Business Moves

World Insurance, AIV Group

World Insurance Associates has acquired AIV Group.

Terms of the deal were not disclosed.

World Insurance is an independent insurance agency headquartered in Tinton Falls, N.J., that specializes in insurance for transportation companies, the hospitality industry, coastal properties and high-net-worth individuals and commercial clients.

AIV Group is an Avenel, N.J.-based insurance agency specializing in insurance for hospitality, real estate, professional services and retail sectors in the Asian community.

Cobbs Allen, First Insurance

Risk management firm Cobbs Allen has opened an office in New Orleans. The company is partnering with First Insurance in opening the office under the Cobbs Allen name.

This will be the fourth office for the firm specializing in commercial insurance, employee benefits, personal insurance and alternative risk financing services. It recently opened an office in Houston.

The First Insurance and Cobbs Allen partnership will include a focus on marine and sea-based operations.

Burnett Tappel, CEO of First Insurance, becomes a partner at Cobbs Allen.

Cobbs Allen said it plans further expansion across the United States. Founded in 1887, the firm is headquartered in Birmingham, Ala.

Arthur J. Gallagher, Victory Insurance Agency, Gabor Insurance Services

Arthur J. Gallagher & Co. (AJG) acquired Victory Insurance Agency Inc., based in Pearland, Texas. Terms of the transaction were not disclosed.

Founded in 1983, Victory Insurance Agency (Victory) is a retail insurance broker providing commercial property/casualty, employee benefits, risk management consulting and personal lines insurance services to clients throughout the south central United States. The firm specializes in coverages for public entities and school districts as well as the real estate, manufacturing, distribution, energy, marine, technology, transportation and construction industries.

Roger Montemayor and his associates will continue to operate from their Pearland and Lake Jackson, Texas, locations.

In another deal, AJG acquired Gabor Insurance Services Inc., as well as its subsidiary, American Professional Liability Underwriters, headquartered in Miami, Fla. Terms of the transaction were not disclosed.

Founded in 1992, Gabor Insurance Services is a managing general agency and excess and surplus lines insurance broker that specializes in commercial property and professional liability.

Ronald Gabor, Michael Gabor, Robert Kenney and their associates will operate from their Miami, Sebastian, Boca Raton and Tampa, Fla., locations under the direction of Joel Cavaness, president of Risk Placement Services Inc., a subsidiary of AJG.

Arthur J. Gallagher & Co., an international insurance brokerage and risk management services firm, is headquartered in Itasca, Ill.

USI, MVB Insurance

MVB Financial Corp. has sold all of the assets of its wholly-owned subsidiary, MVB Insurance LLC in Fairmont, W. Va., to USI Insurance Services LLC. MVB Insurance will retain the assets related to, and continue to operate, its title insurance business.

MVB Insurance CEO L. Randall “Randy” Cober, President Kenneth Juskowich, and all employees have been extended offers to remain with USI as part of the acquisition.

According to Larry F. Mazza, MVB President and CEO, “Recognizing the high level of competition and the rapid pace of consolidation within the insurance industry presented challenges to further develop our insurance services offering.”

Headquartered in Valhalla, N.Y., USI has more than $1 billion in revenue, employs more than 4,400 professionals and operates out of 140 local offices serving every state.

MVB Financial Corp. is a financial holding company in Fairmont, W.Va.

Hub International, KeenanSuggs Insurance

Hub International Ltd. has agreed to acquire the assets of KeenanSuggs Insurance Inc. based in South Carolina. Terms of the acquisition were not disclosed.

With offices in Columbia, Greenville and Charleston, S.C., and Raleigh, N.C., KeenanSuggs is a provider of multiline insurance including property and casualty, personal lines, employee benefits and risk services throughout the Southeast.

Tommy Suggs, president and CEO of KeenanSuggs, will join HUB as president and CEO of the Carolinas region for Hub Southeast, and Mitch Watson, CFO and COO of KeenanSuggs, will also join Hub Southeast’s Carolinas region as COO.

Mike Chapman, CEO, Hub Southeast, described the addition of KeenanSuggs as a “game-changing event” for Hub Southeast and its Carolina presence.

Headquartered in Chicago, Hub International Ltd. is a global insurance brokerage.

Holman Insurance Services LLC, Risk Partners Inc.

Holman Insurance Services LLC has acquired Risk Partners Inc.

