Business Moves

Oliver Wyman, Avascent

Oliver Wyman has entered into an agreement to acquire Avascent, an aerospace and defense management consulting firm focused on the corporate and private equity sectors.

The deal is expected to close before the end of the year.

The global management consulting firm and subsidiary of Marsh McLennan said Avascent complements Oliver Wyman’s strong position and reputation across the aviation, aerospace and defense industry globally.

For more than 15 years, Avascent has been a specialist management consulting firm serving clients across aerospace, defense and government sectors. Avascent is also a boutique private equity and M&A advisor in the A&D space and the combination of Avascent and Oliver Wyman will create a team with experience in deal and post-transaction work.

Avascent is based in the U.S., Canada, UK and France, with an extended network of clients and senior advisors around the world.

A team of approximately 130 professionals, including 10 partners, will join Oliver Wyman and will be integrated into Oliver Wyman’s Transportation & Services and Private Capital practices.

Berkshire Hathaway, Alleghany Corp.

Warren Buffett’s Berkshire Hathaway Inc. and Alleghany Corp. announced that all regulatory approvals relating to the proposed $11.6 billion acquisition of Alleghany by Berkshire Hathaway have been received.

The deal was first announced in March 2022.

At a special meeting held on June 9, 2022, the stockholders of Alleghany voted to approve and adopt the agreement and plan of merger.

World Insurance

Insurance brokerage World Insurance Associates reported that it recently closed on purchasing three insurance agencies in the Northeast.

World Insurance acquired Michael F. Iacangelo & Co. of Belleville, New Jersey, on Sept. 1, 2022.

Iacangelo, founded in 1957, sells personal lines coverages.

Also on Sept. 1, World Insurance acquired Cotten Coverage Insurance Agency of Farmingville, New York.

The Cotten Coverage agency provides property/casualty personal lines and commercial lines on Long Island. The agency was founded in 1991 by Bob Cotten and his wife, Karen.

On Aug. 1, World Insurance Associates acquired O’Brien and Gibbons Insurance Agency of Worcester, Massachusetts.

Founded in 1961, O’Brien and Gibbons is retail personal and commercial lines agency.

World Insurance Associates is headquartered in Iselin, New Jersey. Since its founding in 2011, World Insurance has completed 160 acquisitions and serves its customers from more than 250 offices across the country.

Arthur J. Gallagher & Co., Cason, Huff & Schlueter Insurance

Arthur J. Gallagher & Co. acquired Quincy, Illinois-based Cason, Huff & Schlueter Insurance.

Terms of the transaction were not disclosed.

Founded in 1923, Cason, Huff & Schlueter is a retail insurance agency specializing in personal and commercial insurance as well as life, health and disability insurance to clients in Illinois and Missouri.

Mike McCaughey, Patty McCaughey, Bryan Feldner, Eric Frese, Mary Kinscherf and their associates will remain in their current location under the direction of Ryan Isaacs, head of Gallagher’s Midwest region retail property/casualty brokerage operations.

Inszone Insurance Services, Proctor Insurance

Inszone Insurance Services acquired Proctor Insurance, its fifth acquisition in the state of Texas.

Based in Houston, Proctor offers business and personal lines, and specializes in hotels and motels. The agency was founded by Jeff Proctor in 1988.

Arthur J. Gallagher, SeaCoast Underwriters

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

The 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. Headquartered in Lake Mary, Florida, SeaCoast specializes in commercial property/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, 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.

Choice Financial, Georgia Pines

Choice Financial Group, a regional insurance agency based in Virginia Beach, has acquired Georgia Pines Agency, expanding its footprint into Georgia, Florida and California.

GPA, headquartered in Kennesaw, Georgia, is a full-service agency with 12 offices and 65 employees. Co-founders Michael Heidelberger and Steven Roy will continue to oversee operations.

Bob Hilb, founder and former CEO of the Hilb Group, a major insurance broker, is CEO of Choice Financial.

The acquisition is the 10th for Choice since it obtained capital support from Northlane Capital Partners, the company said. Choice now has offices in 11 states.

Hilb, Allegacy Benefits

Hilb Group acquired Allegacy Benefit Solutions, a credit union service organization based in Winston-Salem, North Carolina. The move means that Allegacy Federal Credit Union is getting out of the employee benefits business, according to news reports. The unit has about 20 employees and most of those will transition to Hilb.

Hilb Group is a national property/casualty and benefits brokerage that has grown nationwide through multiple acquisitions in recent years.

Hotaling, Akumen Insurance

Hotaling Insurance Services, a brokerage and risk management team, has merged with Akumen Insurance Advisors of South Florida.

The deal becomes effective Jan. 1. Terms were not disclosed.

Akumen CEO Vince Castro will become regional president of Hotaling Insurance, and the Akumen brand will be known as Hotaling Insurance Services Doral.

Hotaling opened a Miami office in 2018.

Both firms have offered commercial and personal lines of insurance.

Risk Strategies, Relation Education Solutions

Risk Strategies has acquired Relation Education Solutions from Relation Insurance Services.

The deal adds key capabilities to Risk Strategies’ national education practice.

A division of California-based Relation Insurance Services, Relation Education Solutions’ offerings complement existing Risk Strategies’ education practice capabilities, including student health plans, international benefits, faculty and staff benefits, and cultural exchange health plans, while expanding the existing portfolio in areas such as student athletics, amateur sports, and recreational programs.

Relation Education Solutions provides insurance brokerage and program administration services for more than 950 colleges and universities across the country.

Risk Strategies is a specialty national insurance brokerage and risk management firm offering risk management advice and

insurance and reinsurance placement for property/casualty, employee benefits and private client services risks.