Business Moves

Arthur J. Gallagher, Koster Insurance

Insurance broker Arthur J. Gallagher & Co. has acquired Koster Insurance Agency Inc. of Quincy, Mass. Terms of the transaction were not disclosed.

Koster Insurance Agency Inc. specializes in student health, sports accident and special risk insurance programs for colleges, universities and secondary schools. The firm also offers dental/vision discount programs, short-term medical, sports camp, study abroad, international student, emergency travel assistance, accidental death and dismemberment, tuition reimbursement and student personal property insurance programs to the higher education community.

Teresa Koster and her associates will continue to operate in their Quincy location as Gallagher Koster and will become a part of Gallagher’s Higher Education Practice Group.

Commerce Bancorp

Cherry Hill, N.J.-based Commerce Bancorp Inc. completed the sale of its insurance brokerage business, Commerce Insurance Services, to a private group led by two of the brokerage’s key executives. The sale includes the commercial property casualty, employee benefits, and various specialty insurance lines of Commerce Insurance Services. George E. Norcross and Michael Tiagwad — the Commerce Insurance Services’ chairman and president who led the brokerage sale — will continue in their current positions with the firm. Commerce Bancorp will retain ownership of the company’s retail personal lines insurance.

Arch. Wexford Underwriting Managers

Arch Insurance Group said it has completed its acquisition of Wexford Underwriting Managers and will rename the new division Arch Wexford.

ACE, Atlantic Mutual

The Atlantic Companies, also known as Atlantic Mutual, has sold its high-net-worth personal lines insurance business to The ACE Group of Companies for an undisclosed price. The deal gives ACE substantially all of the personal lines business of The Atlantic Cos., which is headquartered in New York City.

Wells Fargo

Wells Fargo & Co.’s Wells Fargo Insurance Services Inc. — formerly Acordia — reports it has bought four insurance agencies: Technology Insurance Services Inc., Redwood City, Calif; Rogers & Belding Insurance Agency Inc., El Paso, Texas; Richardson Group, Dover, N.H.; and Brehm Group Inc. of Minneapolis, the employee benefits business only. The firms did not disclose financial terms of the deals.

Ironshore, TIG

Ironshore Holdings (U.S.) Inc. has completed the acquisition of TIG Specialty Insurance Co., a U.S.-based excess and surplus lines insurance company. The company will be renamed Ironshore Specialty Insurance Co. and serves as the excess and surplus lines carrier for Bermuda-based Ironshore’s U.S. operations, IronPro and IronBuilt. Ironshore’s initial markets were property catastrophe and property for small to mid-sized commercial risks. It has expanded into professional liability and construction specialty market sectors.