Confie Seguros, a national provider of personal lines insurance based in Huntington Beach, Calif., has acquired three East Coast insurance brokerages.
Confie Seguros acquired the assets of Your Insurance Spot Inc., which is based in Kissimmee, Fla., and was founded in 2007 and specializes in nonstandard auto insurance; Wise Insurance Agency Inc. of Columbia, S.C, founded in 1999 and specializing in personal lines insurance; and Bronkie Agency Inc. of Williamsville, N.Y., near Buffalo. Founded in 1961, Bronkie specializes in personal lines and small commercial insurance.
Confie Seguros has 52 locations in New York, 31 in Florida, and 13 in South Carolina.
Established in 2008, Confie Seguros is a portfolio company of Boston-based ABRY Partners and a national insurance distribution company focused on the insurance needs of Hispanic consumers.
Hub International, The Flood Group
Hub International Ltd. announced that its subsidiary Hub International Northeast Ltd. has acquired the assets of The Flood Group LLC and its affiliate, The Flood Group of Long Island Inc., a Floral Park, N.Y.-based property/casualty brokerage servicing the Tri-state area. Terms of the acquisition were not disclosed.
The Flood Group has been a part of the local market community for more than 50 years and serves more than 3,500 clients.
The Flood Group’s operations in Floral Park will relocate to Hub Northeast’s Woodbury, N.Y., office. The firm’s president, Terrence Flood, will join Hub as vice president for commercial lines reporting to Doug Schenendorf, president of Hub Northeast’s Long Island, N.Y., operations. Brian Flood, The Flood Group’s vice president, will join Hub as vice president for personal lines.
Hub Northeast has a network of 15 locations and 700 employees throughout New York, New Jersey, Connecticut, Pennsylvania and Rhode Island.
Headquartered in Chicago, Hub International Ltd. is an insurance brokerage that provides property/casualty, life and health, employee benefits, investment and risk management products and services throughout North America.
Hardenbergh Insurance, Meyer Insurance
Hardenbergh Insurance Group, an independent insurance agency based in Marlton, N.J., has acquired Meyer Insurance Agency, an independent agency in Medford, N.J. Terms of the transaction were not disclosed.
Established in 1957, Meyer Insurance provides commercial and personal insurance and risk management services for clients in the Delaware Valley region. In addition, the firm offers insurance support services including: contract reviews, claims management, loss control, bonding and modification modeling. All eight employees of Meyer Insurance Agency will join Hardenbergh Insurance Group, which has 55 employees.
Founded in 1954, Hardenbergh Insurance Group is a family owned and operated agency providing personal and business lines of insurance, as well as group and individual benefits. The firm has four offices in South Jersey and offers client service capabilities throughout the Delaware Valley region.
Meyer Insurance President Dave Miller and his colleagues will operate out of Hardenbergh Insurance Group’s headquarters office in Marlton under the direction of Rick Hardenbergh, president of Hardenbergh Insurance Group.
CRC Insurance, NAPCO
CRC Insurance Services Inc., a wholesale insurance subsidiary of BB&T Corp.’s principal subsidiary Branch Banking and Trust Co., announced an agreement to acquire strategic assets of NAPCO LLC. Terms of the transaction were not disclosed.
Founded in 1996, NAPCO is an independent wholesale broker of commercial property catastrophe insurance coverage. The Iselin, N.J.-based privately held broker provides retailers with an independent marketing arm for difficult placements that have significant property exposures.
David Pagoumian, NAPCO’s president and CEO, will continue in his leadership position.
CRC, which had more than $4.3 billion in casualty, property and professional premiums in 2014, is a wholesale property/casualty insurance broker. Founded in 1982, CRC has 46 offices throughout the country.
CRC’s parent BB&T is a financial services holding company, which had $186.8 billion in assets and market capitalization of $26.8 billion, as of Dec. 31, 2014. Based in Winston-Salem, N.C., the company operates 1,839 financial centers in 12 states and Washington, D.C., and offers consumer and commercial banking, securities brokerage, asset management, mortgage and insurance products and services.
Agency Network Exchange
ANE (Agency Network Exchange LLC), a network of independently owned and operated insurance agencies, has added two New Jersey agencies to its network: Glenn Insurance Inc. with offices in Absecon and Vineland; and Mile Square Insurance Agency of Hoboken.
Founded in 2009, the Monmouth Junction, N.J.-based ANE includes more than 40 agencies in New Jersey and has recently expanded its network into the mid-Atlantic region.
National General, Risk Solutions
National General Holdings Corp. has closed the acquisition of Saddle Brook, N.J.-based Assigned Risk Solutions Ltd. from Toronto-based Kingsway Financial Services for a purchase price of $47 million in cash and potential future earnout payments.
Assigned Risk Solutions is a managing general agency that services assigned risk auto, private passenger auto and commercial lines of business. It also offers claims, investigative, and cost containment services. The firm is licensed in 22 states with a heavy concentration of business coming from New York, New Jersey and Pennsylvania.
Assigned Risk Solutions has managed more than $100 million in premium in 2014 across its multistate distribution platform.
National General Holdings is a specialty personal lines insurance holding company providing personal and commercial auto, homeowners, umbrella, recreational vehicle, motorcycle, supplemental health, and other niche insurance products.
BNC Insurance, Milbrandt
BNC Insurance Agency Inc., an independent agency based in Rye Brook, N.Y., has acquired Milbrandt & Co. Inc., an independent agency based in New Rochelle, N.Y., with a satellite office in Hudson, N.Y. Terms of the transaction were not disclosed.
Milbrandt’s executive team of Bob Antoinette and John Cofini, and more than a dozen staff members, have transitioned to BNC Insurance Agency’s operations.
Founded in 1947, Milbrandt & Co. has been providing commercial and personal insurance services to businesses and families in the New York Tri-state area.
BNC Insurance Agency, founded in 1997, has more than 50 employees and is licensed in 22 states. The agency provides insurance and risk management services to its personal, commercial and employee benefits clients. BNC’s specialties include serving the insurance needs of the construction industry.
Topics New York New Jersey
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