Business Moves

June 16, 2014
business-moves

Marsh & McLennan Agency, Senn Dunn

Marsh & McLennan Agency LLC has acquired Senn Dunn Insurance in North Carolina. Terms of the transaction were not disclosed.

Founded in 1927, Senn Dunn has annual revenue of approximately $30 million and 155 employees. In 2013, the agency reported more than $13 million in property/casualty revenues and was listed as the 80th largest privately held property/casualty insurance agency in Insurance Journal’s Top 100.

Headquartered in Greensboro, N.C., Senn Dunn has specific expertise in the construction, education, environmental, social services and financial services industries.

According to the announcement, all of Senn Dunn’s employees and leadership, including CEO T. Gray McCaskill, will join MMA’s mid-Atlantic region and continue to operate out of the firm’s five existing offices in North Carolina: Greensboro, Raleigh, Charlotte, High Point and Wilmington.

United Insurance, Sunshine State

United Insurance Holdings Corp. (UPC) has agreed to acquire 100 percent of Sunshine State Insurance Co. (SSIC), a Florida-domiciled property/casualty insurance company.

SSIC, based in Jacksonville, Fla., offers homeowners, dwelling fire and federal flood insurance through 500 independent agents primarily in the Northeast and North Central territories of Florida.

St. Petersburg-based UPC said the combination is expected to significantly improve its overall spread of risk and foster growth in a key part of Florida where UPC currently has very limited exposure.

SSIC was founded in 1997; UPC in 1999. SSIC reported $68 million in gross written premium in 2013.

UPC Insurance is a property/casualty insurance holding company. United Property & Casualty Insurance Co., the primary operating subsidiary of UPC Insurance, writes in Florida, Massachusetts, New Jersey, North Carolina, Rhode Island, South Carolina and Texas and is licensed to write in Louisiana, Georgia and New Hampshire.

UPS said it will also make a capital infusion into SSIC to restore its Demotech financial rating and satisfy regulatory requirements.

The closing of UPC’s acquisition of SSIC is subject to a number of conditions, including regulatory approvals.

Brown & Brown, Agency Management, Recreational Protection Management

Insurance agency Brown & Brown has acquired the assets of two agencies specializing in the recreational vehicle market. The businesses acquired are Agency Management Corp. (AMC) and its affiliate, Recreational Protection Management Inc. (RPI), both of Bradenton, Fla., and both owned by Clay S. Purton.

Following the transaction, Purton and the rest of the AMC and RPI team will join Brown & Brown’s branch location in Tampa, Fla. Brown & Brown’s National RV Center is based in Columbia, Ky., and also has locations in Simi Valley, Calif., and Albany, N.Y.

AMC and RPI have combined annual net revenues of $1.6 million, according to the announcement.

Motorists Mutual, Consumers Insurance USA

Ohio-based Motorists Mutual Insurance Co. has agreed to buy the stock of Consumers Insurance USA, based in Murfreesboro, Tenn.

Consumers Insurance will become a wholly owned subsidiary of Motorists Mutual under the agreement that is subject to stockholder approval and regulatory approval by Tennessee and Ohio regulators.

Consumers Insurance, which was formed in 1995 by a group of independent insurance agents, markets niche-oriented products including standard and non-standard personal auto, a program for used-car dealers, commercial auto for small trucks and utility vehicles, repair garages, towing firms, and short-haul trucking. It sells through independent insurance agencies. The company writes $45 million in premiums annually and has assets of about $60 million.

Towne Insurance, Southern Insurance

Towne Insurance, a subsidiary of Virginia-based TowneBank, has acquired Southern Insurance Agency Inc. in Kitty Hawk, N.C., in a deal that continues Towne’s expansion in North Carolina.

Southern Insurance will continue operating under its present name and leadership, serving Kitty Hawk, Corolla, Elizabeth City, Greenville, Wilmington, Columbia and Graham in North Carolina.

York, Bickmore

Parsippany, N.J.-based York Risk Services Group Inc., a national provider of risk management, claims management and managed care services, has acquired Sacramento, Calif.-based Bickmore.

Bickmore is the operator of a risk management, pool management and actuarial consulting firm and has clients in 36 states. Bickmore focuses on public entities, such as municipalities, counties and special districts, as well as municipal risk pools.

York Risk Services provides risk management and managed care solutions to a variety of strategic partners, including carriers, self insureds, brokers, wholesalers, MGAs, programs, risk pools and public entities.

From This Issue

Insurance Journal West June 16, 2014
June 16, 2014
Insurance Journal West Magazine

Umbrellas – Personal & Commercial; Construction; Medical Professional Liability; Bonus: The Florida Issue (Special Supplement)

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