Business Moves
Weinstein Insurance Services, NSI Insurance Group
NSI Insurance Group has expanded its South Florida operations through a merger with Weinstein Insurance Services, an independent agency in Coral Gables, Fla.
Weinstein Insurance Services President Jay Weinstein and his team will join NSI Insurance Group’s Miami Lakes office, bringing more than 35 years of experience with commercial and personal lines.
Terms of the transaction were not disclosed.
NSI Insurance Group offers commercial and personal insurance as well as employee benefits throughout the United States and in 40 countries.
Alliant Insurance Services, Harbor Group Consulting, Imperium Consulting Group
Alliant Insurance Services has acquired Harbor Group Consulting, a national insurance advisory for commercial real estate loans. Miami-based Harbor Group will join Alliant’s growing real estate practice, adding new resources and capabilities to Alliant’s risk and insurance platform.
Founded in 1995, Harbor Group’s capabilities cover a range of financial transactions, including commercial real estate loans, mezzanine, and commercial mortgage backed securities. The 65-person Harbor Group team also has expertise advising on mergers and acquisitions, business development company (BDC) investments, and various other corporate finance transactions.
The entire Harbor Group management team and staff will join Alliant and continue to service clients from its Miami headquarters. Terms of the agreement were not disclosed.
In a separate announcment, Alliant Insurance launched Imperium Consulting Group, a specialized advisory business that works with clients to better manage commercial risks as well as resolve complex claims and disputes.
Imperium is based out of Columbia, Md. Employing a multi-disciplined approach with engineers, forensic schedulers and accountants, it has expertise in construction, government contracts, FEMA and commercial contractual disputes. Imperium also provides insurance claims preparation services and recovery strategies related to property damage, business interruption, surety, subcontractor default, builders risk and delay-in-start-up.
Colin A. Daigle joins Alliant to lead the new venture.
Daigle, having worked at two global professional services firms, brings experience in contract and insurance claims, risk management and assessment, and overall project consulting. Before joining Alliant, he was on the management committee of a global financial services practice and was the leader of its construction consulting division for 16 years.
Headquartered in Newport Beach, Calif., Alliant Insurance Services Inc. provides property/casualty and employee benefits products and services to clients globally.
Alera Group, Champion Benefits, Burnham Benefit Advisors, VantagePoint Benefit Strategies
Alera Group, a national employee benefits, property and casualty, risk management and wealth management firm, has acquired Champion Benefits of Atlanta.
The company provides integrated, strategic benefit plans for clients with a fully integrated team including healthcare consultants, pharmacists, nurses, analysts and wellness program development specialists.
In a separate deal, Alera Group acquired Burnham Benefit Advisors and VantagePoint Benefit Strategies.
Burnham Benefit Advisors, located in Lake Placid, N.Y., is an employee benefits firm offering compliance assistance, wellness program management, human resources software, benefit technology management and an online marketplace.
VantagePoint Benefit Strategies, located in Lester, Penn., is an employee benefits brokerage and human resources consultancy focused on assisting small and medium-sized employers. VantagePoint will join Alera Group through local firm Pentra.
Based in Deerfield, Ill., Alera Group’s has more than 1,000 employees serving clients nationally.
EPIC Insurance Brokers and Consultants, Vanbridge LLC
EPIC Insurance Brokers and Consultants, a national retail insurance brokerage and employee benefits consulting firm, has acquired the assets, employees and operations of Vanbridge LLC, a specialty insurance intermediary, program management and risk advisory services business.
Headquartered in New York, N.Y., Vanbridge provides products and services at the intersection of the insurance, private equity and hedge fund industries. Vanbridge focuses on alternative asset management, corporate and individual high net worth clients and solving risk-related issues utilizing insurance and alternative capital.
The addition of Vanbridge to EPIC adds an additional 45 team members to the firm. Upon joining EPIC, the business will operate as Vanbridge – an EPIC Company.
Phil Moyles has been appointed executive vice president and will report to Peter Garvey, CEO of EPIC Insurance Brokers and Consultants. Moyles will also become a member of EPIC’s Executive Committee. He will continue to lead the Vanbridge operations as a part of EPIC.
Hylant, Haven Re
Toledo, Ohio-based privately held independent insurance brokerage, Hylant, has launched Haven Re, a primary casualty, heterogeneous group captive designed to provide well-performing middle-market businesses an attractive cost-saving option.
