Business Moves
Marsh McLennan, McGriff Insurance Services
Marsh McLennan announced an agreement to acquire McGriff Insurance Services for $7.75 billion, funded by cash and debt financing.
U.S. retail broker McGriff is an affiliate of private-equity backed TIH (formerly Truist Insurance Holdings).
After closing, McGriff’s team of 3,500 or so employees, as well as CEO Read Davis, will join Marsh McLennan Agency and operate from existing locations. The transaction is expected to close by the end of the year, pending regulatory approvals.
Charlotte, North Carolina-based McGriff, founded in 1886, specializes in commercial property/casualty including small business, cyber and management liability, surety, employee benefits, alternative risk transfer programs and personal lines insurance to businesses and individuals in the U.S.
In May, Truist Financial Corporation completed a sale of its remaining stake in TIH, the 10th largest insurance brokerage in the U.S., to an investor group led by private equity firms Stone Point Capital and Clayton, Dubilier & Rice. TIH insurance units now include CRC Insurance Services, Crump Life Insurance Services and AmRisc.
With the sale, TIH announced the formation of a board of directors that included Dan Glaser, former CEO of Marsh McLennan and operating partner at CD&R, as chairman. Richard R. Whitt, former co-CEO of Markel Group; Julio Portalatin, former CEO of Mercer; and Ross Buchmueller, former CEO of PURE Insurance, serve as independent directors.
WTW, Tranzact, GTCR and Recognize
WTW has agreed to sell its direct-to-consumer insurance distribution business, Tranzact, to the private equity firm GTCR and Recognize, a technology services investment platform.
With the sale of Tranzact, WTW is exiting the direct-to-consumer sector, according to the companies’ announcement. In a statement, WTW CEO Carl Hess said the transaction sharpens WTW’s strategic focus on its core business-to-business and business-to-business-to-consumer offerings and simplifies its portfolio.
Headquartered in Fort Lee, New Jersey, Tranzact provides direct-to-consumer marketing, sales, servicing and technology capabilities for Medicare health and life insurance plans.
Andy Nelson, president of Tranzact, and the existing management team will continue to lead the business and partner with GTCR and Recognize. Nelson has been a senior executive with Tranzact since 2003 and president since 2016.
The sale is expected to close by the end of 2024, pending regulatory approvals.
AssuredPartners, Halstead Insurance Agency
Global insurance broker AssuredPartners has acquired Halstead Insurance Agency, a Fitchburg, Massachusetts-based agency offering personal and commercial insurance.
The Halstead team will remain under the operational leadership of agency president Anthony P. Trapasso, Jr. and agency vice president, Anthony P. Trapasso III, in AssuredPartners’ Northeast Region, which is headed by Lauren Yurick, regional president.
Terms were not disclosed.
The agency was founded in 1966 by Robert L. Halstead Sr. The agency was acquired by his son-in-law, Anthony Trapasso Jr., in 1989. Working alongside his current team of his son, Anthony Trapasso III, his two brothers-in-law, Michael and Kevin Halstead, son-in-law Michael Alfego, and a team of 16 insurance professionals, have all contributed to the growth of the family business.
In addition to its Fitchburg location, the agency has an office in Sterling.
Based in Orlando, Florida, AssuredPartners offers industry-specific insurance coverages. With a team of over 10,000 professionals, it serves clients in offices across North America, England, Ireland, Belgium and Scotland.
Xceedance, Millennium Information Services
Xceedance acquired Millennium Information Services, a property inspection and data analytics company based in Chicago.
With the acquisition, the Xceedance Americas team adds nearly 200 team members and a nationwide contractor network of more than 1,300 inspectors, strengthening its underwriting support and analytics capabilities for insurers and managing general agents (MGAs).
Xceedance said the acquisition accelerates its expansion in personal lines and provides a foundation to offer inspection and data analytics solutions to commercial carriers and MGAs.
Millennium conducts more than one million residential, commercial, and farm inspections annually and works with more than 80 insurance carriers and MGAs.
Brown & Brown, The Canopy Group
Brown & Brown acquired the assets of The Canopy Group, a multiline insurance agency focusing primarily on personal lines and commercial property/casualty for small businesses.
Based in Le Sueur, Minnesota, The Canopy Group serves over 16,000 customers throughout Minnesota. Paul Borchert and Jeff McDonald will continue to lead The Canopy Group operations from their offices in Minnesota.
