Business Moves

December 6, 2021

Lemonade, Metromile

Digital insurer Lemonade plans to acquire California-based pay-per-mile auto insurance startup Metromile in an all-stock transaction, Carrier Management reported.

Metromile is licensed in 49 states, and has more than $100 million of in-force auto insurance premium, over $250 million in cash on its balance sheet, and experience using big data and artificial intelligence for car insurance.

New York-based Lemonade recently launched its own auto insurance product — Lemonade Car — in Illinois. Lemonade’s auto product includes an app that uses telematics to measure how much and how safe people drive.

The deal has a fully diluted equity value of approximately $500 million, or just over $200 million net of cash. Transaction terms call for Metromile shareholders to receive Lemonade common shares at a ratio of 19 to 1. The transaction is expected to close during the 2022 second quarter.

Baldwin Krystyn Sherman Partners, Construction Risk Partners

Baldwin Krystyn Sherman Partners LLC is acquiring all the outstanding equity interests of Construction Risk Partners LLC. This transaction brings with it approximately 85 colleagues.

BKS Partners is an indirect subsidiary of BRP Group Inc., an independent insurance distribution firm.

Based in Branchburg, New Jersey, CRP is a specialty construction brokerage firm focused on providing risk mitigation expertise and services to business owners, developers, general contractors, designers and subcontractors across the country. CRP has annual revenues of approximately $32.6 million. CRP’s product expertise includes property/casualty insurance, surety, subcontractor default insurance and wrap-up services.

Risk Strategies, TriPoint Insurance

Risk Strategies, a national specialty insurance brokerage and risk management firm, acquired TriPoint Insurance Inc., a national specialist providing Performance Based Insurance solutions to middle market companies in the construction, manufacturing, wholesale and skilled nursing verticals. TriPoint’s PBI solutions include large deductible program structures, captive insurance programs and other performance-based products.

Originally established in 1917 as a general insurance agency, TriPoint is based in Avon, Connecticut.

World Insurance Associates, Pope Insurance Agency

World Insurance Associates LLC acquired Pope Insurance Agency Inc. of Plainville, Massachusetts. Pope Insurance Agency Inc. is a multi-line insurance agency offering personal insurance for car, home and life, as well as business insurance, including comprehensive commercial insurance.

World Insurance Associates, headquartered in Tinton Falls, New Jersey, is a full-service insurance organization providing individuals and businesses with products and services across personal and commercial insurance lines, employee benefits, retirement and financial services and human capital management solutions.

Alera, Becker Insurance Agency

Alera Group, an independent, national insurance and wealth management firm, acquired Becker Insurance Agency P.C., an independent insurance agency based in Portage, Michigan.

Becker Insurance was established over 50 years ago with an emphasis in the property/casualty markets. The firm offers both commercial and personal lines.

Becker Insurance Agency joins Alera Group through Lighthouse Group, an Alera Group company based in Michigan. The Becker Insurance Agency team will continue serving clients in its existing roles.

Vertafore, AgencyZoom

Vertafore, a provider of insurance technology, acquired Columbus, Ohio-based inusrtech AgencyZoom, a cloud-based sales automation platform for insurance agents. AgencyZoom provides insurance agents with sales analytics and customer engagement automation.

Zurich American, Special Insurance Services

Zurich American Insurance Co., a provider of insurance products and services to businesses in multiple industries, agreed to acquire Special Insurance Services Inc., a Texas-based program manager whose offerings include gap medical and occupational accident insurance products.

SIS develops, underwrites, distributes and administers specialty insurance products for small- and midsize employers. SIS has been managing programs since 1987. It now provides administrative services to more than 5,000 employers and their employees, and has annual premium of approximately $55 million.

Hub, Thibeaux Insurance Group

Hub International Limited, a global insurance brokerage and financial services firm, acquired the assets of Thibeaux Insurance Group LLC in Lafayette, Louisiana. Thibeaux Insurance Group offers commercial and personal insurance, including home, auto and life. Owner Dailey Thibeaux and the Thibeaux Insurance team will join Hub Gulf South.

