Business Moves
American Financial Group, Crop Risk Services
American Financial Group Inc. and American International Group entered into a definitive agreement whereby AFG will purchase Crop Risk Services (CRS) from AIG.
Under the terms of the transaction, AFG will pay AIG $240 million in cash at closing, subject to certain closing adjustments. The parties anticipate the closing to take place during the third quarter of 2023, subject to obtaining required regulatory approvals and the satisfaction of other customary closing conditions.
CRS is a primary crop insurance general agent based in Decatur, Illinois, with 2022 gross written premiums of approximately $1.2 billion. It is the seventh largest provider of multi-peril crop insurance in the U.S., based on 2022 premiums.
American Financial Group’s Great American Insurance Group has been providing crop-hail coverage since 1915 and began writing multi-peril crop insurance in 1980 after Congress authorized the program.
As part of the AFG organization, CRS will continue to do business in all 37 states in which it currently operates.
Risk Strategies, JW Surety Bonds
Boston-based specialty insurance broker Risk Strategies acquired JW Surety Bonds, a large volume bond producer, along with sister companies Bryant Surety Bonds Inc. and Lance Surety Bonds Associates Inc.
Headquartered in Pipersville, Pennsylvania, JW Surety Bonds was founded in 2003 and operates across all 50 states. The firm places a variety of bonds including license and permit bonds, contractor bonds, court bonds and fidelity bonds. The company specializes in freight broker, auto dealer and mortgage broker bonds.
Terms of the deal were not announced.
Hub International, Brady Risk Management
Global insurance broker Hub International Ltd. has acquired the assets of Brady Risk Management Inc. of Huntington, New York.
Brady Risk is a risk management, risk transfer and insurance firm that serves key industry segments, including restaurant and hospitality.
Sean Brady, president, and the Brady Risk team of 15 will join Hub Northeast.
In addition to its New York headquarters, Brady Risk Management maintains offices in Washington, D.C., and Portland, Maine (Brady Risk New England).
Terms of the transaction were not disclosed.
Risk Strategies, Johnson Insurance Services
Risk Strategies said it is purchasing the assets of Johnson Insurance Services, a subsidiary of Johnson Financial Group.
JIS is an independent, full-service agency offering personal insurance and life, commercial property/casualty, and group employee benefits insurance products and services to protect individuals and businesses since 1985. With 133 associates statewide, the agency is one of the top 10 largest independent insurance agencies in Wisconsin.
Under the terms of the purchase and assumption agreement, Risk Strategies will acquire the agency as a whole. Upon closing, JIS will be Risk Strategies’ first acquisition of a Wisconsin-based agency.
World Insurance Associates, World Insurance Associates
World Insurance Associates LLC has acquired the business of World Insurance Associates LLC (Iron Gates) of Haven, Kansas, and Anthony, Kansas.
Iron Gates has been serving their community for over 15 years. The firm provides property/casualty insurance, as well as crop and hail insurance to individuals and businesses across Kansas.
Terms of the transaction were not disclosed.
Oakbridge Insurance Agency, Wes Sullivan
Oakbridge Insurance Agency announced a new partnership with Wes Sullivan and his team of Arkansas-based insurance professionals specializing in commercial trucking insurance for large fleets.
The partnership supports Oakbridge’s continued expansion throughout the Southeast and marks its first presence in Arkansas.
In addition to Arkansas, Oakbridge will extend its presence to Oklahoma, Mississippi, and Texas — states where Sullivan writes insurance — and expand services in Tennessee. Sullivan will retain an office in Arkansas.
Oakbridge Insurance Agency, Hunnicutt Insurance, Wilson Insurance
Oakbridge Insurance Agency expanded into Florida with the addition of Hunnicutt Insurance in Fort Walton Beach.
Hunnicutt has been in business since 1969, specializing in coverage for condominiums, townhomes and homeowner associations, plus liability insurance for medical professionals, contractors, marine and more. The agency will maintain its office in the Florida Panhandle.
Oakbridge also acquired Wilson Insurance in Waycross, Georgia. Wilson Insurance, founded in 1956, specializes in personal and commercial property/casualty, surety, and group life and health in southeast Georgia and northeast Florida.
Leavitt Elite Insurance Advisors, Simmons Insurance Agency
Leavitt Elite Insurance Advisors, part of the Leavitt Group, has merged with Simmons Insurance Agency in North Carolina. Simmons, with offices in Pilot Mountain and Mount Airy, was founded in 1973 and has been managed by Pam Morgan since 2001. Morgan and staff will join Leavitt and will eventually adopt the Leavitt name.
The latest move gives the Utah-based Leavitt Group 15 offices in North Carolina.
Arthur J. Gallagher, Leavitt Insurance Services of Los Angeles
Arthur J. Gallagher & Co. acquired Woodland Hills, California-based Leavitt Insurance Services of Los Angeles.
Teri Frankel, Kenneth Blaich and their team will remain in their current location under the direction of Scott Firestone, head of Gallagher’s Southwest region retail P/C brokerage operations, and Charlie Isaacs, head of Gallagher’s West region employee benefits consulting operations.
Leavitt offers commercial P/C insurance, as well as employee benefits consulting to clients in the Southwest U.S.
Arthur J. Gallagher & Co. is headquartered in Rolling Meadows, Illinois.
Hub International, The Wooditch Company
Chicago-based insurance broker and financial services firm Hub International Ltd. acquired the assets of The Wooditch Company Insurance Services Inc. in Irvine, California. The Wooditch Company team will join Hub LAOC.
The Wooditch Company is a privately held commercial insurance, risk management and employee benefits services firm advising clients in various industries, including construction.
Pensionmark, Xponential Growth Solutions
Pensionmark acquired Xponential Growth Solutions, a retirement benefits consultant based in San Diego.
Terms of the deal were not disclosed.
Pensionmark, an investment adviser, is a World Insurance Associates LLC firm.