Hub International, Associated Insurance Group
Hub International Limited (Hub) acquired the assets of AIG Agency Inc. (d/b/a Associated Insurance Group), located in Maryland Heights, Missouri.
Terms of the transaction were not disclosed.
Associated Insurance Group is an independent insurance agency providing commercial and personal property/casualty insurance solutions. It is the second agency to join Hub in the St. Louis, Missouri-area over the past year.
Alera Group, Insurance Underwriters
Alera Group acquired Insurance Underwriters Ltd., a Louisiana-based insurance agency offering risk management and insurance solutions including business insurance, surety bonds, personal insurance and employee benefits.
IUL provides customizable insurance solutions designed to keep businesses competitive and uses their proprietary Risk Aware 365 consultative and diagnostic process to enhance the client risk profile.
IUL has offices in Metairie and Covington, Louisiana.
Bowen, Miclette & Britt Insurance Agency, M Surety Services
Bowen, Miclette & Britt Insurance Agency LLC (BMB) has completed the acquisition of M Surety Services, a provider of contract surety bonds.
BMB said the acquisition further strengthens its position in the surety bond market, following a series of strategic growth initiatives within this sector.
M Surety Services will maintain its current operations in The Woodlands, Texas, becoming a branch of BMB’s expanding regional footprint.
Hub International, WestStar Bank
Hub International Limited (Hub) and WestStar Bank (WestStar) announced the sale of the assets of El Paso, Texas-based WestStar Insurance Agency Inc. (WestStar Insurance) to Hub.
Terms of the transaction were not disclosed.
WestStar Insurance focuses on business insurance, employee benefits, and personal insurance products to customize protection for their clients. The WestStar Insurance team will join Hub Texas.
Highstreet Insurance Partners, Mitchell Agency
Michigan-based Highstreet Insurance Partners acquired the Mitchell Agency, headquartered in Largo, Florida, near St. Petersburg.
The Mitchell Agency and its eight employees will be under the direction of Highstreet’s Gulf Regional President Vin Stazzone.
Mitchell Agency has been in business for more than 70 years, offering business, home and flood insurance products.
Alkeme, Surry Insurance
California-based insurance brokerage Alkeme has acquired Surry Insurance, one of the oldest insurance agencies in North Carolina.
Surry, with offices in Dobson, North Carolina, was founded some 85 years ago and has specialized in educational and business clients in the region. Yogi Wright and Zach Wright are principals at Surry.
Alkeme was founded in 2020 and is now ranked by Insurance Journal as one of the largest agencies/brokerages in the United States.
McGriff, Amity Benefits
Retail insurance brokerage McGriff, headquartered in Charlotte, North Carolina, announced it has acquired Amity Benefits, an employee benefits brokerage based in Tampa, Florida.
Amity, founded in 2017, has specialized in the auto dealer space. Brian Howard is CEO of Amity. Amity will now operate as part of the South region for McGriff.
Terms of the deal were not disclosed.
Inszone, First West Insurance Agency, ISU Francis-Pinney Insurance Services
Inszone Insurance Services acquired First West Insurance Agency in Huntington Beach, California.
Originally established in 1968 as Shearer Insurance, the firm merged in 1979 with First West Insurance Agency.
Owners Phil and Kristen Shearer will remain on board for a short period during the transition before retiring. The First West Insurance Agency team will continue to provide service from Inszone’s Huntington Beach location.
Inszone also has acquired ISU Francis-Pinney Insurance Services Inc. in Roseville, California.
ISU Francis-Pinney Insurance Services evolved through several mergers, including All-Cal Insurance and the John A. Francis Agency.
Sacramento, California-based Inszone is an insurance brokerage firm that provides property/casualty insurance and employee benefits services.
Crest Insurance Group, Alliance Insurance Agency
Crest Insurance Group acquired Alliance Insurance Agency LLC in Colorado.
Crest’s Colorado operations center around its Denver hub, expanding to Longmont and Fort Collins. The Alliance deal adds Arvada to the footprint and adds 20 employees to the Crest organization.
Crest is an insurance brokerage that provides property/casualty and employee benefits insurance products and services nationwide.
Tucson, Arizona-based Crest Insurance Brokerage has offices across Arizona, California, Colorado, Nevada and Wyoming.