Business Moves
JAB, Fairfax, Crum & Forster, PetHealth
JAB Holding Co. and Fairfax Financial Holdings Limited said JAB’s pet insurance business agreed to acquire all of Fairfax’s interests in the Crum & Forster Pet Insurance Group and PetHealth Inc., including all worldwide operations.
Fairfax will receive $1.4 billion in the form of $1.15 billion cash and $250 million in seller notes. JAB said its combined global pet insurance and ecosystem platform will grow to have gross written premiums and pet health services revenues of well over $1.2 billion by 2023, insuring more than 2.1 million pets.
The transaction, subject to conditions and regulatory approvals, is expected to close in the second half of 2022.
C&F Pet insures over 500,000 pets and markets or serves as underwriter for numerous brands, including ASPCA Pet Health Insurance, 24Petprotect, Hartville Pet Insurance, Spot Insurance Services, Pumpkin Insurance Services, and PetCoach LLC (provider of Petco pet insurance plans) in the United States and Pets Plus Us in Canada.
Pethealth provides wellbeing and safety solutions to shelters and pet parents under the 24Pet brand, which includes the 24Petwatch Registry with over 20 million registered pets.
As part of the transaction, Fairfax will also make a $200 million investment in JCP V, JAB’s latest consumer fund.
JAB is a German conglomerate based in Luxembourg.
Britely Insurance, Empire State Brokerage
Florida-based Britely Insurance has agreed to acquire the assets of Empire State Brokerage Services, a Plainview, New York-based wholesale broker operating in more than 25 states.
The transaction is expected to close in July.
David Schepsman, president at Empire, and his team bring decades of experience in commercial insurance markets including restaurants, contractors healthcare, real estate and nonprofits.
The online Empire Express service allows agents to quickly obtain quotes for businessowners, general liability, workers compensation and professional liability accounts.
Empire also has regional offices in South Carolina and Massachusetts.
Britely is an insurance distribution franchise platform. It offers access to personal lines, commercial lines, small group and individual health insurance markets. Through its subsidiary, Britely Medical Insurance Services, it provides specialized products and services to the medical community.
Acrisure, QuickInsured
Acrisure acquired Columbus, Ohio-based QuickInsured, a tech-enabled insurance agency.
Through this acquisition, Acrisure will access QuickInsured’s proprietary digital sales funnel. This technology customizes and provides multiple insurance solutions to customers.
Acrisure said the technology platform will drive further revenue growth by leveraging the significant number of client transactions in its Real Estate Services division, utilizing QuickInsured’s existing digital sales platform to seamlessly offer these customers personal line insurance policies.
Intact, Tokio Marine Highlands
Tokio Marine Kiln reached an agreement with Intact Insurance Group USA LLC for the sale of Tokio Marine Highland’s U.S. construction division.
The transaction is subject to customary regulatory approvals and is expected to close in the second half of 2022.
TMH’s construction business, Highland, provides primary and excess builders risk insurance in the U.S. The division, led by Rick Girden, president, and Kaileigh Bowe, executive vice president, employs approximately 40 people and is headquartered in Naperville, Illinois.
CCIG
Colorado-based CCIG is expanding its services with the opening of a new location in Austin, Texas.
CCIG specializes in construction and real estate insurance protection. Their insurance program design team and their risk management team help clients secure insurance protection, reduce risk exposures and manage claims.
CCIG calls itself an independent, rapidly growing insurance brokerage, delivering risk management and insurance solutions to their clients.
Skyward Specialty
Houston-based Skyward Specialty Insurance Group Inc. has expanded its miscellaneous professional liability coverage to include errors and omissions (E&O) exposure for employed lawyers.
The coverage protects in-house attorneys from allegations of malpractice while executing their legal duties. In-house general counsel, legal assistants, notaries public and temporary or independent contractor attorneys are eligible for coverage.
Employed Lawyers coverage is key in limiting rising exposures to in-house attorneys who are not covered by traditional Directors & Officers (D&O) policies, the company said.
Skyward Specialty is a specialty insurance company, delivering commercial property and casualty products and solutions on a non-admitted and admitted basis.
King Insurance Acquires Wurzel Agency
King Insurance, a brokerage based in Gainesville, Florida, has acquired The Wurzel Agency in Oveido, Florida.
Wurzel specializes in property/casualty personal lines and small and mid-size commercial coverage.
Robert Wurzel, founder, said the agency has had three generations in the Florida insurance business.
King Insurance is a brokerage firm providing property/casualty and employee benefits programs.
Hub, Physicians Risk Associates
Hub International Ltd. acquired the assets of Physicians Risk Associates Insurance Agency LLC in Mission Viejo, California.
Physicians Risk Associates Insurance Agency team will join Hub Los Angeles/Orange County.
Physicians Risk Associates Insurance Agency is an independent insurance agency providing services to businesses, individuals and families. The firm specializes in insurance for medical and healthcare professionals.
Chicago, Illinois-based Hub is an insurance broker and financial services firm providing risk management, insurance, employee benefits, retirement and wealth management products and services.
PCF, Mike Haffar
PCF Insurance Services acquired Mike Haffar Insurance Services Inc. located in West Covina, California.
Mike Haffar is an insurance and risk advisor for physicians, medical clinics, medical groups, surgery centers and hospitals.
The agency specializes in malpractice, general liability, property, workers’ compensation, management liability, professional liability, employment practices liability, earthquake, and group health benefits.
Lehi, Utah-based PCF Insurance Services is a consultant and insurance brokerage firm offering commercial, life and health, employee benefits, and workers’ compensation.