Business Moves

Riskonnect, ICIX

Integrated risk management software firm Riskonnect has acquired ICIX, a California-based value chain governance company that helps businesses manage their environmental, social and governance performance.

The acquisition accelerates Riskonnect’s growth by expanding its integrated risk management product suite to better serve the demands of the fast-growing ESG market.

ICIX provides risk and compliance managers with transparency and controls across sourcing and supply chain management, safety and quality compliance, diversity and inclusion, trading partner onboarding, information exchange, and performance management.

The investment will also offer ICIX customers access to new capabilities through Riskonnect such as insurable risk management and healthcare risk solutions.

Atlanta-based Riskonnect has more than 525 risk management experts in the Americas, Europe, and Asia.

The Morse Insurance Agency, Habig & Magoon Insurance Agency

The Morse Insurance Agency Inc. merged with the Habig & Magoon Insurance Agency.

In the mid-1980s, the Morse Insurance Agency’s first merger, between the David R. Morse Insurance Agency and the John I. Lowndes Insurance Agency, was executed by agency founder David Morse. Since then, identifying mutually beneficial merger and acquisition opportunities with other local, independent agencies in the Southeastern Massachusetts marketplace has been an essential part of Morse’s overall growth strategy.

Morse’s Bridgewater and Norton locations were the direct result of agency acquisition deals — Arnberg Insurance in January 2000 and Peloquin Insurance in October 2010, respectively.

With the addition of Habig & Magoon, the total number of mergers and acquisitions for Morse stands at 13.

Across the agency’s four locations, there are now 40 team members. However, Morse leadership, which includes Dan and his brothers Tim and Brian, will continue to seek out agency owners who may be looking for a partner or to sell, whether in the near future or further down the line.

David Morse’s sons Dan, Tim and Brian bought the Morse Insurance Agency from their father in 2004.

Morse Insurance works closely with a variety of local, regional and national insurance carriers to bring clients personal and business insurance options.

Specialty Program Group, CM&F Group

Specialty Program Group LLC, an operator of specialty insurance brokerages and underwriting facilities, acquired the assets of CM&F Group, a digital provider of healthcare liability insurance coverage for individuals and groups.

CM&F, formerly Cotterell, Mitchell & Fifer, was founded in 1919 as a property/casualty insurance broker in downtown Manhattan. In 1947, CM&F developed the first nursing professional liability policy. This policy would become the foundation of the business today. Over the past 70 years, CM&F has continued to offer healthcare professionals liability insurance protection.

The acquisition by SPG will enable CM&F to focus on expanding its core business by providing operational, HR support, access to markets and expanding its digital footprint.

Headquartered in Summit, New Jersey, Specialty Program Group is a fully licensed holding company established to acquire and scale insurance underwriting facilities and specialty businesses throughout North America.

Arthur J. Gallagher, River Valley Capital Insurance, W.P. Dolle LLC

Arthur J. Gallagher & Co., a global insurance brokerage, risk management and consulting services firm headquartered in Rolling Meadows, Illinois, acquired Dubuque, Iowa-based River Valley Capital Insurance Inc.

Founded in 2007, RVCI is a retail property/casualty brokerage that specializes in providing insurance coverage for the trucking industry, with a focus on long-haul trucking firms in the Midwest region.

The team will remain in their current location under the direction of Ryan Isaacs, head of Gallagher’s Midwest region retail property/casualty brokerage operations.

Arthur J. Gallagher & Co. also acquired Cincinnati, Ohio-based W.P. Dolle LLC.

Founded in 1872, W.P. Dolle is a retail property/casualty agency and employee benefit consultant serving a diverse client base across the greater Cincinnati tristate region, with a focus on risk management.

Mark Rummler, Rich Veleta and their team will relocate to Gallagher’s Cincinnati office under the direction of Sean Gallagher, head of Gallagher’s Great Lakes region retail property/casualty brokerage operations, and Tom Lannen, head of Gallagher’s Great Lakes region employee benefits consulting operations.

Brown & Brown, Remedy Analytics

Brown & Brown Inc. acquired all of the stock of Remedy Analytics.

