Business Moves

Arthur J. Gallagher & Co., Woodruff Sawyer Insurance brokerage

Arthur J. Gallagher & Co. has signed a definitive agreement to acquire Woodruff Sawyer for $1.2 billion.

Andy Barrengos, chairman and CEO of San Francisco-based Woodruff Sawyer, will operate under the direction of Peter Doyle, head of Gallagher’s U.S. retail property/casualty brokerage operations.

The deal, expected to close in the second quarter of 2025, follows Gallagher’s much larger late 2024 agreement to acquire AssuredPartners for $13.45 billion for its middle-market reach.

Woodruff Sawyer is another middle-market play, but also has larger clients. The brokerage offers commercial property/casualty products, employee benefits solutions, and risk management services from 14 U.S. offices and one U.K. office.

In 2018, Woodruff Sawyer firm celebrated 100 years in business. The firm started out in life insurance as E.L. Woodruff & Sons in 1918.

Employee-owned Woodruff Sawyer ranked 24th in Insurance Journal’s 2024 Top 100 Independent Property/Casualty Agencies, with P/C revenue of about $214.7 million. AssuredPartners ranked fifth on Insurance Journal’s list.

Gallagher said Woodruff Sawyer’s reported pro forma revenues and EBITDAC (Earnings Before Interest, Taxes, Depreciation, Amortization, and Coronavirus), with expected synergies, for the trailing 12 months ended December 31, 2024 were $268 million and $88 million respectively.

Rolling Meadows, Illinois-based Gallagher said integration costs and expected non-cash management retention costs are expected to total $150 million over the next three years.

Alera Group, Kaplansky Insurance Agency

Needham, Massachusetts-based Kaplansky Insurance Agency has been acquired by the national financial services firm Alera Group.

This new partnership brings more than 100 agents to add to Alera Group’s property/casualty offerings in the Northeast.

The independent agency was founded in 1974 in Brookline by Ely Kaplansky at the age of 22. The agency has grown into one of the largest privately held insurance agencies in the Northeast. Over the last 50 years, Kaplansky has completed 53 acquisitions and welcomed more than 50,000 clients.

The agency has 18 locations in Massachusetts and Rhode Island. Last month, Kaplansky disclosed it recently bought two central Massachusetts insurance agencies and a third in the western part of the state.

The Alera announcement said that Kaplansky Agency employees will continue serving clients in their existing roles.

Terms of the transaction were not disclosed. MarshBerry Capital acted as financial advisor to Kaplansky in the Alera transaction.

Illinois-headquartered Alera Group is a privately-held independent financial services firm with $1.5 billion in gross revenue and 4,500 colleagues. Alera Group was formed in 2017 by the merger of 24 independent insurance firms and backing from Genstar Capital. In 2020 Alera received $150 million from The Carlyle Group to fund acquisitions.

Selectsys, Expert Insured

Tennessee-based Selectsys, an insurtech specializing in business process outsourcing, acquired Expert Insured, an artificial intelligence-led insurance management system for wholesalers, carriers and managing general agents.

Headquartered in Boston, Expert Insured has a new CEO, Spencer McDonald, previously with McKinsey & Co.

Expert said it utilizes AI-enhanced workflows and management tools to automate processes and improve efficiency for insurance companies.

Selectsys, with offices in Knoxville, Tennessee, has been around for more than 20 years, providing business processing and tech for MGAs and wholesalers, the company said.

NSM, New Mountain Capital

New Mountain Capital, an investment firm, has agreed to buy the commercial insurance division of Pennsylvania-based NSM Insurance Group.

The firms said in a news release that the deal is expected to close in the next 45 days. Terms were not disclosed.

Based in Conshohocken, outside of Philadelphia, NSM holds a portfolio of some 15 niche insurance programs as well as a retail brokerage. It has been supported by capital from Carlyle, a global investment firm.

Geof McKernan is CEO of NSM. He and Bill McKernan, president, will join the board of directors, but Aaron Miller, chief commercial lines officer at NSM, will be CEO of the division that will be part of New Capital. Miller has more than 20 years of experience in property-casualty commercial lines.

The new NSM commercial division will continue to be marketed as NSM until a new brand name is established, the companies said.

NSM was founded in 1990 and now has some $2 billion in premium.

New Capital, based in New York, said it has about $55 million in assets under management. The firm focuses on business growth and long-term capital appreciation.

