Business Moves
The Doctors Company said it has entered an agreement to acquire ProAssurance Corp. for $1.3 billion, taking the company private.
Birmingham, Alabama-headquartered ProAssurance is a specialty insurer with expertise in medical liability, products liability for medical technology and life sciences, and workers’ compensation insurance. The Doctors Co. of Napa, California is the nation’s largest physician-owned medical malpractice insurer.
The transaction is expected to close in the first half of 2026. Upon completion, ProAssurance’s common stock will no longer be listed on the New York Stock Exchange, and ProAssurance will become a wholly owned subsidiary of The Doctors Co., creating a combined company with assets of approximately $12 billion.
Rating agency AM Best said The Doctors Company Insurance Group is the second-largest writer of medical professional liability (MPL) insurance in the U.S. based on 2023 direct premiums written (AM Best said it is in the process of collecting 2024 data). ProAssurance is the fourth largest. Berkshire Hathaway is first with more than 18% market share. Together with ProAssurance, Doctors Co. would have nearly 16% of the MPL market.
Munich Re said it has acquired Next Insurance, which will become part of the reinsurer’s major primary insurance business, Ergo.
The agreement in place values Next Insurance at $2.6 billion. Ergo already owned nearly 30% of the digital insurance company’s shares. Munich Re was an early investor in Next Insurance.
Closing is expected during the third quarter pending regulatory approvals. Munich Re has said it expects $23.1 billion in general insurance revenue from Ergo in 2025.
World Insurance Associates LLC, headquartered in Iselin, New Jersey, acquired the business of Archambault Insurance Associates of Putnam, Connecticut.
Terms of the transaction were not disclosed.
Archambault was founded in 1928 by Joseph A. Archambault. The third-generation, family-owned, full-service agency serves individuals, families and businesses in Connecticut, Rhode Island and Massachusetts. Archambault provides personal, commercial, life and health, and surety insurance.
King Risk Partners, headquartered in Gainesville, Florida, acquired The Insurance Center, an independent agency in Warwick, Rhode Island. Terms were not disclosed.
Founded in 1973, The Insurance Center serves individuals, families, and businesses in Warwick and throughout Rhode Island.
This acquisition is Florida-based Kingis first agency in Rhode Island, reflecting the firmis commitment to expanding its service to the Eastern and Southeastern regions of the country.
In addition to 15 offices in Florida, and now one in Rhode Island, King Insurance has locations in Alabama, Connecticut, Florida, Georgia, Massachusetts, New Hampshire, New Jersey, New York, North Carolina, South Carolina, Tennessee, Virginia, and West Virginia.
Property/casualty middle-market insurance broker NFP, an Aon company, recently announced its acquisition of Lyons Insurance Agency Inc., a multiline insurance broker located in Wilmington, Delaware.
David Lyons and Tim Lyons, vice presidents of Lyons, will join NFP as senior vice presidents and report to Meg McSherry, managing director of Property and Casualty in NFPis Atlantic region.
Founded more than 40 years ago by David F. Lyons, Sr., Lyons provides middle-market businesses with commercial, personal lines and employee benefits solutions.
Aon closed on its $13 billion acquisition of NFP last April. NFP has more than 7,700 colleagues in the U.S., Puerto Rico, Canada, UK and Ireland.
Alacrity Solutions Group announced the acquisition of InspectionConnection from Latitude Subrogation Services LLC. The transaction marks Alacrityis 16th acquisition since 2015.
InspectionConnection, founded in 2018 and based in Columbus, Ohio, is a full-service appraisal and desktop review company specializing in autos, specialty vehicles, and heavy equipment, including construction vehicles, tractor-trailers, and farm machinery.
Alacrity Solutions, based in Fishers, Indiana, is one of the largest independent providers of insurance claims management services in North America.
Sierra Financial Holdings LLC, headquartered in Houston, received final regulatory approval from the Texas Department of Insurance to acquire Preferred Security Life Insurance Company, a Texas-Domiciled Life Insurance carrier. Closing is expected to occur on April 1, 2025.
