Business Moves

November 19, 2018

Seeman Holtz Property & Casualty, Redel Insurance, Allstar Assurance

Boca Raton, Florida-based Seeman Holtz Property & Casualty Inc. has acquired Redel Insurance Agency Inc., headquartered in Ballwin, Missouri.

Redel Insurance Agency has been operating in Missouri for three-quarters of a century. The agency offers personal and commercial insurance, from auto and life insurance to employee and workers’ compensation.

Led by a team boasting more than 140 years of collective experience, Redel Insurance Agency is one of Missouri’s longest running insurance agencies.

In a separate deal, Seeman Holtz also acquired Allstar Assurance, headquartered in Weston, Fla.

Allstar Assurance has been serving south Florida for over 14 years offering multi-line property and casualty insurance coverage for commercial, personal and financial industries.

The Seeman Holtz family of companies provides comprehensive financial and insurance advice to clients across the country.

Marsh & McLennan Agency, Eustis Insurance & Benefits

Marsh & McLennan Agency LLC, the middle market agency subsidiary of Marsh, has acquired Eustis Insurance & Benefits, a Louisiana-based independent insurance agency. Terms of the acquisition were not disclosed.

Founded in 1946 and headquartered in Metairie, Louisiana, Eustis’ 109 employees provide property/casualty, personal lines, and employee health and benefits solutions and expertise to midsize businesses throughout Louisiana, with particular expertise in the hospitality, construction, wholesale, education, and distribution industries.

As part of MMA, Eustis will maintain its existing office locations in Metairie, Mandeville and Baton Rouge, and operate as Eustis Insurance & Benefits, a Marsh & McLennan Agency LLC company. The acquisition marks MMA’s first in Louisiana.

Insgroup, Fred Brown Insurance Brokerage

Insgroup Inc. has acquired Houston, Texas-based Fred Brown Insurance Brokerage to enhance its Employee Benefits offering to large employer groups. Insgroup also acquired Fred Brown Property Casualty.

Terms of the deal were not disclosed.

All Fred Brown Companies’ employees will join Insgroup.

Houston-based Insgroup’s areas of specialty include the real estate, construction, manufacturing/processing, transportation, and technology/professional services industries, as well as not-for-profits.

Brown & Brown, FNI Management Group

Brown & Brown of Kentucky Inc., a subsidiary of Brown & Brown Inc., has acquired substantially all of the assets of FNI Management Group, according to an announcement by Scott Penny, chief acquisitions officer of Brown & Brown, Inc., and Howard Brinn and Mike Mitchell, the principals of FNI.

FNI provides F&I products and training to enhance dealer financial performance in the Chicagoland market. FNI has annual revenues of approximately $1.5 million. Brinn and Mitchell will become part of the Brown & Brown auto, RV and powersports practice, working with the Automotive Development Group team. The entire practice operates under the leadership of Mike Neal, president of Brown & Brown of Kentucky Inc.

Brown & Brown Inc., through its subsidiaries, offers a range of insurance products and related services.

Hub International, Jones Retirement

Hub International Investment Services Inc., member FINRA/SIPC, and a subsidiary of Chicago-based global insurance brokerage Hub International Limited (Hub), has acquired the Oklahoma-based retirement plan consulting and financial services business of Felix Jones, Jones Retirement. Terms of the transaction were not disclosed.

Located in Tulsa, Jones Retirement specializes in long-term investment solutions focused on qualified plans, which adds to Hub’s foundation and expands the firm’s capabilities in the retirement plan space. Felix Jones will join Hub Mid-America as director of Retirement Plan Services, reporting to Stuart DeSelms, president of Hub Mid-America.

Marsh & McLennan, JLT

Marsh & McLennan Cos. Inc. announced that its £4.3 billion ($5.6 billion) acquisition of broker Jardine Lloyd Thompson Group plc has been approved by JLT’s shareholders.

Of those shares voted, 99.9 percent voted in favor of the transaction, said MMC in a statement.

