Business Moves

April 3, 2023

NSM

Pennsylvania-based insurance program specialist NSM Insurance Group has completed its acquisition of three businesses that specialize in the field of medical stop loss insurance and managed care insurance.

The firms are Sequoia Reinsurance Services in Minnesota, and IOA Re’s two divisions, Rockport Benefits in Massachusetts and Insurance Resources and Auditing Services in Pennsylvania. Rockport and IRAS are subsidiaries of ELMC Risk Solutions in New York, a portfolio company of private investment firm J.C. Flowers & Co.

Bill McKernan, president of NSM, called the firms “high-performing companies with a proven track record of profitability.”

Richard Fleder is CEO of ELMC; John Parker is president and CEO of IOA Re; and Dan Bolgar is president and CEO of Sequoia Reinsurance Services. Rockport Benefits is co-led by managing directors Amy Argeros and Heidi Herlihy.

Carlyle purchased NSM from White Mountains last August.

NSM has more than $1.5 billion in premium across more than 25 specialty insurance programs and brands in the U.S. and UK. Its programs focus on collector cars; pets; social services and behavioral health; addiction treatment; coastal condominiums; towing and garage; trucking; sports and fitness; professional liability for contractors, architects and engineers; habitational; staffing; and workers’ comp.

Arthur J. Gallagher, SBP

Arthur J. Gallagher & Co. acquired Fort Wayne, Indiana-based Stewart, Brimner, Peters & Company Inc.

SBP is a retail insurance broker offering a variety of commercial and personal insurance products along with employee benefits consulting to clients in central and northern Indiana.

Jason Brimner, John Brimner, Jeff Peters, Mick Stewart and their team will remain in their current location under the direction of Sean Gallagher, head of Gallagher’s Great Lakes region retail property/casualty brokerage operations.

ALKEME, NAPA Insurance Center

ALKEME announced the acquisition of the NAPA Insurance Center, an Austin, Texas-based insurance agency that provides health and property/casualty insurance to NAPA’s independently owned auto part stores and auto care centers nationally.

Founded over 30 years ago, the NAPA Insurance Center has been serving the NAPA family through business insurance, flood insurance, group healthcare, individual healthcare, personal insurance and life insurance offerings.

Based in Ladera Ranch, California, and backed by GCP Capital Partners, ALKEME serves thousands of clients with a wide range of offerings including P/C, benefits, surety, risk and wealth management.

Burns & Wilcox, McIntyre & Associates

Burns & Wilcox has signed a definitive agreement to acquire McIntyre & Associates, a Ruston, Louisiana based managing general agent.

The deal is expected to close early in Q2 2023.

Family owned for two generations, McIntyre is a wholesale business with significant commercial lines expertise, including contractors, lessors risk, restaurants, special events and commercial packages, among other areas.

Originally founded by Bill McIntyre in 1988, the company is now led by McIntyre’s son-in-law Bart Dugdale.

Dugdale will join Burns & Wilcox as associate managing director and report to Bonnie Steen, vice president and managing director for Burns & Wilcox Louisiana and Arkansas.

Keyes

Keyes Coverage, a rapidly growing Florida insurance brokerage, has acquired three firms: Bill and Sheila Gaylor Insurance, based in Melbourne, Florida; My Florida Insurance Broker, in Vero Beach; and Brian Laudanno Insurance in Coral Springs.

It’s part of a plan to continue growing the Keyes firm in 2023, the company said.

The Gaylor agency has been serving the Space Coast area for more than 30 years, offering personal and commercial lines products. My Florida Insurance has been in business for some 15 years in Martin County. Laudanno has offered health and property/casualty insurance in south Florida for two decades.

Principals and employees of those agencies will remain on board, Keyes said.

Keyes has been in business in south Florida since 1975, specializing in in corporate P/C coverage and in personal lines. It has more than 80 employees in its office building in Tamarac, Florida.

Keyes is part of the Keystone Agency Partners brokerage platform.

AJG, Benson

Arthur J. Gallagher & Co., the global insurance brokerage and consulting firm, acquired Nashville-based Anderson Benson, a retail insurance brokerage and risk management firm.

Anderson Benson, founded in 2012, has carved out a niche in the entertainment industry, along with hospitality, construction, transportation.

Principals George Anderson, Reno Benson, Brent Daughrity, Steve Buzzell, Will Wright and their team will remain in their current location under the direction of Bumpy Triche, head of Gallagher’s Mid-South retail property/casualty brokerage operations.

Arther J. Gallagher, a publicly traded firm, is headquartered in Rolling Meadows, Illinois, and offers services in 130 countries.

Relationships Matter, Flowers

Less than eight months after two of Alabama’s oldest insurance agencies merged to create the Where Relationships Matter Group, the group has taken on another agency with offices in the southeast part of the state.

WRM Group announced that it has inked a merger agreement with Flowers Insurance Agency, which has offices in Dothan, Eufala and Phenix City.

Flowers’ Managing Partner Shane Sinquefield joins Haig Wright II and Lin Moore as managers of the expanded WRM Group.

Flowers will operate under its own name and employees will continue at their respective offices.

Flowers provides commercial insurance, surety and bonding, employee benefits solutions, personal and life insurance.

WRM was formed last summer when Byars/Wright Insurance and Pritchett-Moore Insurance merged. Both firms were more than 75 years old and have offices around the state.

Reliance, Truck Team Insurance

Reliance Partners acquired the assets of Truck Team Insurance in Salt Lake City, Utah.

Truck Team Insurance owner Brent Tate will join Reliance Partners’ team as vice president of sales. He has more than 20 years of commercial insurance experience, and founded Truck Team Insurance five years ago. Truck Team Insurance is an insurance brokerage providing commercial trucking insurance in 23 states.

Reliance Partners is a commercial insurance agency with locations in Chattanooga, Tennessee; Birmingham, Alabama; Chicago; Austin, Texas, Tempe, Arizona; Milwaukee, Wisconsin, Sacramento, California; and Tampa, Florida, with a national client base largely concentrated in the transportation and logistics space.