Business Moves

July 19, 2021

Zywave, IBQ Comparative Rating

Insurance technology provider Zywave has acquired Spokane, Wash.-based IBQ Systems, which offers personal and commercial lines comparative rating.

The acquisition expands Zywave’s inventory of carriers and its existing cloud-based personal lines comparative rater, TurboRater, which it acquired with its purchase of Insurance Technologies Corporation last November.

IBQ Systems offers agencies a fully integrated online rater to offer real-time quotes to consumers.

Zywave said it plans to combine the IBQ program with TurboRater “into a single, cohesive system.”

Hub International Limited, Epstein Financial Services

Hub International Limited has acquired the assets of Epstein Financial Services LLC and Epstein Financial Group LLC.

Located in East Longmeadow, Mass., Epstein Financial is an independent Registered Investment Advisor providing corporate retirement plan consulting, compliance and regulatory guidance, as well as wealth management services.

Its experience and resources help clients maintain a retirement program to assist their employees.

Charlie Epstein, principal and founder of Epstein Financial, will join Hub Retirement and Private Wealth in Hub New England. This move continues to strengthen Hub’s retirement and wealth management services with the addition of talent and resources.

Epstein Financial was represented by the consulting firm Wise Rhino Group for the transaction.

Venerable Holdings, Corporate Solutions Life Reinsurance Company

Venerable Holdings Inc. has completed its acquisition of Corporate Solutions Life Reinsurance Company, a Delaware domiciled and New York licensed reinsurance company, from Equitable Holdings Inc.

With the close of this transaction, Venerable’s pro forma assets under management and reinsurance increase to roughly $70 billion.

On a pro forma basis, Venerable has more than doubled its general account assets from $9 billion to $19 billion, in addition to more than $51 billion in separate account reinsured.

The transaction includes reinsurance of a legacy variable annuity block from Equitable Financial Life Insurance Company with the combined deal representing $36.5 billion of underlying account value and general account assets. Venerable has also reinsured its existing business into CS Life Re.

Equitable Holdings will take a noncontrolling 9.09% equity stake in Venerable’s parent holding company, VA Capital Company LLC.

Pending regulatory approval, a member of Equitable Holding’s management team will be appointed to the VA Capital Company LLC board.

A small team supporting CS Life Re has transitioned from Equitable Holdings to Venerable. AllianceBernstein L.P. has been retained as the preferred investment manager for most of the general account assets associated with this transaction, and Voya Investment Management will continue to be the preferred asset manager for the majority of Venerable’s existing book of business.

Barclays served as financial advisor, and Sidley Austin LLP served as legal counsel to Venerable in connection with this transaction.

Venerable is a privately held company with business operations based in West Chester, Pennsylvania, and Des Moines, Iowa.

Amwins, CBIZ M.T. Donahoe & Associates

Amwins has acquired CBIZ M.T. Donahoe & Associates LLC, a Maryland-based general agent specializing in employee and individual benefits and services.

MTDA President Michael Donahoe Jr. will join the leadership team of Amwins Connect.

MTDA will join the group benefits division, further complementing the services of Amwins Connect Administrators and allowing for continued innovation and service, according to an Amwins press release.

Amwins is an independent wholesale distributor of specialty insurance products in the U.S., serving retail insurance agents by providing property/casualty products, specialty group benefit products and administrative services. It is based in Charlotte, North Carolina.

Established in 1982, MTDA is based in Columbia, Maryland, the company supports brokers and their clients with business located in Maryland, the District of Columbia and Virginia.

Insurors, Colonial

Waco, Texas-based Insurors Indemnity has signed a definitive agreement to purchase insurance carrier Colonial Lloyds, headquartered in Fort Worth.

The deal is pending regulatory approval.

Colonial Lloyds has been serving the Texas homeowners insurance market since 1981.

Insurors Indemnity said it is positioned to build on Colonial Lloyds range of residential policy forms and endorsements offering a competitive market for moderate value residential properties and older structures.

Insurors Indemnity, a regional insurance carrier, markets its property/casualty and surety products in Arkansas, Arizona, New Mexico, Nevada, Louisiana, Oklahoma, Texas and Utah through independent agents.

It also offers premium finance through its subsidiary Roadrunner Premium Finance Co.

Scottish American, Fastcomp

Wholesale insurance broker and managing general agent, Scottish American, has acquired Fastcomp of Boston Heights, Ohio.

Fastcomp was created in 1998 by an experienced team of insurance underwriting professionals to provide independent agents with the opportunity to unbundle and place monoline workers’ compensation coverage profitably. Fastcomp’s proprietary technology platform enables multiple quotes with a single submission.

Giordano, Halleran & Ciesla provided legal counsel to Scottish American. Alvarez & Marsal provided financial diligence, and Filament AI provided technological diligence.

Stark & Knoll Co. provided legal counsel to Fastcomp and MarshBerry advised them on the transaction.

Sedgwick, Nautilus

Sedgwick, a global provider of claims services, has acquired the assets of Nautilus Investigations, a South Florida-based firm with a specialty in maritime claims, incidents and casualties, particularly yachts and personal watercraft.

Founded in 1982, Nautilus adjusts and investigates all types of marine incidents, with a focus on yacht claims and investigations and claims management.

The company’s licensed all-lines adjusters handle any kind of marine casualty, including vessel theft, vessel collisions, vessel fires, hull and machinery breakdown or theft.

Serving clients throughout the U.S., Caribbean and Latin America, Nautilus expands the footprint and capabilities of Sedgwick’s marine solutions. With this acquisition, Sedgwick now offers marine clients an end-to-end yacht survey, adjusting, investigation and full claims management service reaching across the Americas and Caribbean.

Hub, Ward Insurance Agency

Hub International Ltd. has acquired the assets of Ward Insurance Agency Inc. in Oregon.

Erik Finrow, president of Ward Insurance, will join as executive vice president of Hub Northwest. The Ward Insurance team will also join Hub Northwest.

Ward Insurance is an independently owned insurance agency with locations in Eugene, Portland and Medford, providing commercial and personal insurance, employee benefits and risk solutions to businesses and individuals throughout the West.

Ward Insurance specializes in various industries, including construction, healthcare, hospitality, manufacturing and wood products.

Chicago, Ill.-based Hub is a global insurance broker and financial services firm providing risk management, insurance, employee benefits, retirement and wealth management products and services.