Following the deal announcement on Sept. 18, 2018, the U.S. Federal Trade Commission and Justice Department in October concluded their competitive review of the proposed acquisition, which permitted the transaction to proceed. The deal remains subject to additional antitrust, financial regulatory and UK High Court approvals, MMC said.

EPIC Insurance Brokers & Consultants, Total Management Corporation

EPIC Insurance Brokers & Consultants, a national retail insurance brokerage and employee benefits consulting firm, has acquired the assets, employees and operations of Total Management Corp.

Based in Melville, N.Y., with a second office in Manhattan, TMC has created customized, specialty programs for not-for-profit and social services organizations and a range of other industries for more than 50 years. The addition of TMC adds 19 new team members to EPIC’s operations in the Northeast region and across the country, according to a company press release.

Upon joining EPIC, the business will operate as TMC Group – a Division of EPIC, and TMC’s leadership will play an active role within the northeast.

SASCO Insurance Services, Otterstedt Insurance Agency

SASCO Insurance Services of Hackettstown, N.J., has recently merged with Otterstedt Insurance Agency Inc., headquartered in Englewood Cliffs, N.J.

SASCO Insurance has been providing customized insurance coverage plans for commercial and personal lines clients since 1984.

Otterstedt has served a range of clients since 1919 and will be celebrating its 100th anniversary next year. It has experience as an agent and broker in the areas of property, casualty, life, health and surety for a range of personal and commercial clients, including numerous public entities at all levels of government.

According to a joint statement issued by the SASCO and Otterstedt agencies, the combination of resources and expertise will offer clients of both agencies expanded services.

The Hilb Group, DBR Group

The Hilb Group LLC has acquired Massachusetts-based DBR Group Inc. The transaction became effective October 1, 2018.

Founded in 2004, DBR is an employee benefit and actuarial consulting firm providing a range of benefits consulting and brokerage services to organizations of all sizes, including corporations, non-profits, Taft-Hartley funds and public sector employers.

Following the acquisition, DBR will continue to operate out of its Framingham, Mass., location under the direction of its founding leadership – Paul Desrosiers, Chris Bean and Jim Roche.

The Hilb Group is a middle market insurance agency headquartered in Richmond, Va., and is a portfolio company of Boston-based private equity firm, Abry Partners.

USI Insurance Services, Beneficial Insurance Services

USI Insurance Services, a provider of insurance brokerage and risk management services, has acquired Philadelphia, Penn.-based Beneficial Insurance Services, a wholly owned subsidiary of Beneficial Bancorp Inc.

Founded in 2005, the insurance brokerage provides commercial property and casualty, personal risk and employee benefit products to clients in the Mid-Atlantic region. Terms of the transaction were not disclosed.

Headquartered in Valhalla, N.Y., USI delivers property and casualty, employee benefits, personal risk and retirement services to large risk management clients, middle market companies, smaller firms and individuals.

Insurance Technologies Corporation, Assurance Systems

Texas-based Insurance Technologies Corporation, a provider of websites, marketing, rating and management software and services, has acquired Assurance Systems Inc., an insurance technology provider in the southeastern United States.

Founded in 1986, Assurance Systems product offerings include AccuAuto, its auto insurance comparative rating system; AccuAgency, its agency management system; and AgencyThrive, its website platform. The acquisition of Assurance Systems will extend ITC’s market share into the southeastern United States, including Alabama, Florida, Georgia, Mississippi and South Carolina.

Through this acquisition Assurance System’s comparative rating users will be able to utilize TurboRater’s additional feature set that includes homeowners and motorcycle quoting, integrated digital agency marketing, advanced reporting, package policies, and extended carrier availability.

AgencyThrive customers will have access to ITC’s agency website platform, Insurance Website Builder, as well as ITC’s team of social media and SEO experts.

Based in Carrollton, Texas, ITC helps independent insurance agents and insurance carriers through its websites, marketing, rating, and management software and services. Its product offering includes Insurance Website Builder, AgencyBuzz, TurboRater and InsurancePro.