Business Moves

Lancashire Insurance

Lancashire Insurance, a subsidiary of Lancashire Group, has been launched as an excess and surplus insurer in the United States.

Lancashire Insurance US (LUS) operates under a delegated underwriting arrangement with Lancashire’s UK platform and is focused on the U.S. excess and surplus market, with initial products being energy casualty and property.

LUS will conduct insurance commerce under Lancashire Insurance (US) LLC, doing business as Lancashire Insurance Specialty Services across the U.S.

Huw Jones, previously group head of Specialty Insurance, has been named CEO of Lancashire Insurance US (LUS).

Arch Insurance North America, Allianz Global Corporate & Specialty

Arch Insurance North America, part of Bermuda’s Arch Capital Group Ltd., has agreed to acquire Allianz Global Corporate & Specialty’s U.S. MidCorp and Entertainment businesses for a cash consideration of $450 million.

The transaction includes risk transfer for Allianz, as Arch is assuming approximately $2 billion of loss reserves associated with the business. The cash payment from Arch, together with an estimated $1 billion of Allianz capital supporting the business, is expected to result in $1.4 billion of total transaction value for Allianz Group.

The businesses subject to sale are underwritten by Fireman’s Fund Insurance Co. and its subsidiaries, namely American Automobile Insurance Co., Chicago Insurance Co., Interstate Fire & Casualty Co., and National Surety Corp. Collectively these businesses wrote $1.7 billion of gross premium written in 2023, AGCS said in a statement. (AGCS is Allianz Group’s dedicated carrier for corporate and specialty insurance business. Allianz purchased Fireman’s Fund in 1990.)

Approximately 500 employees from Allianz, which include underwriting, claims and other professional staff, are expected to transfer to Arch as part of the agreement, the companies said.

AGCS U.S. said going forward it will focus on its large corporate and specialty business.

Subject to regulatory approvals, the deal is expected to close in the second half of 2024.

Goldman Sachs & Co. LLC and J.P. Morgan Securities LLC are acting as financial advisers to Arch, and Willkie Farr & Gallagher LLP is serving as the company’s legal adviser.

Arch Insurance North America, which includes Arch’s insurance operations in the United States and Canada, wrote approximately $5.8 billion of gross premium in those regions in 2023. The company offers a range of property/casualty and specialty insurance across market segments. Business in the U.S. is written by Arch Insurance Co., Arch Specialty Insurance Co., Arch Property & Casualty Insurance Co., and Arch Indemnity Insurance Co. Business in Canada is written by Arch Insurance Canada Ltd.

In March 2023, Allianz announced it would restructure its global commercial insurance segment, which includes AGCS, as one go-to-market business under the trading name Allianz Commercial.

Chubb, Healthy Paws

Whitehouse Station, New Jersey-based Chubb said it is acquiring managing general agent Healthy Paws from Aon plc. Chubb has been the exclusive underwriter of Healthy Paws’ pet insurance program for Aon since 2013.

Terms of the deal were not disclosed.

Jon Harris, president and chief operating officer of Seattle-based Healthy Paws, will continue to lead the business. The companies said their long relationship will support accelerated growth and a seamless transition for employees, customers, and business partners.

Healthy Paws was founded in 2009 and currently serves more than 500,000 dogs and cats in the U.S. The company provides program and claims administration via a digital proprietary platform.

ALKEME, Ralph Weiner & Associates

ALKEME has acquired Ralph Weiner & Associates, a retail insurance agency based in Wheeling, Illinois.

Established in 1951, Ralph Weiner & Associates has earned acclaim for its specialized focus on the long-term health care facility space, fostering enduring relationships and delivering customer service.

Arthur J. Gallagher, Fontenelle & Goodreau Insurance

Arthur J. Gallagher & Co. has acquired Metairie, Louisiana-based Fontenelle & Goodreau Insurance LLC.

Terms of the transaction were not disclosed.

Fontenelle & Goodreau Insurance offers commercial property/casualty coverages, specializing in large apartment accounts in the Louisiana market with capabilities nationwide. Charlie Fontenelle and his team will remain in their current location under the direction of Bumpy Triche, head of Gallagher’s Southeast retail property/casualty brokerage operations.

Inszone, Talerity LLC

Inszone Insurance Services announced the strategic acquisition of Talerity LLC, a specialized insurance agency focusing on professional liability for medical providers. Talerity is based in San Antonio, Texas.