Haven Re is ideal for middle-market businesses with a strong commitment to safety and loss control, conservative balance sheet and consistent cash flow.
Kip Irle, senior vice president of Captives, led the Hylant team’s effort to design and structure Haven Re. He said a focus on “high-performing middle-market businesses and joining them together to realize premium savings with well-designed coverage was core” to the captive’s success.
Member firms can select to insure one, two or all three primary casualty coverages via the Haven Re group captive: Automobile liability and physical damage; general liability including products and completed operations; workers’ compensation and employer’s liability.
Hylant partnered with The Hartford, a premier “A” rated insurance company to support Haven Re. A team within The Hartford will handle claim management and loss control for Haven Re members.
Haven Re is domiciled onshore in Tennessee and available to all Hylant clients.
Risk Strategies, Select Insurance Markets, Preferred Personal Insurance Agency
Risk Strategies, a privately held, national insurance brokerage and risk management firm, has acquired Texas-based firms, Select Insurance Markets LLP (SIM) and Preferred Personal Insurance Agency LLP (PPIA). Terms of the deal were not disclosed.
SIM, founded in 2001 by its principals Robert Cox and Elizabeth Kirby, markets personal lines standard insurance products in Texas. Founded in 2006, PPIA is a well-established full-service personal lines agency. Today, SIM and PPIA represent approximately $200 million in personal lines premiums.
SIM provides access to national, regional and local insurance carriers for its agency partners. Operating as an extension of their sales and marketing teams, SIM educates and provides access and marketing guidance to accommodate insurance placements for its customers.
PPIA was formed as an independent retail agency focused solely on personal lines insurance needs and helps deepen Risk Strategies’ national private client practice in the state. Headquartered in Dallas, PPIA also adds depth to Risk Strategies’ Dallas operation.
Currently representing over two dozen insurance carriers, SIM traces its roots to FG Insurance, a widely respected insurance agency founded in 1967.
BKS-Partners, Montoya & Associates of Jacksonville
Baldwin Krystyn Sherman Partners, an insurance brokerage and risk management firm headquartered in Tampa, Fla., has partnered with Montoya & Associates of Jacksonville, Fla. The partnership finalized on Thursday, August 2, 2018.
The advisors at Montoya & Associates will continue to conduct Wealth Management business under the Montoya Name in conjunction with Kestra Investment Services, LLC and Kestra Advisory Services, LLC. Employee Benefits, Private Risk Management, Commercial Risk and Retirement Plan Services will operate under the BKS-Partners name in conjunction with Kestra Advisory Services, LLC.
Montoya & Associates is provides clients with a holistic approach to the oversight of business and financial needs with a team of associates and staff who have been working for more than 30 years delivering employee benefits, risk protection, and financial services to clients.
BKS-Partners has several locations throughout the Southeast representing over 250 employees. It has a nationwide network of clients and has been strategically expanding its footprint throughout the Southeast. The partnership with Montoya & Associates marks their first office in the Jacksonville market.
The transition to the Baldwin Krystyn Sherman platform is in progress. MarshBerry is the investment banking and consulting firm brokering the transaction on behalf of Montoya & Associates.
Baldwin Krystyn Sherman Partners (BKS-Partners) offers commercial insurance and risk management, private insurance and risk management, employee benefits and benefit administration, asset and income protection, and risk mitigation products to clients.
Brown & Brown, Vandroff Insurance Agency
Brown & Brown of Florida, Inc., a subsidiary of Brown & Brown, Inc., has acquired substantially all of the assets of Vandroff Insurance Agency, Inc., according to J. Scott Penny, chief acquisitions officer of Brown & Brown, Inc., and David Vandroff, the sole shareholder of Vandroff Insurance.
Vandroff Insurance is a 120-year old family owned agency in Jacksonville, Fla., providing a variety of personal and business insurance products and services to clients in Jacksonville and Northern Florida with an annual revenue of approximately $1 million.
David Vandroff and his team will join Brown & Brown’s Jacksonville office, led by Josh Becksmith and reporting to Michael Keeby, regional president of Brown & Brown Retail.
Brown & Brown, Inc., through its subsidiaries, offers a range of insurance products and related services. Additionally, certain Brown & Brown subsidiaries of-fer a variety of risk management, third-party administration, and other services for business, public entity, individual, trade and professional association cli-ents nationwide.