Business Moves

Majesco, Decision Research Corp.

Majesco, a cloud insurance software provider for the insurance business, acquired the Decision Research Corporation (DRC).

DRC, based in Philadelphia-based, is a SaaS-based insurance software company. It offers enterprise rating for large insurers, a reinsurance product, and core platforms for the managing general underwriter/agency (MGA/MGU) market.

New Jersey-based Majesco serves the life and health insurance industries, as well as property/casualty.

Riskonnect, Ventiv Technology

Riskonnect, which provides integrated risk management (IRM) solutions, acquired Ventiv Technology, a provider of risk, insurance and underwriting technology products and services.

Private equity firm and Riskonnect majority investor, TA Associates (TA), supported the acquisition with additional investment capital. TA will continue as the majority owner.

Ventiv, based in Atlanta, provides risk management information systems (RMIS) analytics (artificial intelligence/machine learning, benchmarks, geospatial), claims administration, billing and policy solutions.

Arthur J. Gallagher, The Rowley Agency

Global insurance broker Arthur J. Gallagher & Co. acquired Concord, New Hampshire-based The Rowley Agency.

The Rowley Agency is a retail insurance broker providing property/casualty, surety and employee benefits products to commercial and personal lines clients primarily in New Hampshire, Vermont, Maine and Massachusetts.

The Rowley Agency’s Dan Church, Gary Stevens and their team will remain in their current location. The Rowley Agency was founded by Joseph Rowley in 1966. In 1991, majority ownership transitioned to Church (CEO) and Stevens (president).

Arthur J. Gallagher & Co., a global insurance brokerage, risk management and consulting services firm, is headquartered in Rolling Meadows, Illinois.

Patriot Growth Insurance Services, FBinsure, Rhode Island Insurance Group

Insurance broker Patriot Growth Insurance Services and its partner insurance agency FBinsure of Taunton, Massachusetts, added Maggiacomo Insurance, Hanuschak Insurance, and Gilmartin Insurance of the Rhode Island Insurance Group to the Patriot platform in the Northeast.

The Rhode Island Insurance Group provides personal and commercial insurance. The three agency owners and their teams have joined FBinsure.

Each of the Rhode Island Group agencies brings a decades-long, family-owned legacy. Providence’s Maggiacomo Insurance was founded in the early 1930s and is now under the leadership of third-generation owner Tom Maggiacomo. Warwick-based Gilmartin Insurance was founded in 1960 by Joseph Gilmartin Jr. and has been led by Joseph Gilmartin III since 1995. Hanuschak Insurance has been serving clients since 1954 and is under the leadership of Dave Hanuschak in Cumberland.

FBinsure has 145 employees and 14 locations serving southeastern Massachusetts and Rhode Island.

Patriot has more than 1,800 employees operating in 132 locations across 26 states and is backed by GI Partners and Summit Partners.

Risk Strategies, Professional Risk Associates

National specialty insurance brokerage Risk Strategies acquired Professional Risk Associates Inc. (PRA), a Virginia-based specialty healthcare insurance agency focused on medical professional liability.

Founded in 1989 and licensed in 36 states, PRA counts more than 6,000 medical professionals as clients nationwide, with much of its business focused in the mid-Atlantic region.

With more than 30 specialty practices, Risk Strategies serves commercial companies, nonprofits, public entities and individuals, and has access to all major insurance markets.

Webster Bank, Ametros Financial Corp.

Connecticut-based Webster Bank completed its acquisition of Ametros Financial Corp., a firm that administers medical claims settlements.

Wilmington, Massachusetts-based Ametros provides post-settlement medical administration for those receiving funds from workers’ compensation and liability settlements though a technology platform, CareGuard. The business will continue to operate under the Ametros and CareGuard brands.

Headquartered in Stamford, Webster Bank serves the Northeast from New York to Massachusetts. Its HSA Bank division provides employee benefits products.

World Insurance Associates, TW Group

World Insurance Associates LLC acquired the business of TW Group Inc. of Westmont, Illinois.

TWG was founded in 1946 and provides insurance to individuals and businesses. The firm specializes in business, personal, life and health insurance.

Oswald Companies, Brieden Consulting Group

Oswald Companies acquired Brieden Consulting Group, an employee benefits agency based in Grosse Pointe, Michigan.