Founded in 2011 by current chief executive officer, Scott L. Martin, Remedy Analytics uses its proprietary PharmaLogic data-based medication platform to offer pharmacy consulting services to employers throughout the United States.

Following the acquisition, the Remedy Analytics team will continue operating from their existing Milwaukee, Wisconsin, location under the leadership of current chief operating officer, Jennifer Hill. Martin will continue to support the Remedy Analytics business as a consultant.

The Remedy Analytics business will operate within Brown & Brown’s retail segment and report to Mark Abate, who oversees Brown & Brown’s Strategic Benefit Advisors operations.

Brown & Brown Inc. is an insurance brokerage firm, delivering risk management solutions to individuals and businesses since 1939.

One80, Equity Partners Insurance Services

Boston-based One80 Intermediaries, a national wholesale broker, program manager, third-party administrator, warranty and lender-based insurance provider, and insurance aggregator, has acquired Equity Partners Insurance Services Inc., a managing general agent and wholesaler for commercial and personal lines headquartered in Slidell, Louisiana.

Terms of the deal were not disclosed.

Equity Partners Insurance Services was founded in 2002 and specializes in property/casualty, garage and auto services, personal lines, professional lines, environmental, and marine insurance.

In addition to Louisiana, it also has a presence throughout Alabama, Georgia, Florida, Mississippi, Oklahoma, and Texas.

Equity Partners Insurance Services has been a Lloyd’s cover holder since 2006, provides access to more than 50 active markets, and offers seven in-house binding authority contracts.

Arthur J. Gallagher, SeaCoast Underwriters

Arthur J. Gallagher & Co.’s wholesale brokerage, binding authority and programs division known as Risk Placement Services has acquired Florida-based SeaCoast Underwriters.

Gallagher, the global insurance brokerage and risk management firm, announced the acquisition but terms were not disclosed.

Founded in 1996, SeaCoast is a wholesale specialist, a managing general agency with binding authority, and a surplus lines broker for admitted and non-admitted insurers, the company said in a news release.

Headquartered in Lake Mary, Florida, SeaCoast specializes in commercial property and casualty, flood and excess flood, personal lines, and transportation and garage risks in Florida and 13 other states.

Davies, Insurance Risk Services

Davies, a professional services and technology company serving the insurance market, announced it has agreed to purchase Insurance Risk Services, a Florida-based firm that provides inspections for underwriting.

Insurance Risk Services, or IRS, is based in Lake Mary, Florida. It specializes in residential and some commercial inspections, telephone audits and drone roof inspections. It has a network of more than 1,000 field inspectors, Davies said in a news release.

Associated Insurance Administrators

While some property and casualty insurers have pulled out of the troubled Florida market, Associated Insurance Administrators sees strong potential in the workers’ compensation and commercial specialty sectors.

AIA, a program administrator and wholesale supplier of workers’ compensation and specialty products, announced it is expanding its territory from six Southern states to include Florida.

Hub, Baird

Hub International Ltd. acquired the assets of Jerry Baird Insurance Agency and Baird Crop Insurance Agency.

Fresno, Calif.-based Baird specializes in crop and commercial insurance, particularly in the agribusiness and farm industry.

Jace Baird, president of Baird, will report to Michael Der Manouel, executive vice president of Hub California Central Valley. The Baird team will join Hub California.

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.

Liberty Company, Rubicon M&A

The Liberty Company Insurance Brokers has acquired Rubicon M&A Insurance Services LLC in California.

Rubicon M&A, led by its founder Patrick Stroth, specializes in executive liability.

The Liberty Company is a privately held insurance broker.

The Liberty Company Insurance Brokers, Aura Risk

The Liberty Company Insurance Brokers formed a new managing general agency, Aura Risk Management, providing program administration and a wholesale trading platform for its carriers, Liberty producers, and Aura’s growing national network of select agencies.

San Clemente, Calif.-based Aura Risk is led by its President Tony McIntosh. McIntosh leads the development of bespoke products and manages programs that support both the Liberty Company and select external retail partners. He spent several years with KRM Risk Management, an MGA in Southern California.

Aura Risk Management is an MGA administering programs and aggregating commercial and personal lines wholesale placements through its national network of carriers, producers, and agency partners that is licensed in more than 30 states.