Business Moves
Howden Group, TigerRisk Partners
Howden Group Holdings has completed its acquisition of TigerRisk Partners to create the “world’s fourth largest global reinsurance broker.”
In June 2022, Howden Group announced the purchase of Stamford, Conn.-based TigerRisk — a risk, capital and strategic advisor to the insurance and reinsurance industry — to further consolidate the group’s position as a global insurance intermediary creating a $30 billion GWP business with an enterprise value of over $13 billion, employing 12,000 people across 45 countries.
The new entity, Howden Tiger, represents nearly $400 million of combined reinsurance revenue and provides clients with access to 450 experts in a business across more than 30 offices and a track record of delivery in local markets, Howden Group said.
Rod Fox, co-founder of TigerRisk, will become executive chairman of Howden Tiger.
Hilb Group, Oak Ridge Surety Agency
The Hilb Group has acquired Oak Ridge Surety Agency in West Chester, Pennsylvania, which specializes in surety bond programs and commercial insurance.
Martin Hellman and his team of insurance professionals will become part of Hilb Group’s Mid-Atlantic regional operations. The business will join with Wayne, Pennsylvania-based Wharton Surety Consultants, a Hilb Group agency. The acquisition took effect Dec. 30, 2022.
The Hilb Group, headquartered in Richmond, Virginia. is a portfolio company of The Carlyle Group, a global investment firm. Hilb Group has completed more than 150 acquisitions with over 100 offices in 22 states.
Specialty Program Group, Euclid Fiduciary
New Jersey-headquartered Specialty Program Group LLC acquired the assets of Euclid Specialty Managers LLC, which does business as Euclid Fiduciary, from Euclid Insurance Services Inc.
Euclid Fiduciary, based in Vienna, Virginia, is a managing general agency specializing in complex fiduciary liability and related professional liability insurance for employee benefit plans.
Founded in 2011, Euclid Fiduciary insures some of the largest single-employer, multi-employer, and governmental employee benefit plans. Euclid Fiduciary has underwriting and claims authority from Hudson Insurance Group, an underwriter of specialty lines programs.
Euclid Fiduciary is led by Managing Principal Daniel Aronowitz.
MarshBerry served as financial advisor to Euclid Fiduciary for the transaction.
Euclid Insurance Services is a holding company and platform for the launching and running of specialty program administrators. It is headquartered in Itasca, Illinois.
SPG is a fully licensed holding company established to acquire and scale insurance underwriting facilities and specialty businesses throughout North America.
Inszone Insurance Services, Brinch Agency Insurance
Inszone Insurance Services has acquired Michigan-based Brinch Agency Insurance.
Brinch Agency Insurance was founded in 2001 by Chris and Kathy Brinch. Located in Roseville, Michigan, Brinch Agency provides personal, commercial and health insurance to Macomb County and the surrounding areas.
The team at Brinch Agency prides themselves on being friendly and knowledgeable about the products available across multiple insurance companies, giving them the flexibility to offer clients affordable prices and individualized policy options.
The acquisition of Brinch Agency provides Inszone Insurance with its first location in Michigan, as well as expands the agency’s presence in the Midwest.
Clients of Brinch Agency will continue to be serviced by the team in the Roseville office, now working under Inszone Insurance brand.
Hub, Grace & Porta Benefits
Hub International Limited acquired the assets of Grace & Porta Benefits Inc.
Located in Brighton, Michigan, Grace & Porta Benefits is an independent agency specializing in employee benefits consultation. President/CEO Jon Porta, Vice President/CMO Travis Porta, Treasurer/CFO Josh Porta, Secretary/CIO Dave Porta, and the Grace & Porta Benefits team will join Hub Midwest East.
Grace & Porta Benefits was represented by Marsh Berry for the transaction.
Evertree Insurance, Provision Insurance
Evertree Insurance, an omni-channel property/casualty insurance distribution platform, acquired Provision Insurance Group, a Michigan-based independent insurance brokerage firm.
The acquisition of Provision follows Evertree’s acquisition of Frankfort, Illinois-based Gnade Insurance Group, previously announced on Dec. 9, 2022.
New York, New York-based Evertree is a technology-enabled insurance platform specializing in personal lines that is focused on building the next generation of independent brokers.
Inszone Insurance Services, Mattis Insurance Agency
Inszone Insurance Services acquired Mattis Insurance Agency, based in Houston. Founded in 1998 by Derrick and Dalia Mattis, Mattis Insurance Agency provides protection for hundreds of individuals, families, and businesses throughout the state.
