Business Moves
Bamboo Insurance, First American
Bamboo Insurance has acquired certain of the assets of First American Property and Casualty Insurance Agency of Santa Ana, Calif. from parent company title insurer, First American Financial Corp., which is exiting the property/casualty business.
The assets acquired by the insurtech Bamboo include more than $22 million in premium in personal and commercial lines underwritten by third-party carriers. Utah-based managing general agency Bamboo said FAPCIA’s staff will join the company.
Bamboo Insurance has been offering homeowners, dwelling fire and ancillary products in California. Now with its new agency it will begin offering auto, renters, condominium, commercial lines, and other insurance coverages alongside its existing products across the nation.
First American announced in October 2020 that it intends to exit the property/casualty business and maintain focus on its core business. It expects to complete the transfer its property/casualty policies by the end of the third quarter of 2022.
Hub International, Trisura Specialty Insurance
Chicago-based Hub International Limited and Trisura Specialty Insurance have teamed up on a transportation excess liability/umbrella proprietary product helps clients reduce risks and protect them from potentially large losses.
The Hub Drive Excess Liability Shield is an excess liability/umbrella insurance product designed for transportation clients – from general freight, moving and storage, and last mile to auto/truck dealers, public auto and rail – to broaden coverage and protect them from potential major losses from nuclear verdicts.
Hub Drive Excess Liability Shield will provide broad excess liability/umbrella coverage with limits of up to $5 million or a component of a transportation industry excess tower through Trisura Specialty, and will be offered in all states except New York.
Alera Group, Lamb Insurance Services
Alera Group, an independent, national insurance and wealth management firm, has acquired the employee benefits division of Lamb Insurance Services, an insurance broker exclusively dedicated to nonprofit and social service organizations.
Headquartered in Philadelphia, Pennsylvania, Lamb Insurance Services’ employee benefits division offers strategic consulting, compliance strategies, technology solutions, administration and claim analytics.
Corey Heller is the former leader of Lamb Insurance Services’ employee benefits division and is now a senior partner at Alera. The Lamb Insurance Services benefits team joins Alera Group through the firm’s Philadelphia location and will be known as Alera Group.
Hub International Limited, Ion Insurance Corporation
Hub International Limited, a global insurance brokerage, has acquired the assets of Ion Insurance Corporation.
Headquartered in Cheshire, Connecticut, Ion Insurance is a full service, independent insurance agency providing personal and business insurance solutions throughout the region.
David Drescher, managing director of Southern New England, and the rest of the Ion Insurance team will join Hub New England and help to spearhead and execute on Hub’s strategy in Connecticut. Customers of Ion Insurance will see no change in their accounts as a result of the sale, according to Drescher.
Ion Bank President and CEO David Rotatori stated in a press release that the sale will provide additional capital for the financial institution, allowing the bank to reinvest into the communities that Ion serves and to continue with its expansion into other towns and cities in Connecticut.
In addition, a portion of the proceeds from the sale have been donated to the Ion Bank Foundation. Established in 1998, the foundation has grown from an initial $2 million contribution by the bank to more than $12.5 million in assets, through earnings and additional contributions. Since its inception in 1998, cumulative grants for purposes ranging from improving social services to enhancing the arts have exceeded $9 million.
Hub International Limited aims to grow organically and through acquisitions to expand its geographic footprint and strengthen industry and product expertise. Headquartered in Chicago, Illinois, it provides risk management, insurance, employee benefits, retirement and wealth management products and services.
Kaplansky Insurance, John P. Riley Insurance
Kaplansky Insurance has acquired its third independent agency of 2021, John P. Riley Insurance. The purchase of the Dorchester, Massachusetts-based business marks Kaplansky’s 37th acquisition overall.
John P. Riley opened his insurance agency in 1938 while also working in the real estate business. His son, James H. Riley, began working in his father’s office in 1975. The agency was always a two-person operation, and James purchased the agency from his father on April 1, 1980.
On the same day, 41 years later, James sold his agency to Ely Kaplansky, joining forces with the New England agency. The combined agency now provides a broader selection of insurance companies.
Under the terms of the acquisition, the Dorchester location will be closing its doors, and a team member from John P. Riley Insurance will be relocating to Kaplansky’s Randolph office.
