Business Moves

April 21, 2014
business-moves

Marsh & McLennan, Capstone

Marsh & McLennan Agency LLC (MMA), a subsidiary of insurance broker Marsh LLC, has acquired Capstone Insurance Services LLC, a $1.8 million revenue agency located in Greenville, S.C. Terms of the transaction were not disclosed.

Founded in 1995, Capstone provides property/casualty insurance and risk management to businesses and individuals across South Carolina.

All of Capstone’s leadership and employees will join MMA’s Mid-Atlantic region and merge into MMA’s existing Greenville office, which was established with the 2012 acquisition of Rosenfeld Einstein.

Hudson, Motor Transport Underwriters

Hudson Insurance Group has acquired Motor Transport Underwriters Inc., an underwriting, claims and risk management specialist in the long-haul trucking arena with which Hudson does business.

MTU will continue to be led by Greg Bonnell and operate out of Indianapolis.

MTU was founded in 1995 as a program manager for insurance for trucking fleets on behalf of Travelers Insurance. In 2002, MTU transferred its business to Lincoln General Insurance Co., where it stayed until 2008 when it rolled its book to Hudson.

Chris Gallagher, Hudson’s president, said the deal gives Hudson an opportunity to make its partnership with MTU permanent.

Hudson Insurance Group is the U.S. insurance division of OdysseyRe, a property/casualty reinsurer and specialty insurer.

Cross Insurance, Troy, Pires & Allen

Cross Insurance, a subsidiary of Cross Financial Corp. in Bangor, Maine, acquired Troy, Pires & Allen Insurance, a 78-year-old insurance agency based in East Providence, R.I.

Troy, Pires & Allen Insurance will operate under the Cross Insurance name. Under the transaction, Troy, Pires & Allen’s partner Gregory Troy will serve as president of the acquired agency’s operations, while another partner, Peter Troy, will serve as head of commercial lines sales for the acquired agency’s operations.

Additionally, Shove Insurance Inc., a 155-year-old, Rhode Island-based insurance agency affiliated with Troy, Pires & Allen Insurance, also was acquired by Cross Insurance as part of the transaction. Shove Insurance’s former partners, William Hunt and David Francis, will remain with the new organization as producers.

Catalina Holdings, SPARTA

Catalina Holdings Ltd., a Bermuda-based consolidator in the non-life run-off sector, has agreed to acquire SPARTA Insurance Holdings, a property/casualty underwriting company in Hartford, Conn.

Catalina plans to place some of SPARTA’s business into run-off and to transfer SPARTA’s alternative market business to Arch Insurance Co. under a separate renewal rights agreement. SPARTA predominantly focuses on specialty program and risk transfer alternatives in the United States. At the end of 2013, SPARTA had total assets of $911 million, gross reserves of $495 million, net reserves of $309 million and shareholder equity of $201 million.

Catalina will acquire SPARTA from cash at hand and a senior debt facility. The transaction is expected to close during the third quarter of 2014.

AssuredPartners, MHB

Lake Mary, Fla.-based AssuredPartners Inc., through its subsidiary Assured SKCG, recently acquired MHB Insurance of Peekskill, N.Y.

Founded in 1919, MHB Insurance specializes in insurance for businesses, municipalities and individuals, and provides life, health and employee benefits services. MHB Insurance will combine operations with Assured SKCG in White Plains, N.Y.

PSA Insurance, Councill

PSA Insurance & Financial Services in Hunt Valley, Md., acquired Councill, a Towson, Md.-based firm offering insurance products, third-party administration and risk management services for nursing homes, assisted living and independent living facilities.

Councill’s president, Nancy Councill, and two of her associates will work from PSA’s Hunt Valley, Md., headquarters, while six others will work remotely from cities across the country.

Johnson & Johnson, Stateside Underwriting

Charleston, S.C.’s Johnson & Johnson has acquired Stateside Underwriting Agency Inc. in Crystal Lake, Ill., and Chagrin Falls, Ohio.

Stateside Underwriting Agency will continue to operate under the leadership of Richard Nowell and Chad Gaizutis, according to Johnson & Johnson President Francis Johnson.

Stateside Underwriting Agency is an underwriting manager for specialty professional liability risk products including mortgage bankers bond and professional liability for mortgage companies, architects and engineers, property managers, lawyers and other classes. In addition, SUA writes fidelity bonds for title agents.

Johnson & Johnson is a managing general agency that serves independent agents.

From This Issue

Insurance Journal West April 21, 2014
April 21, 2014
Insurance Journal West Magazine

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