The Mattis Insurance team will merge and continue to operate out of Inszone Insurance’s Houston location. Mattis Insurance customers can expect the same service they are accustomed to, now under the Inszone Insurance brand.
Alera, Sutter McLellan Agency
Alera Group, a national property insurance and benefits firm, has acquired Atlanta area-based Sutter, McLellan & Gilbreath, a full-service agency.
Sutter McLellan, headquartered in Buford, Georgia, was founded in 1953 and offers employee benefits, auto, home, business, life and builders’ risk policies.
The Sutter team will continue to serve there clients. Drew Gilbreath is vice president of operations.
Alera, headquartered in Deerfield, Illinois, reports more than $1 billion in revenues. It has 4,000 employees in more than 180 offices.
World, Volaris
New Jersey-based World Insurance Associates has acquired Volaris Insurance Group of Tampa.
World Insurance, one of the larger brokerages in the United States, said in a statement that Volaris will expand the broker’s presence in Florida.
Volaris provides business insurance, including trucking and cell tower coverage. Elizabeth Vargas, unit leader of Volaris, said the firm’s products also include workers’ compensation, bonds, general liability and more.
World Insurance, headquartered in Iselin, New Jersey, has completed more than 175 acquisitions since it was founded in 2011.
Purmort & Martin, Lovinger Agency
Purmort & Martin Insurance Agency, one of the oldest agencies in the Sarasota, Florida, area, is expanding with the acquisition of Tampa-based Lovinger Insurance.
Lovinger is a property/casualty agency serving policyholders in Hillsborough and Pinellas counties. It will continue to do business under the Lovinger name.
Lynne Lovinger will remain manager of the firm. She has more than 25 years’ experience in the insurance business.
Arthur J. Gallagher, John C. Breckenridge
Arthur J. Gallagher & Co. acquired Sacramento, California-based John C. Breckenridge Insurance Solutions Inc.
John Breckenridge, Lisa Breckenridge and their team will remain in their current location under the direction of Kevin Garvin, head of Affinity North America for Gallagher’s retail property/casualty brokerage operations.
JCB is a brokerage and plan management firm specializing in student health and intercollegiate athletics insurance for higher education institutions.
Arthur J. Gallagher is an insurance brokerage, risk management and consulting services firm headquartered in Rolling Meadows, Illinois.
Alera Group, Insurance Benefits by Design
Alera Group has acquired Insurance Benefits by Design in Colorado.
Insurance Benefits by Design offers insurance benefits for employers, individuals and families. IBBD is an affiliate of Sage Benefit Advisors, an Alera Group company. The team will continue serving clients in their existing roles.
Alera Group is an independent, national insurance and wealth services firm.
Inszone Insurance, Vaught, Wright & Bond Insurance
Inszone Insurance Services acquired Vaught, Wright & Bond Insurance in Placerville, California.
Vaught, Wright & Bond Insurance was originally founded in 1933 by Mance Vaught. They originally offered bonds in addition to personal and business insurance.
Over the years, Mance Vaught was joined by Donald Wright, Paul Bond and Bill Crow and was later incorporated in 1972, keeping their name as Vaught, Wright & Bond Inc.
In 1982, Leonard Stroud joined the team as a producer and added life and health insurance to the agency’s offerings. In 1990, he acquired all of the corporate stock and was appointed as the sole director.
Bruce Dezzani started as a commercial lines and personal lines producer in 2000 after spending. He then rose to the position of general manager and bought 50% of the company’s shares in 2005. In August 2015, he became the only stakeholder.
Over the past two decades, the company has expanded outside of El Dorado County while remaining a generalist and writing mostly local risks.
As part of the acquisition, Inszone Insurance will retain Vaught, Wright & Bond Insurance employees, as well as the current location in Placerville.
Relation, Napa Valley Insurance
Relation Insurance Services Inc. acquired the assets of Napa Valley Insurance in California.
Co-owners Mike Hogin and Pam Hogin will continue running the offices as part of the Relation family of brands.
Napa Valley Insurance offers a range of insurance products including commercial lines, personal lines, and employee benefits. The firm is based in Napa Valley, with an additional location in Sonoma.
Relation Insurance Services is an insurance brokerage that offers risk management and benefits consulting services across the United States.