Founded in 1974 and headquartered in Needham, Massachusetts, with 16 locations throughout Massachusetts, Kaplansky Insurance is an independent insurance agency offering a suite of insurance solutions including auto, home, business and life insurance.
Towerstone, PLUS
Towerstone, the Dallas-based wholesale insurance division of IMA Financial Group, has acquired Professional Lines Underwriting Specialists Inc., an Austin-based wholesale insurance brokerage specializing in management and professional liability.
The partnership opens new markets for Towerstone and PLUS, and provides Towerstone with expertise to address new products sought by commercial insurance brokers such as cyber coverage, directors and officers insurance, professional and employment practices liability.
PLUS will operate as a specialty division of Towerstone. Its eight team members will continue to operate out of the company’s office in Austin.
Davies, IAS Claims Services
UK-based Davies, a specialist professional services and technology business serving insurance and highly regulated markets, is acquiring San Antonio-based IAS Claim Services (IAS).
IAS provides a range of tech-enabled claims solutions including desk adjusting, field adjusting and third-party administration services to the insurance market. It specializes in daily property, commercial, catastrophe and large loss claims and has a nationwide network of independent adjusters serving all 50 states.
IAS will form part of Davies’ existing US-based claims solutions business led by CEO Matt Button. Walter Leddy, IAS’ CEO and the existing management team will continue to lead the day-to day-operations and the wider team will continue in their roles within Davies.
TAGA, Main Street America Insurance
Cedar Park, Texas-based Tejas American General Agency has formed an exclusive partnership with Main Street America Insurance, a member of the American Family Insurance group, to distribute its farm and ranch products in Texas.
Main Street’s farm and ranch products, which offer broad coverages and financial strength, will be distributed exclusively through independent agents, TAGA said.
Coverages are admitted, direct bill and written on A XV paper.
Burns & Wilcox
Burns & Wilcox announced the purchase of an office building located in Morehead City, North Carolina at 800 Arendell. The newly acquired building is already the home of the company’s Morehead City-based team.
Formerly owned by Wells Fargo Bank, the two-story building will undergo significant renovations over the next six months.
After renovations are complete, Burns & Wilcox will occupy the second floor, while the first floor will be leased to new tenants. The strategic purchase represents a significant upgrade in terms of office space, accommodating the company’s desire to attract top talent and support its growth expectations.
Burns & Wilcox is a specialty insurance broker based in Farmington Hills, Michigan. The North and South Carolina offices are known for their specializations in commercial, professional and personal specialty insurance, and their expertise in coastal and flood business.
Wells Fargo Bank was the owner and seller of the property. The deal was conducted by Kaufman Real Estate Management.
Cornerstone, CLIC
Cornerstone Risk Solutions LLC, a Denver, Colo.-based subsidiary of IMA Inc., has acquired CLIC Management NV LLC, a managing general agent of group-based insurance programs for the legal cannabis industry.
CLIC Management has offices in San Diego, Calif., and serves as the managing general agency for CLIC Risk Retention Group Inc., a cannabis-industry-owned insurance carrier.
CLIC founder Chris Payne said that by joining forces with Cornerstone, they are “creating the first risk retention group owned by licensed cannabis companies, with risk management and loss control services that meet their specialized needs.”
IMA Vice President and National Cannabis Practice Leader Michael Hennessey said the deal “will move the needle for all cannabis-related organizations, particularly those generating more than $50 million in revenue, and furthers our expertise and offerings in cannabis risk management.”
OLI Insurance Services, Valley General
OLI Insurance Services Inc., a subsidiary of Heffernan Insurance Brokers has acquired San Jose, Calif.-based Valley General Insurance Services.
Valley General will continue to be led by its president David Tuckness, and will operate autonomously as a subsidiary agency.
Valley General, formerly part of Archway Insurance Brokers LLC, was established in 1975 and focuses on commercial lines and personal insurance products.
Tuckness joined Valley General in 1989 with a focus on the construction industry, became a partner and, later, the sole shareholder.
OLI Insurance Services Inc. helps small independent agencies grow by providing market access, new business fulfillment, back office support and technology.