Business Moves
AXA XL launched AXA XL Excess & Surplus Lines Insurance Company (AXA XL E&S), dedicated to exclusively serving wholesale brokers.
Operating alongside existing AXA XL entities and participating in the same AXA XL pool as Indian Harbor Insurance Company, AXA XL E&S will issue policies developed by AXA XL in collaboration with wholesale brokers nationwide.
The launch will be synchronized with the rollout of AXA XL’s new digital platform, Guidewire, which will serve as the E&S policy administration system starting in 2027.
E&S Casualty new business will be underwritten by AXA XL E&S beginning in early 2027, with current policies transitioning to the new entity in mid 2027.
E&S Property business will follow suit in late 2027. During this transition, existing products and rates will remain unchanged.
American International Group’s excess and surplus subsidiary Lexington Insurance has set up a dedicated financial institutions practice to support wholesale produced private company banks, asset managers, broker dealers, and others.
Kevin Ware has been hired as head of financial institutions at LexPro. Ware most recently served as vice president at CRC Group, where he handled financial lines and specialized in financial institutions.
Global broker World Insurance Associates LLC acquired the business of American Insurance Agency of Hingham, Massachusetts on June 1.
American Insurance, founded in 1991, specializes in construction, manufacturing, hospitality, restaurants, real estate, auto services, energy, entertainment and amusement, special events sectors, as well as skating and sports facilities.
World Insurance, based in Iselin, New Jersey, serves clients from more than 250 offices across the U.S. and U.K. Terms of the transaction were not disclosed.
World Insurance Associates LLC acquired the business of Arctic Risk Specialists (ARS) of Toms River, New Jersey on June 1.
ARS Group was founded in 2014 by Thomas Nastasi. The group provides commercial insurance, specializing in contractor-related risks with a niche in the snow and ice management sector. Terms of the transaction were not disclosed.
Relation Insurance Services acquired LaPlaca Insurance Inc. The transaction went into effect June 30.
Located in Chalfont, Pennsylvania, LaPlaca serves the greater Philadelphia, New York, and New Jersey areas. The firm offers business and personal insurance as well as employee benefits.
Chicago, Illinois-based Relation Insurance Services is an insurance brokerage with approximately 1,350 employees across more than 90 locations nationwide.
Relation Insurance Services is a privately held corporation backed by BayPine, a Boston, Massachusetts-based private equity firm. Terms of the transaction were not disclosed.
WalkerHughes Insurance acquired Burgett Insurance Agency, based in Killbuck, Ohio. The acquisition expands WalkerHughes’ footprint in Ohio following its partnership with Sacksteder Worland Insurance Agency in Tiffin earlier this year.
Burgett Insurance Agency, owned by Cory Miller, has served Killbuck and Holmes County for generations. Miller will remain with the agency, focused on serving clients and mentoring new team members.
Maridea Wealth Management acquired River Cities Financial Services and Dietz, Futrell & Walters Insurance (DFW Insurance), two affiliated firms based in Marietta, Ohio. The addition marks Maridea’s first presence in Ohio.
DFW Insurance was founded in 1948 as an independent insurance agency, launching River Cities Financial Services in 1985 to provide comprehensive wealth management, financial, retirement, investment, and estate planning services. The firms serve clients from offices in Marietta, Beverly, and Chillicothe, Ohio.
Michael Anthony, president of River Cities Financial Services and a partner at DFW Insurance, joins Maridea as senior investment advisor and managing partner. Dustin Becker, vice president of River Cities Financial Services and a partner at DFW Insurance, joins Maridea as director of insurance.