Business Moves
Strategic Risk Solutions, Garnet Captive Insurance Services
Strategic Risk Solutions (SRS) reported it has agreed to acquire Garnet Captive Insurance Services, a Philadelphia, Pennsylvania, firm that partners with select retail brokers to educate and implement group captive solutions for their clients.
The acquisition is subject to customary regulatory approvals.
Garnet was founded in 2002 and has created group captive programs that help employers access the benefits of self-insurance without taking on undue risk. The group captives are member-owned and operated for the benefit of those members.
SRS is an independent insurance company manager. It has operations in the United States, Canada, Europe, Barbados, Bermuda, Cayman Islands, Latin America, and South Africa.
Alliant Insurance Services, Property Owners Protection
Alliant Insurance Services, the Irvine, California-based insurance broker, has acquired Property Owners Protection Insurance Co. (POPIC), a national captive program manager that serves owners and managers of multifamily and single-family residential portfolios.
Financial details of the deal were not disclosed.
Based in Costa Mesa, California, POPIC’s risk management solutions redirect revenue streams that historically have gone to carriers or other third parties back to property owners and managers. POPIC provides a comprehensive suite of services to clients, which includes structuring their captives, managing their programs, and administering tenant compliance, Alliant said.
POPIC specializes in structuring, forming, and managing specialty insurance programs, according to its website.
POPIC’s acquisition adds additional products and underwriting capabilities within the real estate sector to the company’s Alliant Underwriting Solutions (AUS) division. The POPIC team will join Alliant as part of the AUS division.
NFP, SDN Insurance Agency
Global insurance broker NFP has acquired the assets of SDN Insurance Agency (SDN).
SDN handles property/casualty insurance as well as employee benefits, surety and life insurance in the Buffalo, New York, area through offices in Amherst and Rochester, New York.
NFP acquired the assets of the firm from Financial Institutions Inc., the parent company of Five Star Bank.
Bill Gallagher, president of SDN, will join NFP and report to Mike Walsh, co-president of NFP’s Northeast region.
NFP is in the process of being acquired by broker Aon for $13.4 billion. The two firms have said the transaction is on track to close in mid-2024.
NFP ranked No. 10 in Insurance Journal’s 2023 Top 100 P/C Agencies list based on P/C revenue.
Norfolk & Dedham (N&D), Union Mutual
Massachusetts-based Norfolk & Dedham (N&D) and Union Mutual in Vermont, property/casualty insurers with a combined 350 years in the business in the Northeast, announced they intend to affiliate. The transaction is subject to regulatory approval.
The combined group will write personal and commercial lines business in eight states with approximately $596 million in direct written premium and over $580 million in policyholder surplus.
The group will have approximately 250 employees and 600 independent agents with 1,000 agency offices across the Northeast.
Each company will continue to market products under its existing brands in each of their respective marketplaces.
N&D will maintain its headquarters in Dedham, Massachusetts, while Union Mutual will keep its headquarters in Montpelier, Vermont.
The members of Norfolk & Dedham are Norfolk and Dedham Mutual Fire Insurance Co., Fitchburg Mutual Insurance Co. and Dorchester Mutual Insurance Co.
The members of Union Mutual are Union Mutual Fire Insurance Co., New England Guaranty Insurance Co. Inc. and Community Mutual Insurance Co.
Both companies are rated A (Excellent) with a Stable outlook by AM Best. AM Best has commented that the credit ratings of both remain unchanged following the announcement.
Under the affiliation agreement, Joel Murray will remain president and CEO of Norfolk & Dedham and Lisa Keysar will remain president and CEO of Union Mutual. Murray will serve as board chairman of the combined group.
Norfolk & Dedham and Union Mutual said they are planning to participate in an intercompany pooling agreement effective Jan. 1, 2025, under which premiums, losses and expenses are combined and pro-rated, with participation percentages based on the individual members’ policyholder surplus.
Imperial PFS, Stonemark
Imperial PFS (IPFS) has acquired Stonemark Inc., a privately held premium finance organization. The transaction closed on April 1.
Frisco, Texas-based Stonemark’s existing client base of over 4,000 agencies, along with their entire team, are joining IPFS with this deal.
