Business Moves
Moody’s, RMS
Moody’s Corp. reported that it has completed its acquisition of RMS, the climate and natural disaster risk modeling and analytics firm.
In the transaction, originally announced on August 5, 2021, Moody’s paid approximately $2.0 billion to acquire RMS from Britain’s Daily Mail and General Trust.
Moody’s said the acquisition will increase its insurance data and analytics business to nearly $500 million in revenue and accelerate the development of the company’s global integrated risk capabilities to address the next generation of risk assessment.
New York-based Moody’s offers data and analytics to help businesses and organizations manage risks. It has more than 11,500 employees in more than 40 countries.
California-based RMS offers more than 400 risk models covering 120 countries. Its models and analytics help insurers manage global risk from natural and man-made catastrophes including hurricanes, earthquakes, floods, climate change, cyber, and pandemics.
Alera Group, Related Risk
Alera Group, an independent, national insurance and wealth management firm, acquired Related Risk, a third-party administrator that helps insurance companies and employers generate new premiums and profits by accelerating product speed-to-market while ensuring compliance with emerging and evolving statutory disability and paid family leave benefits.
Serving New York, New Jersey and clients nationwide, Related Risk helps enterprises and organizations deploy new products and programs, enter new markets and expand existing offerings.
The Related Risk team will continue serving clients in its existing roles.
Berkshire Insurance Group, Brown & Brown of Massachusetts
Berkshire Hills Bancorp Inc. and Brown & Brown Inc. announced the execution of a definitive agreement for the sale of the assets and operations of Berkshire Insurance Group Inc. (BIG), a subsidiary of Berkshire Hills, to Brown & Brown of Massachusetts LLC, a subsidiary of Brown & Brown. The transaction is subject to customary conditions and is expected to be completed in the third quarter.
BIG has been providing insurance coverage to customers across the Northeast since its inception in 2000, growing into one of the largest insurance agencies in Western Massachusetts. It provides personal and commercial property/casualty insurance solutions.
Brown & Brown has offered positions to existing BIG employees resulting in no job eliminations. Following the acquisition, BIG will become a new stand-alone operation within Brown & Brown’s retail segment under the leadership of John Flaherty.
BIG’s offices in Greenfield, Longmeadow, Pittsfield, Stockbridge and Westfield, Massachusetts, will continue to operate from their current locations, and its other locations will physically combine with existing Brown & Brown offices.
Hub International, McNellis Insurance
Chicago-based insurance brokerage and financial services firm, Hub International Limited, acquired the assets of McNellis & Co. Inc., located in Evergreen Park, Illinois.
McNellis Insurance is an independent insurance agency providing personal, business, life, health and disability insurance to clients in the Chicagoland area for more than 40 years. The agency also offers annuities and other financial products.
Chuck McNellis, president, and the rest of the McNellis Insurance team will join Hub Midwest West and will continue to operate out of the Evergreen Park office.
USI, Reynolds & Reynolds
Global insurance broker USI Insurance Services announced the acquisition of Des Moines, Iowa-based Reynolds & Reynolds Inc.
Founded in 1976, Reynolds & Reynolds is an independent risk management and employee benefits agency doing business in Iowa and nationally.
Headquartered in Valhalla, New York, USI is a national middle market broker approaching $2.0 billion in revenue.
WNC Insurance Services, Tokio Marine Highland
Chicago-based property/casualty underwriting agency, WNC Insurance Services, has rebranded as Tokio Marine Highland Insurance Services Inc.
The agency was acquired in 2018 by Tokio Marine Kiln, a carrier in the Lloyd’s of London insurance market, rated A+ by Standard & Poor’s.
Tokio Marine Highland is a property/casualty underwriting agency offering specialty risk management products and services, including private flood, construction, fine art, specialty property, real estate investment and lender-placed insurance.
The move will enable Tokio Marine Highland to enter new product classes, introduce its brand to new audiences and create a seamless customer experience.
Founded in 1962, Tokio Marine Highland Insurance Services Inc. is a wholly owned company of Tokio Marine Kiln.
DOXA Insurance Holdings, Caitlin Morgan Insurance Services
Fort Wayne, Indiana-based DOXA Insurance Holdings LLC acquired Caitlin Morgan Insurance Services, a managing general underwriter and wholesale brokerage in Indianapolis that helps independent agents place business and develop package programs for select industry niches.
