Business Moves
RB Jones, Corvus
Specialty risk broker RB Jones announced its marine and energy division has acquired the Smart Cargo Insurance business from Boston-based managing general agent Corvus Insurance.
The Corvus ocean cargo product offers an insurtech product for temperature-sensitive cargo such as food and pharmaceuticals.
As part of the transaction, RB Jones will have exclusive access to underwrite cargo insurance policies through Skyward Specialty Insurance Group, a specialty property/casualty insurance company that provides capacity to the marine cargo industry.
The Corvus technology utilizes risk models built on multiple data points from cargo sensors to inform underwriting, coverage and rates. Additionally, the technology can be used to minimize or prevent cargo damage during transportation.
RB Jones said the analysis and application of temperature stability data will help its marine cargo clients optimize their shipping methods and routes.
John Gambino, marine underwriting manager at RB Jones, will lead the integration of the Corvus offering into the RB Jones portfolio.
The company said it will welcome talent from Corvus as RB Jones associates. Zandra Brown joins as head of specialty cargo and Kevin Kempf joins as product leader of specialty cargo.
Both Brown and Kempf report to Gambino.
Detroit-based H.W. Kaufman Group is the parent company to RB Jones.
Corvus Insurance specializes in technology and data-driven insurance products and digital tools. Its products include Smart Cyber Insurance and Smart Tech E+O.
CoverTree, Socotra
Insurtech MGA CoverTree has partnered with core platform provider, San Francisco-based Socotra, to launch what the companies say is easy to procure and affordable insurance for owners, renters and landlords of manufactured homes, which have been historically underinsured.
With Socotra, CoverTree says it can n automate 92% of its applications with straight-through processing, enabling its customers to purchase a policy online in less than three minutes and save up to 40% in premiums.
CoverTree, a creator of a digital insurance solution for residents of manufactured homes, recently raised $10 million in venture funding and announced the launch of coverage for manufactured homes in Arizona, Indiana, Michigan, New Mexico, Ohio, Illinois and Tennessee.
Arthur J. Gallagher, M&T Bank
Global insurance broker Arthur J. Gallagher & Co. has agreed to acquire Buffalo, New York-based M&T Insurance Agency Inc., an indirect subsidiary of M&T Bank Corp.
In connection with the transaction, Gallagher said it will become the preferred insurance broking partner of M&T Bank.
Founded in 1955 and operating under its current name since 2005, MTIA is a retail insurance agency offering property/casualty commercial and personal lines products as well as group benefits and surety products in the Northeast and mid-Atlantic.
MTIA ranks 82nd on Insurance Journal’s Top 100 Independent Insurance Agencies list, with more than $26 million in property/casualty revenues and more than $11 million in other revenues.
John Rumschik, Bart Kresse, Zachary Howe and their teams will join Gallagher and operate under the direction of Patrick Kennedy, head of Gallagher’s Northeast region retail property/casualty brokerage operations.
The transaction is subject to regulatory approval and is expected to close during the fourth quarter of 2022.
Arthur J. Gallagher & Co. has offices in approximately 130 countries around the world.
M&T Bank operates in 12 states across the northeastern U.S. from Maine to Virginia and Washington, D.C.
The Hilb Group, Abatelli Insurance
The Hilb Group reports it acquired New York-based Abatelli Insurance Agency.
Based in Whitestone, New York, Abatelli Insurance Agency is a third-generation family-run business that has served the Queens borough, Long Island area, and beyond for more than 100 years.
The agency offers personal and commercial lines products from more than 15 carriers.
Siblings Eileen Black, Phillip Abatelli III, James Abatelli, and their team of insurance professionals will join Hilb Group’s regional operations.
The Hilb Group, headquartered in Richmond, Virginia, is a portfolio company of The Carlyle Group, a global investment firm. The Hilb Group is an Insurance Journal Top 100 P/C Agency.
Focus Financial Partners, Alpha Property & Casualty
Focus Financial Partners, a partnership of independent, fiduciary wealth management firms, announced it has entered into a definitive agreement under which Alpha Property & Casualty Inc., a licensed insurance agency in Westlake, Ohio, will join Focus Financial’s partner firm, Ancora Holdings Group LLC.
The transaction is expected to close in the fourth quarter of 2022, subject to customary closing conditions.
This will be Ancora Holdings Group’s first acquisition since joining Focus Financial as a partner firm in October 2021.
Founded in 1999, Alpha Insurance Group is a private insurance agency that provides a wide range of property/casualty and health insurance products and services through its relationships with top industry carriers.
Alpha Insurance Group’s principals, Brian Spear, Kevin Neitzel and Kevin O’Brien, each have more than 20 years of industry experience working with individual and commercial clients in Ohio and across the United States.
CF, 1 Source Business Solutions
PCF Insurance Services has acquired 1 Source Business Solutions in Salt Lake City, Utah.
1 Source Business Solutions is a professional employer organization specializing in employee benefits, payroll administration, HR compliance and consulting, and workers’ compensation administration.
Lehi, Utah-based PCF Insurance
Services is a consultant and insurance brokerage firm offering commercial, life, and health, employee benefits and workers’ compensation services.
Confie, CoWest Insurance Group
Confie acquired Colorado-based CoWest Insurance Group and the firm’s 30 insurance agency network.
The acquisition underscores Confie’s plans to create an insurance agency network for independent agents within its national brand, InsureOne.
CoWest will continue to operate under its current brand in Colorado, and Confie will retain all current CoWest employees with the acquisition.
CoWest Insurance Group started as a single agency and has since built an agency network.
Confie is a personal lines insurance distribution company in Huntington Beach, California.