Stonemark specializes in property/casualty insurance products for both commercial and personal lines.
Colonnade Securities LLC acted as a financial advisor to Stonemark.
Alera Group, HealthSure
Alera Group, a national insurance and financial services firm, announced the acquisition of Texas-based HealthSure.
Founded in 1998 by Barry Couch, HealthSure serves rural healthcare organizations as an independent agency specializing in risk consulting and insurance solutions.
HealthSure offers property insurance, cyber insurance, liability protection and other services.
The HealthSure team will continue serving clients in their existing roles.
Terms of the transaction were not announced.
Higginbotham, Eagan Insurance
Fort Worth, Texas-based Higginbotham has acquired Eagan Insurance of Metairie, Louisiana, in a move that extends Higginbotham’s presence to South Louisiana and the Mississippi Gulf Coast.
Higginbotham celebrated its 75th anniversary last year and Eagan Insurance is celebrating its 70th year in business.
The transaction announcement added that the Eagan family has owned businesses in New Orleans since 1854.
Marc Eagan is president of Eagan Insurance. Marcus F. Eagan serves as vice president of the firm.
PCF Insurance Services, MK Insurance Group
PCF Insurance Services, a brokerage operating in 40 states, has acquired Hoover, Alabama-based MK Insurance Group, a family owned commercial and personal lines agency in business for six decades.
MK Insurance has specialized in insurance coverage for high net-worth individuals, construction firms and commercial real estate sectors, the companies said in a news release. Greg Mikos is principal at the firm that began in 1967.
PCF Insurance is headquartered in Lehi, Utah, and has focused on commercial and personal lines, life and health insurance and benefits and workers’ compensation products.
Higginbotham, Thompson & Smith Insurance
Higginbotham reported it acquired Thompson & Smith Insurance, an independent agency in Jackson, Tennessee.
T&S, offering commercial and personal lines, was founded in 1998 with the merger of two agencies in western Tennessee. Chuck Thompson is CEO.
Brown & Brown, Citrus Insurance, CHAPP
Brown & Brown Inc., the U.S. insurance brokerage based in Daytona Beach, Florida, has acquired Citrus Insurance and its affiliate, CHAPP Inc., which secures workers’ compensation coverage for citrus growers in Florida.
CHAPP and Citrus have offices in Dundee, Florida. Bucky and Cindy Payne have owned the agency that was founded by Ed Crawford in 1976. The team will now join B&B’s offices in Lakeland and Sebring, Florida.
The terms of the deal were not disclosed.
AJG, Specialty Risk Management Agency
The global insurance brokerage Arthur J. Gallagher has acquired Fort Myers, Florida-based Specialty Risk Management Services and its affiliate agency, Private Client Insurance Services.
Specialty Risk provides commercial property insurance services in Florida, including workers’ compensation, auto, general liability, as well as claims management.
Private Client specializes in commercial risk, condominium association coverage and in personal lines, including homeowners, flood, auto and yacht insurance.
Elaine Hawkins, Wes Brewer and other Specialty Risk personnel will remain in their current locations, reporting to Bumpy Triche, head of Gallagher’s Southeast property/casualty brokerage operations.
Hub International, Pollock Insurance
Hub International Ltd. acquired the assets of Pollock Insurance Inc.
Andrea Pollock Wood, the firm’s owner, and the Pollock Insurance team, will join Hub Northwest. Pollock Insurance will be referred to as Pollock Insurance Inc., a Hub International company.
Established in 1948 and located in Burien, Washington, Pollock Insurance is an independently owned and locally operated agency specializing in commercial and personal insurance services.
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.
Alliant Insurance Services, Vinsa Insurance Associates
Alliant Insurance Services acquired Vinsa Insurance Associates within its Alliant Public Entity division, expanding its footprint in California.
Based in Lancaster, California, Vinsa is an independent property/casualty insurance agency that specializes in providing insurance coverage services for commercial and personal lines, focusing on serving public entity organizations.
Descartes Labs, Geosite
Descartes Labs acquired all of the operating assets of Geosite, a Palo Alto, California-based SaaS provider of geospatial intelligence to property/casualty insurance companies.
Rachel Olney, CEO of Geosite, will be leading the insurance technology business within Descartes Labs Inc.