Caitlin Morgan will continue operations under the leadership of President Christopher S. Murray, and Dustin Partlow will lead the captive management division.
Doxa Insurance Holdings is a Midwest-domiciled holding company that acquires specialty niche-focused insurance distribution companies.
Arthur J. Gallagher & Co., Files Agribusiness
Arthur J. Gallagher & Co. acquired Bastrop, La.-based Files Agribusiness LLC, retail insurance agency specializing in federal crop insurance, agribusiness property/casualty and agricultural aviation coverages.
Founded in 2010, Files Agribusiness provides insurance coverages primarily in Louisiana, Arkansas and Mississippi. John Files and his associates will continue to operate from their current location under the direction of Bumpy Triche, head of Gallagher’s Mid-South region retail property/casualty brokerage operations.
Arthur J. Gallagher & Co. a global insurance brokerage, risk management and consulting services firm, is headquartered in Rolling Meadows, Illinois.
GlobalPro
GlobalPro, a multidisciplinary insurance services firm that helps clients manage the risks to a financial recovery following a loss caused by wind, water, fire, theft or another calamity, opened an office in Dallas.
The company is headquartered in Miami, Florida, and has offices in New York and Washington, DC.
GlobalPro’s North Texas region will be led by Rob Bowlby. For the past 29 years, Bowlby has worked in the commercial banking industry helping clients strengthen their balance sheets and expand their businesses.
GlobalPro provides pre-loss planning and documentation, crisis management, the adjustment of insurance claims, and coordinating the reconstruction process.
ClaimsPro, CJ Hester
ClaimsPro, an independent adjusting and claims management leader in North America and an SCM Company, announced that it has acquired CJ Hester, a multi-state independent insurance adjusting company based in Mobile, Alabama.
CJ Hester provides claims services and special investigations throughout the Southeastern U.S., including Alabama, Florida, Georgia, Louisiana, Mississippi, and Tennessee. Through this acquisition, ClaimsPro will increase its service capacity by offering clients access to a broader geographic reach across these states, complemented by the company’s existing coverage throughout the country.
The acquisition will be a transition for current CJ Hester clients in name and branding only.
Based in Edmonton, Alberta, ClaimsPro has been serving the domestic and international markets for over 45 years in the United States.
NSI Insurance Group, White Cloud, Express
NSI Insurance Group, an independent insurance agency specializing in risk management, employee benefits, and insurance services for businesses and individuals, recently made its third and fourth acquisitions in the past 15 months, with the purchase of White Cloud Insurance and Express Insurance, both in Miami. NSI Insurance Group now has four offices throughout South Florida.
NSI Insurance Group, founded in 1958, ranks among the largest privately owned firms in Florida and operates within five business segments including personal and commercial insurance, employee benefits, and specialty programs.
The company has achieved robust growth through expanstion and acquisition. Last year, NSI Insurance Group acquired Fort Lauderdale, Florida-based Pallant Insurance, one of the largest LGTBQ-owned and managed agencies in the state. The Pallant brand continues under the same leadership as a subsidiary of NSI Insurance Group. Last summer, the company acquired Ensurgroup, based in South Miami, while the Express Insurance and White Cloud acquisitions closed in the past few months.
Alera, The Brokerage Commercial Insurance Services
Alera Group acquired The Brokerage Commercial Insurance Services Inc. in in Newport Beach, Calif.
The Brokerage Commercial Insurance Services employees will continue serving clients in their existing roles.
The Brokerage Commercial Insurance Services is a commercial insurance brokerage firm specializing in general liability, property, commercial automobile and workers’ compensation insurance.
Alera Group is an independent, national insurance and wealth management firm offering employee benefits, property/casualty, retirement services and wealth management solutions.
Alera Group, Fendley Benefits
Alera Group acquired Fendley Benefits in Flagstaff, Ariz.
Fendley Benefits joins Alera Group through Benefit Commerce Group, an Alera Group company based in Scottsdale.
The Fendley Benefits team will continue serving clients in their existing roles.
Friendly Benefits is an employee benefits firm that focuses on cost management, compliance, HR support, technology and employee advocacy.
Alera Group is an independent, national insurance and wealth management firm.