Business Moves
Granada Financial, Topa Insurance Group
Granada Financial Group entered into a definitive agreement to acquire the controlling interest in Topa Insurance Group from long-time owner, Anderson Holdings.
The transaction is subject to customary closing conditions, including regulatory approvals. While Granada will assume majority control, Anderson Holdings will retain a minority equity stake in the business following the closing.
Topa is the parent company of Topa Insurance Co., a property/casualty insurance carrier, and Dorchester Insurance Co., a P/C carrier located in the U.S. Virgin Islands. The strategy for the business will remain largely unchanged in terms of a focus on specialty P/C lines, but with significant support from Granada.
Granada is the parent company of Granada Insurance Co., a Florida-based specialty commercial insurance company. Its principals also own and manage Granada Indemnity Co., a New York domestic insurer writing multi-peril coverages in the Northeast U.S.
AIG, Stone Point Capital
American International Group has entered into a binding memorandum of understanding with Stone Point Capital LLC to form an independent managing general agency. AIG’s Private Client Group (PCG) business will move to this new independent platform, rebranded as Private Client Select Insurance Services (PCS).
PCG personnel, including the leadership team led by PCG President and CEO Kathleen Zortman, will transfer to the MGA once it is formed.
Completion of the proposed transactions between AIG and Stone Point is subject to negotiation of definitive agreements, obtaining required permits and regulatory approvals. The terms of the transaction have not been disclosed.
Risk Strategies, Broker Bullen Group
National specialty insurance broker Risk Strategies acquired Bullen Insurance Group, a national specialist focused on high net worth families, individuals and their businesses. Bullen operates five offices in New York and Florida and it has clients in all 50 states.
Founded by George V. Bullen in 1897 on Long Island, New York, the firm is now run by Matthew C. Fox, current president and chief executive officer who is a son-in-law of the late George H. Bullen, who ran the firm for 40 years.
Boston-based Risk Strategies has more than 100 offices including in New York City, Chicago, Toronto, Montreal, Grand Cayman, Miami, Atlanta, Dallas, Nashville, Washington D.C., Los Angeles, and San Francisco.
Greenlight Re, Vertical Insure
Greenlight Capital Re, through its Greenlight Re Innovations, announced an investment in Vertical Insure Inc., a Minneapolis, Minnesota-based embedded insurance program.
Vertical Insure addresses distribution inefficiencies by embedding insurance vertical Software as a Service platforms. Vertical Insure works with managing general agents and carriers to provide additional distribution streams while providing its SaaS partners with a new source of revenue.
Greenlight Re CEO Simon Burton said Vertical Insure will generate unique underwriting opportunities by tailoring embedded insurance products for industry-specific SaaS platforms and their clients.
Holman, Park Wood Managers
Holman, a global automotive services organization, acquired Plano, Texas-based Park Wood Managers, a leading underwriter and insurance provider for commercial trucking fleets. The addition of Park Wood Managers and the company’s portfolio of business assets allows Holman to expand the scope of its commercial underwriting and alternative risk services to offer automotive liability insurance coverage for high-hazard medium-duty, heavy-duty, and extra heavy-duty commercial vehicles.
Holman also is now the program manager of the Park Wood Risk Retention Group (RRG), which will be rebranded as Holman Transportation Risk Retention Group. Holman is now able to provide comprehensive automotive insurance coverage and commercial risk mitigation services for the entire range of commercial fleet vehicles, regardless of fleet size, industry, or asset type.
Additionally, through this acquisition, Holman is now able to offer its customers the added protection of an A-minus rated cut-through endorsement backed by one of the industry’s leading carriers.
Curi Holdings, Constellation
Curi Holdings, a Raleigh-headquartered medical liability insurance company, plans to merge with Minnesota-based Constellation Inc., creating a company with more than $2 billion in assets.
Curi provides malpractice insurance for physicians by physicians and was known as Medical Mutual Holdings Inc. until 2019, when it rebranded. It was established in 1975 when other carriers stopped offering malpractice insurance to many physicians in North Carolina.
Constellation already includes Midwest Medical Insurance Co., Arkansas Mutual and Utah Medical Insurance Association.
Ryan Crawford is president and CEO.
Curi CEO Jason Sandner will remain head of Curi Holdings.
Hilb Group, Nowell Agency
The Hilb Group has expanded into Mississippi with the acquisition of The Nowell Agency.
The Nowell Agency has offices in Brandon, Greenwood, Tupelo, Byram and Hattiesburg, Mississippi, and specializes in coverage for fuel distribution operations, dwellings, agribusiness and more.
Mike Nowell and team will now be part of Hilb Group’s Southeast operations, the company said in a news release.
Hilb is part of the Carlyle Group investment firm.
Alkeme, PEO Exchange
Alkeme acquired PEO Exchange, a Tampa-based professional employer organization that specializes in finding workers’ compensation coverage for tough-to-place industries.
PEO Exchange works with PEOs, employer-of-record organizations and administrative-services-only firms through an automated web portal, serving employers in roofing, staffing, transportation, solar and other areas.
Alkeme, based in Ladera Ranch, California, is backed by GCP Capital Partners. The company provides property/casualty insurance, benefits, surety, and risk management services and works with agencies on consolidation of services.
Krause, USA-LTCI
Krause Brokerage Services LLC acquired USA-LTCI in California. LTCI is a brokerage firm that specializes in long-term care insurance, including employer-sponsored worksite LTCI for businesses offering LTCI as a benefit to their staff.
Don Levin, the former president and CEO of USA-LTCI, will serve as strategic relations director at Krause. Krause is also adding Paula Pike, a senior account manager with more than 25 years of experience, whose primary role will be processing applications for businesses offering LTCI as a benefit to employees.
De Pere, Wisconsin-based Krause Brokerage Services specializes in asset preservation solutions, resources, and education for long-term care and the senior market.