Peak6, We Insure

Peak6 InsurTech is acquiring Jacksonville, Florida-based We Insure Inc., an independent insurance franchise company. We Insure recently opened a real estate focused operation in Lecanto, Florida, owned by Kevin and Karen Cunningham, which specializes in residential, automobile and commercial lines, particularly for RE/MAX real estate clients. It also opened a location in Panama City.

JKJ, Witherspoon

Insurance brokerage Johnson, Kendall & Johnson merged with Brentwood, Tennessee-based Witherspoon & Associates to offer expanded coverage for the marine and scuba industry. Witherspoon provides a full line of scuba-related insurance. The merger extends programs for individual professional liability, dive facilities, dive vessels, dive equipment manufacturers, and boats and vessels.

JKJ is based in Newtown, Pennsylvania.

Alera, Bagwell & Bagwell

Alera Group, a national insurance and wealth management firm, acquired 102-year-old Bagwell & Bagwell Insurance in North Carolina. Bagwell, founded in 1919, is a property/casualty agency that writes policies across the state.

Alera Group is an independent firm with more than $900 million in annual revenue. The group has more than 3,000 professionals in 120 offices.

Verisk, Data Driven

Verisk Analytics, the global data analytics firm, acquired Huntersville, North Carolina-based Data Driven Safety to expand its automobile insurance underwriting data business. Data Driven, founded in 2009, aggregates driver data from law enforcement records, state motor-vehicle departments and court records.

Hub, Rider

Chicago-based Hub International, a global insurance brokerage and financial services firm, acquired Rider Insurance Group, based in Fort Myers, Florida.

Rider provides personal lines and commercial insurance, including auto, home, flood, recreational vehicles, life and business products. Rider Insurance Group owners Jared and Jennifer Hartley and their team will join Hub Florida.

Risk, Hibbits

Risk Strategies, a national specialty broker, purchased Mount Pleasant, South Carolina-based Hibbits Insurance Agency.

Hibbits, with offices around the state, is a benefits general agency and offers home and property, life, health and vehicle insurance. Hibbits has been family owned since its founding by Rob Hibbits in 1973.

March McLennan, Pelnik

Marsh McLennan Agency, a subsidiary of Marsh, acquired Pelnik Insurance, a North Carolina independent agency. Pelnik, founded in 1994, offers business insurance and employee benefits. It has 19 employees in offices in Cary and Greensboro.

Venbrook, Alpharetta Underwriters

Los Angeles-based Venbrook Group, an independent insurance distribution and services firm, acquired Georgia’s Alpharetta Underwriters, a specialty managing general agent that offers excess and surplus coverage for the construction industry.

Alpharetta Underwriters is based in Atlanta, and has experience in construction risk management.

The acquisition will bolster Venbrook’s E&S portfolio, which already includes ComStar General Insurance Solutions and and Cardigan General, a commercial transportation products firm.

Brown & Brown, Heacock

Brown & Brown, a national insurance brokerage firm, acquired Heacock Insurance, based in Central Florida.

Heacock was founded in 1922 and has offices in Lakeland and Sebring. The Heacock team will continue to operate from agency offices under the leadership of Stacey Heacock Weeks.

SullivanCurtisMonroe, Stan Burns

SullivanCurtisMonroe acquired Stan Burns Insurance Services in Long Beach, California.

Stan Burns specializes in commercial, personal, employee benefits and life insurance.

Irvine, California-based SCM is a locally managed insurance brokerage firm and offers coverage solutions for commercial property/casualty insurance, risk management, employee benefits and personal risk management.

ALKEME, H&S Insurance Services

ALKEME acquired H&S Insurance Services in Moorpark, California.

H&S operates in 50 states, specializing in commercial, personal, benefits and risk management in the motorsports, construction and hospitality industries.

ALKEME offers personal and business insurance, as well as employee benefits and surety and bonding.

Alera Group, Schwartz Insurance Agency

Alera Group acquired Schwartz Insurance Agency in an Arizona.

Schwartz Insurance will expand Alera Group’s footprint in Arizona. Schwartz Insurance joins Alera Group through Benefit Commerce Group, an Alera Group company based in Scottsdale. The Schwartz Insurance team will relocate to the BCG offices in Scottsdale and continue serving clients in their existing roles.

Schwartz Insurance Agency specializes in providing commercial property/casualty insurance, offering a range of services including placement, risk management, claims administration and analysis, training and benchmarking.