Business Moves

Novatae Risk Group, Bretton Woods International

Dallas-based Novatae Risk Group is acquiring the Lloyd’s broker Bretton Woods International (BWI) of London.

The transaction is subject to applicable regulatory approval and is expected to close before the end of the second quarter. Terms of the transaction were not disclosed.

BWI is a specialized insurance broker, focusing on open market and program placements, covering complex contingency, accident and health, cyber, professional liability, management risk and general liability.

The company was founded by Dan Goggin in 2015, a former Lloyd’s class underwriter with Ark Syndicate Management and previously a broker with Miller Insurance Services.

Locke Lord provided legal counsel and Alvarez & Marsal advised Novatae on the transaction. Temple Bright provided legal counsel and PKF Littlejohn LLP provided accountancy services to BWI on the transaction. No other advisors, diligence firms or legal counsel were disclosed.

Novatae Risk Group is a wholesale insurance brokerage, managing general agency and program manager that provides specialty insurance products and services for complex and hard-to-place risks across property, casualty, workers’ compensation, cyber, professional, management, construction, environmental, garage, inland marine/ocean marine and more. The company serves more than 6,000 clients from 27 offices across the United States.

Brown & Brown, DealerMax

The dealer services division of insurance agency Brown & Brown has acquired the assets of DealerMax.

DealerMax, founded in 1982 by Jim Maxim Sr. as Maxim Automotive, serves car dealer customers in Pennsylvania and throughout the Northeast offering finance and insurance (F&I) training and product offerings.

The DealerMax team will join Brown & Brown Dealer Services and continue to operate from Berwyn, Pennsylvania.

The team will report to Robert Hunter, president of Automotive F&I. Co-owner Jim Maxim Jr. will remain with the company during the transition period.

Brown & Brown is a Florida-based global insurance brokerage firm.

Hub International, Arbury Insurance Agency, Michigan Insurance Associates

Hub International Limited, a global insurance brokerage and financial services firm, announced it has acquired A.S. Arbury and Sons Incorporated (Arbury Insurance Agency) and the assets of Michelle L. Everett Inc. (Michigan Insurance Associates).

Terms of the transaction were not disclosed.

Located in Midland, Michigan, Arbury Insurance Agency and Michigan Insurance Associates are independent insurance agencies providing commercial and personal insurance, and employee benefits services to the Midland region. The move continues Hub’s growth in the state after the addition of Project Motown last year.

Arbury Insurance Agency principals and Michigan Insurance Associates principals Michelle Chesney, Matt Granzo, Jacob Howard, Brian Holmes, Neil Provost, Jared Leidich, Austin Rapanos and their respective teams will join Hub Midwest East.

Arbury Insurance Agency and Michigan Insurance Associates were represented by the consulting firm Reagan Consulting for the transaction.

North Risk Partners, McKinneyOlson Insurance

North Risk Partners, one of the largest independent insurance brokers and risk advisory firms in the Midwest, has acquired McKinneyOlson Insurance in Sioux Falls, South Dakota.

With this new partnership, 26 McKinneyOlson team members have joined North Risk Partners, adding new Sioux Falls and Brandon, South Dakota, office locations. Owners Amy Olson-Miller and Steve Tripp both joined North Risk’s equity partnership group.

McKinneyOlson Insurance has a strong history of serving clients in the Sioux Falls area with roots dating back to the 1880’s. The firm has been under current ownership since 2008 when McKinney & Allen Inc. and The Olson Group merged. In 2019, McKinneyOlson Insurance further expanded operations with the acquisition of The Insurance Connection.

North Risk Partners — McKinneyOlson Insurance clients now have access to North Risk’s wide array of capabilities and insurance companies in the areas of commercial insurance, employee benefits, and personal insurance.

Brawner Insurance, Armstrong Insurance

Brawner Insurance Agency acquired Armstrong Insurance, a four-year-old agency serving Northeast Missouri.

Brawner Insurance owner Jared Brawner will continue to serve as president and hired Jake Bunker as sales advisor to assist with day-to-day operations.

Bunker brings 12 years of experience to his position. He previously worked at State Farm and various regional auto dealerships in sales, finance, and leadership positions.

Founded in 1992, Brawner Insurance specializes in crop, employee benefits, Medicare, personal and commercial insurance needs. The full-service agency is located n Kirksville, Missouri.

Brawner Insurance is a member of Valley Insurance Agency Alliance (VIAA), a cohesive family of more than 160 independent insurance agencies in Missouri and Illinois.

Brown & Brown, Hillco Insurance

Brown & Brown has acquired the assets of Texas-based Hillco Insurance.

Hillco was established by Hunter Hill in the Dallas metropolitan area to serve the personal and commercial insurance needs of the expansive Dallas business community. The Hillco team is focused on providing insurance solutions for their wide range of customers with deep understanding of unique needs of the Texas insurance market.

Hillco will join the Brown & Brown office in Dallas and will continue to be led by Hunter Hill. Hill will report to Erik Templin, the leader of Brown & Brown Dallas team.

Brown & Brown Inc. is an insurance brokerage firm, delivering risk management solutions to individuals and businesses since 1939.

FTI Consulting, Madison Consulting Group

FTI Consulting, a global risk advisory firm has acquired Madison Consulting Group, based in Madison, Georgia, and Newtown Square, Pennsylvania.

FTI Consulting, which recently released an annual report on mergers and acquisitions in the European insurance market, said the acquisition expands its actuarial and compliance offerings in its global insurance services and its forensic and litigation consulting practice.

Terms of the deal were not disclosed.

Madison Consulting, an independent actuarial firm, was founded in 1987. Clients include state and federal regulatory agencies, law firms, insurance companies, managing general agents and self-insurance programs.

Madison President Mark Crawshaw will join FTI as senior managing director. Tina Knight, Leslie Marlo and John Gleba will serve as managing directors.

With offices in Washington, D.C., FTI now has almost 8,000 employees in 31 countries and territories.

IMA Financial, RiskPoint Insurance Advisors

IMA Financial Group acquired RiskPoint Insurance Advisors LLC in the Pacific Northwest. With the transaction, k.p.d. Insurance and JL Jones and Associates will join RiskPoint in rebranding as IMA companies and expanding IMA’s presence in the Pacific Northwest.

RiskPoint was founded in 2009.

IMA Financial Group is an independent broker with 2,300-plus associates in offices across the U.S.

Hub International, Bolds Risk & Insurance

Hub International Ltd. acquired the assets of Bolds Risk & Insurance Services in Larkspur, California.

Bolds Risk is an independent insurance firm providing commercial and personal insurance, and risk management services to clients in the region. Ron Bolds, president of Bolds Risk, and the Bolds Risk team will join Hub Central and Northern California in the Larkspur office.

Chicago, Illinois-based Hub is an insurance broker and financial services firm providing risk management, insurance, employee benefits, retirement and wealth management products and services.