HUB International Limited, John L. Kiley Agency, dba DAR The Rocchio Agency

HUB International Limited, headquartered in Chicago, acquired the assets of John L. Kiley Agency, Inc. dba DAR The Rocchio Agency.

Headquartered in Carmel, Indiana, The Rocchio Agency is an independent insurance agency providing commercial and personal insurance and employee benefits services. Their expertise in the residential construction, including custom home building, and real estate development industries support Hub’s Specialty practices.

David Rocchio, sole owner, and The Rocchio Agency team will join Hub Midwest East. The Rocchio Agency will be referred to as The Rocchio Agency, a Hub International company.

HUB International Limited, Lindenwood Agency, Inc.

HUB International Limited, headquartered in Chicago, acquired the assets of Lindenwood Agency Inc.

Located in St. Charles, Missouri, Lindenwood Agency is one of the largest independent insurance agencies in St. Charles and has been in business for over 50 years.

The agency provides commercial and personal insurance to businesses and individuals in the local communities of Missouri and Illinois.

Melodie Smith, president, Ryan Mica, vice president, and the Lindenwood Agency team will join HUB Kansas and Missouri.

Lindenwood Agency will be referred to as Lindenwood Agency, a Hub International company.

Arthur J. Gallagher & Co., Dyste Williams

Arthur J. Gallagher & Co., headquartered in Rolling Meadows, Illinois, acquired Dyste Williams, a Minneapolis-based retail insurance agency specializing in commercial lines, employee benefits and personal lines services in the Upper Midwest region.

Ted Dyste, Nels Dyste, and their team will maintain their current location, operating under the Gallagher Agency Alliance division. They will report to Jen Tadin, who heads Gallagher Select, the company’s U.S. property/casualty operations for small businesses and personal insurance.

The acquisition, announced on March 3, 2025, aims to strengthen Gallagher’s small business capabilities.

Gallagher Agency Alliance specifically focuses on merging with agencies specializing in small business property/casualty insurance and employee benefits.

Financial terms of the transaction were not disclosed.

Inzone Insurance Services, Kouri & Associates Inc.

Inszone Insurance Services, headquartered in Rancho Cordova, California, acquired Kouri & Associates Inc., based in Sioux Falls, South Dakota.

Kouri & Associates was established in 1970 when the Kouri family entered the insurance business. By 1977, they became an independent agency, focusing on personal lines and select commercial offerings for small businesses.

Bryan Kouri led the agency since 1990. Over the decades, Kouri & Associates has evolved to serve a broad range of policies, including homeowners, auto, life, and commercial coverages.

Under the Inszone Insurance umbrella, Bryan Kouri, partner Sheldon Koski and the Kouri & Associates team will continue to serve clients from their Sioux Falls office.

Artemis Insurance, Ozark Insurance Agency

Artemis Insurance, a full-service insurance agency and the new parent brand of Texan Insurance, announced its partnership with Louisiana-based Ozark Insurance Agency, a provider of personal and commercial insurance solutions for six decades.

Ozark Insurance Agency was founded by Robert “Bob” Mitchell in 1971. Originally started as a real estate agency, it branched into the insurance industry later that year. Bob’s son, Gary Mitchell, joined the agency in 1978 and he and his wife Elke bought it from his father in 1999.

In May 2019, Gary and Elke made the decision to retire and sold the business to their daughter and son-in-law, Kristi and Kyle Watson.

Kyle, Kristi, and their staff continue to serve the insurance needs of South Louisiana.

The Ozark Insurance Agency team will remain in place.

Higginbotham, EZ CERT

Higginbotham, headquartered in Fort Worth, Texas, forged an association with Program Insurance Group of Georgetown, Texas, also known as the home of EZ CERT, a nationally deployed insurance certificate tracking service.

Through the association, Higginbotham will acquire EZ CERT.

EZ CERT streamlines compliance, seeking to make the process seamless for franchisees; and to ensure that franchisors stay protected.

Program Insurance Group is an independent insurance agency that offers business, nonprofit and personal insurance to a range of clients in Texas, and specialized franchise insurance to entrepreneurs across the country.

FM, Velocity Specialty Insurance Co.

Velocity’s excess and surplus (E&S) carrier, Velocity Specialty Insurance Co. (VSIC), will be acquired by Rhode Island-based global commercial property insurance company FM, subject to regulatory approval.

The deal will allow FM to expand into E&S property insurance.