Founded in 2008 by Cary Smith, Talerity has carved a niche in the insurance landscape with its forward-thinking approach to risk management for healthcare providers. Talerity focuses on delivering tailored strategies that empower medical practitioners to enhance patient care, minimize errors, and thrive in their practices.

The acquisition comes on the heels of Inszone Insurance’s strategic appointment of Amy Hieatt as executive vice president – North American Health Care Practice leader, signaling a reinforced focus on the healthcare sector.

King Insurance Partners, Prestige Insurance, The Dave Alton Agency

King Insurance Partners, the Gainesville, Florida-based brokerage, acquired Prestige Insurance, with offices in Vero Beach, Florida.

Michele Anania is principal of the 25-year-old Prestige agency, which focuses on home, commercial and life insurance coverage in southeast Florida.

Terms of the deal were not disclosed.

King Insurance Partner also has added The Dave Alton Agency, with offices in Greenville, Plymouth and Washington, North Carolina, to its line up.

The Alton agency, in business for two decades, offers homeowners, auto, commercial, farm and life coverage and writes in seven Southeast states as well as Minnesota. Dave Alton is owner and Holly Schmitt is agency manager.

OakBridge Insurance, Strawn & Co.

Atlanta-based OakBridge Insurance Agency has continued to expand with the acquisition of Strawn & Co., headquartered in McDonough, Georgia, south of Atlanta.

Strawn has been in operation since 1972. The agency offers personal and commercial solutions and has offices in McDonough, Peachtree City, Warner-Robbins, Zebulon, Locust Grove and Eatonton. Rusty Strawn is principal of the firm. He and the Strawn team will remain with the operation.

Oakbridge, founded in 2020, has said it offers a partnership model for agencies looking for accelerated growth. The firm has grown rapidly in the last four years through acquisitions and partnerships across the country.

World Insurance Associates, InterWeb Insurance

World Insurance Associates LLC acquired the business of InterWeb Insurance in Lake Havasu City, Arizona.

InterWeb was founded in 2008 and primarily provides commercial insurance, focusing on errors and omissions coverage for customers in the financial services sector.

World Insurance Associates LLC, headquartered in Iselin, New Jersey, is an insurance organization providing individuals and businesses with products and services across personal and commercial insurance, employee and executive benefits, retirement planning and financial planning services and human capital management solutions.

Alliant Insurance Services, Advanced Benefits

Alliant Insurance Services, headquartered in Irvine, California, acquired Advanced Benefits, based in Coeur d’Alene, Idaho.

Founded in 1993, Advanced Benefits offers employee benefit programs, and HR and compliance services.

The entire Advanced Benefits team will join Alliant.

GeoVera Insurance Holdings

GeoVera Insurance Holdings, headquartered in Fairfield, California, entered into a definitive agreement to sell its insurance carriers and managing general agent businesses.

Upon completion of the deals, a newly formed entity, GeoVera Nova Holdings Inc., will control four insurance operating subsidiaries: GeoVera Insurance Co., GeoVera Specialty Insurance Co., Coastal Select Insurance Co., and SafePort Insurance Co., a property-focused insurance carrier.

Additionally, the MGA operations of GeoVera will be acquired by SageSure, an MGA focused on catastrophe-exposed markets, and GeoVera Nova will become a carrier partner of SageSure.

As part of the transaction, GeoVera’s existing investors, including Flexpoint Ford, New Capital Partners and AXA XL, will exit as shareholders.

The transaction is expected to close in the fourth quarter of 2024, subject to the receipt of required regulatory approvals and other customary closing conditions.

GeoVera is a provider of specialty property insurance products focused on catastrophe-exposed properties in the earthquake and wind markets, operating on both an admitted and surplus lines basis. In addition to Fairfield, California, GeoVera has offices in Sheboygan, Wisconsin, and Jacksonville and Tampa, Florida.

SafePort has a reported 50,000 policyholders and more than $165 million in premium. SafePort offers homeowners, dwelling fire, and commercial coverage through SageSure, SafePort’s program manager. SageSure is an MGA specializing in coastal residential and commercial property insurance.

Omaha National Group, Sutter Insurance

Omaha National Group Inc. acquired Sutter Insurance Co., a California domiciled carrier.

Sutter Insurance has been renamed Omaha National Casualty Co. Omaha National also owns Omaha National Insurance Co., which is domiciled in Nebraska.

Omaha National, now licensed to issue policies in 37 states, is a provider of workers’ compensation insurance with more than 250 employees and nearly $200 million of reported premium.