Following the acquisition, Risk Partners will continue to operate under its current name as a subsidiary of Holman Insurance Services. The acquisition will mark the official launch of the commercial division for Risk Partners and further Holman Insurance’s efforts to expand its platform of personal and commercial insurance product and service lines.

Holman Insurance Services is a subsidiary of Maple Shade, N.J., based Holman Automotive Group Inc. Risk Partners is a Medford, N.J., based commercial insurance brokerage and managing general underwriter.

Guidewire Software Inc., FirstBest Systems Inc.

Guidewire Software Inc. has entered into an agreement to acquire FirstBest Systems Inc.

Neil Betteridge, vice president of strategy at Guidewire Software, stated in a company release that expanding its focus on the underwriter has been a major theme for the company. Through this acquisition, Guidewire Software will be able to improve its underwriting management support for complex commercial, specialty and workers’ compensation lines.

Guidewire Software is a property and casualty insurance software provider headquartered in Foster City, Calif. FirstBest Systems is a Bedford, Mass., based provider of underwriting management systems for property and casualty insurers.

ICBUSA, The Landy Insurance Agency

ICBUSA and The Landy Insurance Agency have formed a strategic partnership in which ICBUSA members will be offered professional insurance services, including professional liability insurance, privacy and cyber crime coverage and risk management and educational programs.

The aim of the partnership is to allow ICBUSA members to obtain needed insurance coverage while reducing risk in their accounting and bookkeeping practices.

ICBUSA is a Scottsdale, Ariz., based member of the Institute of Certified Bookkeepers, a London-headquartered professional membership organization for bookkeepers. The Landy Insurance Agency is a Needham, Mass., based provider of professional liability and errors and omissions insurance.

Aspen U.S. Insurance

Aspen U.S. Insurance, part of the insurance segment of Aspen Insurance Holdings Limited has opened an office in Dallas.

The new Dallas office will serve as a hub to offer products and services to regional customers and brokers. Initially focusing on excess casualty products across the wholesale and retail channels, the office eventually will expand to offer other products.

Aspen provides reinsurance and insurance coverage to clients in various domestic and global markets through wholly-owned subsidiaries and offices in Australia, Bermuda, Canada, France, Germany, Ireland, Singapore, Switzerland, the United Arab Emirates, the United Kingdom and the United States.

U.S. Risk, Continental Marine

U.S. Risk L.L.C. has acquired Continental Marine Insurance Services.

Continental is a Lodi, Calif.-based wholesale insurance broker.

Continental has specialized in placing marine insurance for both commercial and personal marine-related risks such as marinas, boat dealers, boat manufacturers, boat repairers and yacht brokers.

U.S. Risk is an international specialty lines underwriting manager and wholesale broker headquartered in Dallas.

Gateway-Acentria, Insurance Center

Gateway-Acentria Insurance has formed a merged partnership with Insurance Center of South Florida, an established agency based out of Coral Springs, Fla. Insurance Center of Florida specializes in working with employers to design and service group benefit programs. Additionally, they provide Medicare health plans, individual health benefits as well as general personal and business insurance coverages.

Effective, Aug. 1, the staff has relocated to the Gateway-Acentria Insurance main office in Fort Lauderdale, Fla.

Gateway-Acentria Insurance, a subsidiary company of Acentria Insurance, is a full-service independent insurance agency working with locations in Fort Lauderdale and West Palm Beach.

UPC Insurance, American Coastal Insurance

United Insurance Holdings Corp., a property/casualty insurance holding company, has entered into a merger agreement with RDX Holding LLC, the parent of American Coastal Insurance Co. (ACIC), to combine the companies in an all-stock merger meant to qualify as a tax-free reorganization. The combined entity will have more than $1 billion of premium in force.

Under the terms of the transaction, RDX members will receive UPC Insurance common stock based on an exchange ratio providing for RDX members to own 49 percent of the outstanding UPC common stock as of the signing.

Dan Peed, CEO of ACIC and majority stock owner of RDX, will become non-executive vice-chair of UPC’s Board of Directors and will nominate two additional independent directors to join the UPC Board, which will be expanded to 10 as part of the transaction. John Forney, UPC’s president and CEO, will assume the role of CEO of the combined entity.

UPC Insurance is an insurance holding company that sources, writes and services residential property/casualty insurance policies using a network of independent agents and a group of wholly owned insurance subsidiaries.

ACIC is a specialty underwriter focused primarily on the commercial residential property insurance market in Florida.

Topics Florida USA A.J. Gallagher