Business Moves

April 17, 2023

NSM, Sequoia Reinsurance Services, Rockport Benefits, Insurance Resources and Auditing Services

Pennsylvania-based insurance program specialist NSM Insurance Group 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 (IRAS) 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.

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’ compensation.

World Insurance Associates, Finger Lakes Partners Insurance Services

National insurance broker World Insurance Associates has acquired the business of Finger Lakes Partners Insurance Services Inc. of Geneva, New York.

Finger Lakes was formed in 2007 with the merger of Chacchia & Parrott and Henry Shepard Smith. In addition to its Geneva office, it has an office in Waterloo. The agency sells auto, home, business, life, boat and other insurance products.

According to the acquisition announcement, all the principals of Finger Lakes Partners are joining World to continue to operate the business. Partners include Edward Boudreau, Charles Bartishevich, Daniel Chacchia and John Parrott Jr.

World Insurance is headquartered in Iselin, New Jersey.

The transaction closed in January. Terms were not disclosed.

Arthur J. Gallagher; Stewart, Brimner, Peters & Company

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

Terms of the transaction were not disclosed.

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.

NFP, David A. Marcus & Associates, Deerfield Financial Group

NFP, a property/casualty broker, benefits consultant, wealth manager and retirement advisor, has acquired David A. Marcus & Associates Inc. and Deerfield Financial Group LLC (David Marcus).

Based in Deerfield, Illinois, David Marcus is a multidisciplinary insurance broker and consultant that provides a wide range of financial products and services to individuals and business owners.

Firm founder, David A. Marcus, will join NFP and report to Michael Schneider, president of NFP’s Central region.

The acquisition closed on January 13.

Marcus and his team offer advice and counsel on group benefit programs, individual benefits, and life insurance and related individual solutions (including long-term care insurance, annuities and disability insurance). They also offer retirement plan advisory and wealth management services to corporate and individual clients.

Porch Group Inc., Homeowners of America

Porch Group Inc. announced that its insurance business, Homeowners of America (“HOA”), filed an application to form and license a Texas reciprocal insurance exchange (reciprocal) with the Texas Department of Insurance (TDI).

If approved and fully implemented by Porch, its insurance underwriting business would be conducted exclusively through the reciprocal.

A reciprocal insurer is an insurance association owned by its policyholder-members who spread risk by pooling their risks together.

The day-to-day operations of the reciprocal would be managed by a subsidiary of Porch, which would receive ongoing fees for originating, underwriting and processing claims on behalf of the reciprocal.

The launch of the reciprocal remains subject to review and approval by TDI.

Correll Insurance Group, SouthPoint Risk, Insight Risk Management

Correll Insurance Group, based in Spartanburg, South Carolina, has acquired two Tennessee-based agencies: SouthPoint Risk, in Nashville; and Insight Risk Management, in Memphis.

Correll has made 10 acquisitions in the last three years, expanding its reach in South Carolina, North Carolina, Tennessee, Kentucky, Mississippi and Arkansas.

SouthPoint Risk is a full-service independent agency with 85 employees and offices across Tennessee and Kentucky.

Insight Risk Management is more than 100 years old and has locations in Tennessee, Arkansas and Mississippi.

The acquired firms will maintain their brands as branches of Correll.

Warner Pacific, Agents Marketing Group

Warner Pacific, a general agency that operates in several Western U.S. states, has acquired Agents Marketing Group, a general agency based in Miami.

Warner said it is a top-producing general agency for some of the largest U.S. insurance carriers and has more than $4 billion of in-force premiums. It has worked with brokers and agents in California, Colorado, Texas and Oklahoma.

AMG was founded in 2001 by Robert Kilian. It offers brokers consultation, analysis and strategy on employee benefits.

EPIC Insurance Brokers & Consultants

EPIC Insurance Brokers & Consultants, the San Francisco-based retail property/casualty insurance brokerage and employee benefits consultant, expanded its financial services division with the launch of its Insurance Capital Solutions (ICS) group.

To foster collaboration and leverage cross-functional expertise, ICS will align and coordinate origination, placement, and service capabilities across four key business lines: Professional, Executive and Cyber, Transactional Risk, Capital Advisory, and Financial Services Industry Advisory.

With the formation of ICS, organizational changes and new leadership appointments have been made.

Kelly Geary will serve as the national practice leader of the Professional, Executive and Cyber Solutions group; John Prentis will serve as national growth leader; Larry Bowlus will serve as national public D&O leader; Michael Klaschka will serve as national financial institutions group leader; and Vincent Caracciolo will serve as national claims and coverage advocacy leader.

Parker, Smith & Feek; Professional Benefit Services Inc.

Parker, Smith & Feek acquired Professional Benefit Services Inc. in Washington.

PBS President Jere Meyer and Account Executives Katie Stewart and Lesley Behrndt will join Parker, Smith & Feek’s team of more than 350 associates.

PBS, an IMA company, provides group employee benefits and individual insurance products, focusing on people under 50.

IMA Financial Group Inc. is an insurance and risk management broker specializing in emerging risks.

Arthur J. Gallagher, Viking Bond Service

Arthur J. Gallagher & Co. acquired Phoenix, Arizona-based Viking Bond Service Inc.

Tom Buckner, Bill Belpedio and the Viking Bond team will operate under the direction of Kevin Garvin, head of Affinity North America for Gallagher’s retail property/casualty brokerage operations.

Viking Bond Service is a surety bond agency specializing in commercial, contract and fidelity bonds for clients across the United States.

Arthur J. Gallagher is an insurance brokerage, risk management and consulting services firm headquartered in Rolling Meadows, Illinois.

Reliance Partners, 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. He founded Truck Team Insurance five years ago.

Truck Team Insurance is an insurance brokerage providing commercial trucking insurance in 23 states across the U.S.

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.


Ranger, an “agent-first insurance technology company,” has launched in Arizona in what is planned as the first state in a multi-state national rollout.

Ranger touts itself as an insurtech to elevate the role of the insurance agent with a full-stack software solution. The company reportedly has agents on-the-ground and is actively recruiting throughout the state.

Ranger raised $5.3 million in seed round in 2022, led by industry veterans and backed by major investors including Lerer Hippeau, Alex “A-Rod” Rodriguez and Montauk Ventures.

Apex Risk & Insurance Services

Apex Risk & Insurance Services launched in the San Diego, California, area.

CEO Peter Katkov, a seasoned insurance professional with more 15 years in the industry, founded Apex Risk & Insurance.

Apex specializes in personal and commercial property/casualty insurance. The agency serves businesses in a broad range of industries, including manufacturing, real estate, life sciences, technology, and construction.