The Hartford, Y-Risk
The Hartford has purchased Y-Risk, a managing general underwriter that specializes in serving sharing and on-demand economy risks, from Allstar Financial Group. Allstar is an Atlanta-based holding company with multiple specialty managing general agencies across the country.
Unionville, Conn.-based Y-Risk’s customer mix includes transportation-network companies, car-sharing platforms, on-demand-services platforms and space-sharing platforms. Y-Risk offers its insurance through wholesale brokers and retail agents. It offers tailor-made coverages and usage-based pricing for commercial auto, general liability, property, inland marine, cyber and professional liability products.
Terms of the deal were not disclosed. The Hartford said the purchase price will not have a material impact on its financial results.
Y-Risk was founded in 2016. Among Y-Risk’s offerings is an online hub, gig.protect.com, that lets freelancers and independent contractors purchase products and access investment choices typically offered by employers, such as healthcare coverages, life insurance, professional insurance, and general liability.
Y-Risk will now become part of The Hartford’s Strategy & Ventures group’s portfolio, which is focused on innovation.
Y-Risk will keep its brand name, remain located in Unionville and operate independently of The Hartford’s core businesses.
CEO Horovitz will report to Wilcox. The Hartford said it has hired all of the Y-Risk’s employees.
HMS Agency Inc., Adirondack Family Insurance Services
HMS Agency Inc., a family owned and operated insurance agency based in Albany, N.Y., has acquired Adirondack Family Insurance Services of Saratoga Springs, N.Y.
The purchase agreement was finalized on July 1, 2018, and represents the fifth acquisition by HMS since 2014.
HMS is a full-service agency that specializes in all lines of commercial and personal insurance, in addition to offering employee benefits.
HMS Principal Stephen Mather explained that each acquisition bolsters the firm’s entry into new and adjacent markets, allowing it to expand its geographic reach into the Saratoga county and surrounding areas.
HMS is a long-time member agency of the Satellite Agency Network Group Inc., an alliance of independent insurance agencies in the Northeast.
Risk Strategies, Arkin Youngentob Associates
Risk Strategies, a privately held, national insurance brokerage and risk management firm, has acquired Arkin Youngentob Associates, a full-service employee and executive benefits firm headquartered in Bethesda, Md. Terms of the deal were not disclosed.
Founded in 1981, Arkin Youngentob has expertise in creative design and alternate funding structures for benefit plans. Arkin’s focus industries include real estate services, construction firms, technology companies and government contractors, associations and nonprofit organizations.
In addition to employee benefits, Arkin Youngentob focuses on the design of executive benefits, including multi-life disability and life, key person, company-owned life insurance, carve outs, business succession funding and corporate-sponsored retirement plans.
The acquisition of Arkin Youngentob adds to Risk Strategies’ employee benefits specialty practice.
In 2018, Risk Strategies acquired wholesale benefits services specialist Benefits Network Insurance Agency in Ohio, as well as full-service employee consulting and benefits brokerage firms Craford Benefit Consultants in Oregon and Costello Benefits Group in Massachusetts.
As a U.S. insurance broker, Risk Strategies offers risk management advice as well as insurance and reinsurance placement for property and casualty, healthcare and employee benefits risks. The broker serves commercial companies, nonprofits, public entities and individuals.
Hub International Ltd, Insurance Management Associates Inc., TAMRAC Group
Global insurance brokerage Hub International Ltd. has acquired the assets of Insurance Management Associates Inc. (IMA) Terms of the transaction were not disclosed.
Based in Annapolis, Md., IMA is a full-service commercial and personal insurance agency. IMA President Randall Bieber will join Hub Mid-Atlantic and report to Hub Mid-Atlantic President Norman Breitenbach following the transaction.
Hub International aims to organically and through acquisitions expand its geographic footprint and strengthen industry and product expertise, according to the company. Headquartered in Chicago, it provides property and casualty, life and health, employee benefits, investment and risk management products and services.
Hub International has also acquired The TAMRAC Group Inc. Terms of the transaction were not disclosed.
Headquartered in Hunt Valley, Md., TAMRAC specializes in personal insurance and commercial insurance. It provides insurance products for businesses in the automobile service and repair, cannabis, food and hospitality industries.
Following the acquisition, TAMRAC President Keith Erdman will join Hub Mid-Atlantic and report to Hub Mid-Atlantic President Norman Breitenbach.
Arch Capital Group Ltd., McNeil & Co.
Arch Capital Group Ltd., a Bermuda-based provider of insurance, reinsurance and mortgage insurance, has entered into an agreement to acquire McNeil & Co., a provider of specialized risk management and insurance programs.
McNeil & Co. is headquartered in Cortland, N.Y. Terms were not disclosed.
The transaction is expected to close this quarter and is subject to closing conditions, including regulatory approvals, clearances and relevant jurisdictions.
McNeil will remain a standalone affiliate of Arch after the acquisition.
Building on a 17-year partnership, this acquisition will provide mutual benefit to both parties, according to McNeil. With more than $11 billion in capital, Arch will provide McNeil with new opportunities to achieve scale and grow its business through additional products and resources, delivered through McNeil’s existing platform and distribution system.
Sherman & Company LLC was financial advisor to Arch on the transaction.
Scott Molino Agency, Smith & Leavitt Insurance Services
Scott Molino Agency in Grove City, Ohio, has affiliated with Smith & Leavitt Insurance Services and will now do business as Leavitt Group Midwest-Smith, Molino & Sichko. The agency will continue to offer Nationwide insurance products.
The affiliation will not affect customer policies, and the same personnel will continue to serve clients from the agency’s location in Grove City.
The Scott Molino Agency has been serving central Ohio for over 50 years.
Leavitt Group provides clients with greater insurance market access and a wide range of value-added services and resources. Clients receive employee benefits solutions, property and casualty insurance, risk management and other services.
Resource Alliance, Higginbotham
Resource Alliance, a human resources and employee benefits firm serving Georgia’s multifamily residential industry, has merged with Higginbotham, an insurance and financial services firm serving mid-market companies.
Resource Alliance will draw on Higginbotham’s capabilities to expand its services into commercial property/casualty insurance, risk management and broader employee benefits.
Higginbotham is an independent broker based in Texas. It is widening its footprint by partnering with professional services firms. It offers in-house human resources services for employee benefits clients. The partnership will bolster those services and give Resource Alliance a means to offer comprehensive insurance services.
Resource Alliance CEO Dennis Weyenberg, Chief Operating Officer Andy Weyenberg and Chief Human Resources Officer Scott Mastley will continue leading Resource Alliance with its existing 51-person workforce in Alpharetta, Ga.
Resource Alliance is a national human resources company based in Alpharetta that provides outsourced and insourced human resources services, payroll administration, employee screening and employee benefit plans. The firm caters to the multifamily residential industry and serves clients with 50 to 1,250 employees in more than 30 states. It opened in 2001.