mitchell & Mitchell, including Gary Mitchell, who will continue as president.
Terms of the deal were not disclosed.
Mitchell & Mitchell specializes in professional liability for lawyers, dentists and certified public accountants.
Liberty is based in Woodland Hills, Calif., and has offices throughout California.
Markel, Nephila
Specialty insurer Markel Corp. has agreed to acquire all of the outstanding shares of Nephila Holdings, a standalone insurance-linked securities manager.
Nephila has more than $12 billion of assets under management for more than 300 investors. Its revenue is primarily from management and incentive fees.
Upon completion of the deal, the combined assets under management between Nephila and Markel will stand at approximately $19 billion, representing approximately 20 percent of the insurance-linked securities sector, according to the company.
The transaction is not subject to any financing conditions. Markel said it plans to finance the transaction using its cash balances on hand. Further details were not disclosed.
Nephila will continue to operate as a separate business unit. The management team, led by Greg Hagood and Frank Majors will remain in place and will continue to be based in Bermuda, San Francisco, Nashville and London.
Nephila offers investment products focusing on instruments including insurance-linked securities, catastrophe bonds, insurance swaps and weather derivatives. Nephila has been managing institutional assets in this space since it was founded in 1998. The firm has 180 employees.
The transaction, which is subject to regulatory approvals, is expected to close in the fourth quarter of 2018.
Kaplansky Insurance, Lit-Flynn Insurance Agency
Kaplansky Insurance, an independent, locally owned agency in the Northeast, has acquired Lit-Flynn Insurance Agency in Randolph, Mass.
Lit-Flynn offers individual and personal insurance.
This will be Kaplansky Insurance’s 30th acquisition.
Based in Needham, Mass., Kaplansky Insurance operates 13 locations throughout Massachetts and provides personal and commercial insurance products.