Business Moves

July 17, 2023

World Insurance Associates, Bryant Asset Protection, B. R. Alexander & Co., The Mogil Organization

Insurance broker World Insurance Associates LLC recently completed three acquisitions in the Northeast U.S. region.

World Insurance acquired substantially all the insurance assets of Bryant Asset Protection Inc. of Slingerlands, New York.

BAP was founded in 1951 by Charles Bryant, and today serves businesses and individual insurance customers primarily in Albany, Saratoga, Rensselaer, and Schenectady counties. The firm also has business in 12 other states.

World Insurance also acquired the business of B. R. Alexander & Co. Inc. of Boston.

B. R. Alexander was founded in 1937. The agency provides commercial and personal insurance in 25 states, with the majority of customers located in Massachusetts and the broader New England area. B.R. Alexander has clients in various industries, including real estate, commercial marine, educational, financial and medical institutions, as well as nonprofits.

World Insurance has additionally acquired the business of The Mogil Organization LLC of New York, New York.

Since 1957, Mogil has offered corporate and personal insurance to businesses and families. Mogil also provides financial planning tools to clients.

Terms of the three transactions were not disclosed.

World Insurance Associates is headquartered in Iselin, New Jersey. Since its founding in 2011, World has completed over 190 acquisitions and serves its customers from more than 250 offices across the country. World is ranked #24 on the Top 100 P&C Agencies by Insurance Journal and ranked #20 on the Top 50 Personal Lines Agencies by Insurance Journal.

Insurance Quantified, Groundspeed Analytics

Insurance Quantified, a commercial property/casualty underwriting technology provider, has acquired Ann Arbor, Michigan-based Groundspeed Analytics, an ingestion and data solutions provider for the commercial P/C industry.

The combination strengthens Insurance Quantified’s market leadership in underwriting technology and furthers its mission to maximize the value of data for commercial P/C insurers, according to the acquisition announcement.

Insurance Quantified’s end-to-end underwriting workbench, SubmissionIQ, and Groundspeed’s ingestion and data solution will continue separately.

Eric Kobe will join the Insurance Quantified leadership team. Insurance Quantified will also open an office in Ann Arbor, Michigan, where Groundspeed was founded.

The acquisition was completed on June 20.

Sheppard, Mullin, Richter & Hampton LLP, served as legal counsel and Alvarez & Marsal served as financial and tax advisor to Insurance Quantified.

Arbour National, Southern Trust Insurance

North Carolina-based Arbour National, a privately held insurance holding company, has become majority owner in Southern Trust Insurance and its sister wholesale company, Southern Specialty Underwriters, the firms announced.

Terms of the deal were not disclosed in the news release, except that Arbour National will contribute $20 million to Southern Trust’s surplus amount.

Southern Trust, based in Macon, Georgia, is a 55-year old company that offers property/casualty products for independent agents. It will continue to operate independently and CEO Les Cole will remain at the helm, the statement said. Southern Trust founder Billy Anderson will remain as a board member and shareholder.

Southern Specialty is a wholesale provider of specialized coverage for personal and commercial operations.

The merger is subject to regulatory approval.

FloodFlash, EPIC Insurance Brokers & Consultants

Parametric flood insurance company FloodFlash announced new partnerships with EPIC Insurance Brokers & Consultants to provide additional flood insurance options to businesses in California.

A parametric flood insurance available to the mass market, FloodFlash’s coverage combines IoT sensor technology, computer models, and cloud software.

FloodFlash is headquartered in London, is a registered coverholder at Lloyd’s of London and is authorized and regulated by the Financial Conduct Authority.

San Francisco-based EPIC Insurance Brokers provides insurance services, including risk management, property/casualty, employee benefits, specialty program insurance and private client services.