The Brieden Grosse Pointe location and the firm’s team will continue to serve existing clientele in their current building, adding another office for Oswald.

In addition to its downtown Cleveland, Ohio, headquarters and its Michigan presence, Oswald, founded in 1893, has offices in Akron, Cincinnati, Columbus, Medina, Toledo and Pittsburgh.

Inszone Insurance Services, American Heritage Agency

Sacramento, California-based Inszone Insurance Services acquired American Heritage Agency Inc., a well-established insurance agency that has been serving the Hays community in Kansas since 1999.

American Heritage Agency has been serving clients in various sectors, including oil and gas, farms, personal lines, and small construction.

Originally founded by Don Lowry in 1999, American Heritage was acquired by Shawn Robben in 2008.

Arthur J. Gallagher, Horak Insurance

Arthur J. Gallagher & Co. acquired Washington, Iowa-based Horak Insurance Inc.

Horak Insurance is a retail property/casualty insurance agency serving commercial and personal lines clients as well as farms in eastern and central Iowa.

Paul Horak, Luke Horak and their team will remain in their current locations.

Inszone Insurance Services, Jacque Pirtle Insurance

Inszone Insurance Services acquired Jacque Pirtle Insurance, an insurance agency with nearly three decades of commitment to serving the Dallas/Fort Worth Metroplex.

Founded in June 1994 by Jacque Pirtle, Arlington-based Jacque Pirtle Insurance provides personal and commercial insurance lines.

Inszone also acquired Dina King Insurance, based in the Dallas area.

Founded by Dina King in 1985, Dina King Insurance offers a wide range of insurance products and services, including auto, home, commercial, life, annuities, 401K, and financial products.

ALKEME, Mogul Wealth Strategies

ALKEME acquired Mogul Wealth Strategies, a multi-line independent insurance agency and wealth management firm located in Frisco, Texas, and serving the entire United States.

Founded in 1996, Mogul Wealth Strategies serves businesses and high-net-worth individuals and families with life insurance, advisory services and employee benefits.

Arthur J. Gallagher, RPS, Forest Insurance Facilities

Arthur J. Gallagher & Co.’s U.S. wholesale brokerage, binding authority and programs division, Risk Placement Services Inc., has acquired Metairie, Louisiana-based Forest Insurance Facilities.

Forest Insurance Facilities is a commercial lines wholesale insurance broker and managing general agency (MGA) serving clients throughout Louisiana.

Wayne Forest Jr., Matt Forest and their team will remain in their current location.

Rokstone, Versus TPA

Rokstone, a specialty insurance and reinsurance managing general agency, launched a new third-party administrator service based in Kentucky, Verus TPA.

Verus TPA will manage Rokstone’s agricultural claims in the United States.

Two agriculture adjusters have joined the firm from AXA: Nicole Pidcoe, who was claims manager for equine and livestock at AXA and has 15 years of experience; and claims specialist Payton Burdine.

Starke Agency, University Insurance

Starke Agency, an insurance brokerage in Montgomery, Alabama, acquired University Insurance Agency in Auburn.

University has served the Auburn-Opelika area for more than 50 years.

Starke was founded in 1929. It offers business, home, life and auto insurance products.

Alera Group, CLS Healthcare Liability Specialists

Alera Group has acquired CLS Healthcare Liability Specialists.

Based in North Palm Beach, Florida, CLS provides malpractice coverage for physicians, surgeons, hospitals, locum tenens firms, nurse staffing firms and others in the healthcare sector.

Alera, with headquarters in Deerfield, Illinois, has some 180 offices around the country.

Symphony Risk Solutions, Symphony Energy

Symphony Risk Solutions is launching a new specialty business focused exclusively on the risk management and human capital needs of the energy industry, Symphony Energy.

Symphony Risk is a risk management and employee benefits consulting firm serving middle market and “lower Fortune 500” businesses, private equity firms and alternative asset managers, corporate executives and high net worth families.

Symphony Risk Solutions added Craig Simon, who has 25 years of exclusive focus on the energy sector, as president of Symphony Energy. Simon and his team will design and implement traditional and alternative risk management programs to the energy sector, with a focus on the transition to renewable energy in the U.S. Simon joins Symphony from Marsh, where he led a U.S. Energy & Power team.

Symphony has offices in San Francisco, Dallas, Chicago, Los Angeles, New York, St. Louis and Seattle.