Business Moves

U.S. Risk, Kohlberg & Co.

Dallas-based international specialty lines underwriting manager and wholesale broker U.S. Risk Insurance Group Inc. has agreed to partner with the private equity firm Kohlberg & Co. With capital and two board members from Kohlberg, U.S. Risk plans to expand by acquiring other firms and individual brokers in the U.S. and abroad.

The transaction is expected to be completed during the third quarter of 2016. Terms were not disclosed.

Through its $1.6 billion private equity fund, Kohlberg will make a significant equity investment in U.S. Risk and reserve substantial additional equity capital to support the company’s growth initiatives.

U.S. Risk Founder, chairman and CEO Randall Goss will remain in his position following the transaction and will continue to be the company’s largest individual stockholder.

Kohlberg & Co.’s financial services operating partner Scott M. Birnbaum and insurance industry veteran Roger E. Egan will join U.S. Risk’s board.

Ascend Insurance Brokerage

Dallas-based Ascend Insurance Brokerage President and CEO Paul Bassman has closed on the acquisition of the company, purchasing the business from James Chippendale, who founded Ascend in 2001.

Ascend specializes in the entertainment business.

Bassman is experienced in entertainment insurance and the risk management services industry, and previously worked in the music industry as a manager of platinum artists, artists and repertoire for Capitol Records, concert promoter, and label owner.

The executive staff of Ascend that was in place prior to the acquisition will remain the company’s key management.

The Hilb Group, Carrier Insurance Agency

The Hilb Group LLC (THG) has acquired Florida-based Carrier Insurance Agency Inc.

Carrier Insurance has been serving central Florida for the past 30 years with Leo Carrier as owner and president. Headquartered in Fern Park, Fla., the business will merge into THG of Florida’s Orlando office.

Prior to opening his agency in 1998, Carrier was a producer for one of THG of Florida’s legacy agencies, Newman Crane and Associates.

THG is a middle-market insurance agency headquartered in Richmond, Va., and is a portfolio company of Boston-based private equity firm, ABRY Partners.

NSM Insurance, ABRY Partners, AIG

NSM Insurance Group has entered a joint venture with ABRY Partners and AIG.

NSM is a Pa.-based insurance program administrator.

AIG will contribute its controlling equity ownership of NSM, acquired last year, into this joint venture, which will be majority owned by ABRY. NSM aims to quickly grow and diversify in the niche specialty insurance business through the partnership.

ABRY Partners is a Boston-based private equity investment firm that focuses on media investments.

AmWINS, Private Client Group

AmWINS Group Inc. has completed its acquisition of Private Client Insurance Group (PCIG), a Palm Beach Gardens, Fla.-based wholesale broker specializing in personal lines insurance for high-net worth individuals.

PCIG will join the firm’s small accounts division, AmWINS Access, and is part of the plan to make “significant investments” in this platform, according to M. Steven DeCarlo, CEO of AmWINS.

PCIG, under owner Ray Celedinas, has forged national appointments with carriers, including ACE Private Risk, AIG Private Client Group, Chubb and Fireman’s Fund, as well as with excess and surplus lines carriers with expertise in the luxury market. PCIG offers retail agencies expertise across multiple lines of business, including high-value homeowners, luxury and antique automobiles, yacht and marine, and private collections.

Terms of the deal were not disclosed.

Sandy Spring Insurance Corp., The Advantage Group

Sandy Spring Insurance Corp. has acquired The Advantage Group Inc.

The Advantage Group will operate under its current name immediately following the acquisition, but will eventually rebrand to Sandy Spring Insurance. No changes will be made to the company’s agents or client policies.

Sandy Spring Insurance is an independent agency and subsidiary of Maryland-based Sandy Spring Bancorp Inc.

The Advantage Group is a Md.-based agency with a focus on contractor insurance.

Element Risk, Singleton Insurance

Element Risk Management has finalized its acquisition of Singleton Insurance.

Singleton’s staff will remain in place following the acquisition, which expands Element Risk’s footprint throughout Pennsylvania.

Element Risk is based in Westchester, Pa., and Singleton is based in Ickesburg, Pa.

Topics Florida USA AIG