Sierra Financial Holdings LLC is a privately held company focused on the financial services industry. The companies include Sierra Mortgage Capital LLC, Sierra Lending Group LLC, Sierra Lending Corporation and Sierra Insurance Services LLC.
Founded in 1994, Preferred Security Life Insurance Company is a Stipulated Premium Life insurance company with operational headquarters in Colorado Springs, Colorado.
CRC Group, an independent wholesale specialty insurance distributor in North America, announced the acquisition of Risk Transfer Partners (RTP), a casualty-focused wholesale brokerage business. This strategic acquisition enhances CRCis capabilities and market reach, particularly in the construction, energy, environmental, and manufacturing sectors.
Founded in 2013 and based in Dallas, Texas, RTP has established a national platform with a track record of organic growth. RTP, under its existing leadership team, including Dave Barrett, RTP President, will join the CRC Specialty division and report to Brokerage President Brent Tredway.
Keystone Agency Partners (KAP), headquartered in Harrisburg, Pennsylvania, acquired Ascent Insurance Group, a prominent Oklahoma-based insurance agency. The deal includes Cole, Paine & Carlin Insurance Agency, Inc., which will join Ascent Insurance Group.
Aaron Bogie will serve as CEO of Ascent Insurance Group. Ascentis Oklahoma City home office will be joined by branch locations in Tulsa and Tonkawa.
This partnership bolsters KAPis commercial and personal lines insurance capabilities, empowering Ascent and CPC to leverage KAPis extensive resources, specialized expertise, and national network to drive growth, innovation, and enhanced client experiences.
Two Arkansas independent agencies
The River Company and Rogers Insurance merged to create ANKR. The new entity, which employs 80 professionals across Arkansas and Texas, will operate under the ANKR brand, with full integration expected by January 1, 2026. Together, ANKR will offer a full suite of personal and commercial insurance, bonds, payroll and tax solutions.
The River Company, based in central Arkansas, has grown steadily over the past decade, completing five acquisitions and expanding its services to include payroll and tax solutions alongside its core insurance offerings.
Rogers Insurance is a century-old firm with locations in both central and northwest Arkansas.
Atlas Insurance Agency, based in Sarasota, Florida, acquired its sister company, Atlas Employee Benefits. The firms will now operate under a single brand name. Atlas Employee Benefits will operate under the Atlas Insurance brand, offering a wider range and streamlined services.
Atlas Insurance, founded in 1953, serves clients in 45 states, providing business and personal lines coverage through local and national carriers. The company has more than 60 professionals on staff. Rob Brown is president.
Chicago-based Hub International acquired the assets of C&L Marine Insurance, based in Boca Raton, Florida. President Scott Costolo and his team will join Hub Florida, which will be known as C&L Marine, a Hub International company. Itis the latest acquisition for Hub, which has grown to more than 19,000 employees across the continent.
Chris Gardner is CEO of Hub Florida. C&L has more than 30 years of experience working with major insurance carriers. The firm has focused on boat builders, dealers, marinas, marine contractors, yachts and more.
PrestigePEO, headquartered in Melville, New York, acquired Concurrent HRO, a Colorado-based professional employer organization. Concurrent HROis team will remain in place.
The acquisition is PrestigePEOis fifth, and it expands PrestigePEOis presence in the Midwest and Mountain regions. Concurrent HRO provides human resources, payroll and employee benefits services for businesses of all sizes.
PrestigePEO provides HR services that include payroll management, employee benefits, compliance support and risk management services.
Chicago-based Hub International has acquired the assets of Malloy Imrie & Vasconi Insurance Services LLC in Californiais Napa Valley.
Partners Timothy Malloy, David Capponi, Ted Bystrowski, Kevin Dickenson, and the MIV Insurance team will join Hub Central & Northern California.
MIV Insurance will be referred to as MIV Insurance, a Hub International company. MIV Insurance, which has offices in Saint Helena and Napa, is an independent firm that provides commercial, employee benefits, and personal insurance to clients throughout California. The firm specializes in agribusiness, particularly in the wine industry.