Business Moves

Markel, EMC, Global Insurance Accelerator

Markel and EMC Insurance Companies have invested in the Global Insurance Accelerator (GIA), a business accelerator focused on developing innovative insurance- centric startups.

The GIA launched in 2013 modeled on technology accelerators where seed funding and business assistance is provided to startups in exchange for equity, but GIA is focused just on the insurance industry.

Eight insurers from health and property markets are already members: Delta Dental, American Equity, Farm Bureau Financial Services, Farmers Mutual Hail, Grinnell Mutual Reinsurance, IMT Insurance Co., Mutual of Omaha and Principal.

As new members, Markel and EMC will be making annual investments in the GIA, which helps fund insurtech startups accepted into the GIA program.

Aon Risk Solutions, Stroz Friedberg Inc.

Aon Risk Solutions has entered into an agreement to acquire Stroz Friedberg Inc.

Financial terms of the deal were not disclosed, and the acquisition is subject to customary closing conditions.

Aon Risk Solutions is the global risk management business of Aon plc, and Stroz Friedberg Inc. is a New York-based global risk management firm. The acquisition will extend Aon’s cyber risk brokerage business and create a comprehensive Cyber Risk Management Advisory Group that offers standards-based cyber assessments and risk transfer solutions for clients.

Following the acquisition, Stroz Friedberg’s more than 550 employees will join Aon’s Cyber Solutions Group. Michael Patsalos-Fox, Stroz Friedberg’s CEO, will become the CEO and co-chair of Aon’s Cyber Solutions Group. John Bruno, Aon’s executive vice president of enterprise innovation and chief information officer, will join Patsalos-Fox as co-chair of this new group.

Hub: Norton Insurance Agency; Sweet & Baker Insurance Brokers; Mayport Insurance & Realty

Hub International Ltd. has acquired the assets of Norton Insurance Agency and Norton Financial Services Inc.

The Norton leadership team, including Norton Insurance President Jeff Begin and Norton Financial President Peter Fendler, will join Hub New England following the transaction. Both will report to Hub New England CEO Charles Brophy.

Norton Insurance is based in Cumberland Foreside, Maine, and is a provider of commercial property and casualty, and personal lines insurance. Norton Financial provides securities and advisory services and employee benefits insurance solutions.

Hub also has acquired San Francisco-based Sweet & Baker Insurance Brokers Inc.

Bruce Callander, president of Sweet & Baker, will join Hub California and report to Kirk Christ, president of Hub California.

Sweet & Baker is a multiline insurance solutions provider.

Hub also acquired the assets of Mayport Insurance & Realty Inc. (Mayport) in North Dakota. Based in Portland, N.D., Mayport specializes in providing property/casualty insurance products and services for the agriculture and crop industry. Mayport has an additional location in Mayville, N.D., and agents located in Edmore, Hatton, Buxton and Mentor.

Mayport’s owners, Corey McGillis and Larry McGillis, will join Hub Mountain and report to Rene LeVeaux, president, Hub International Mountain States.

Terms of the acquisitions were not disclosed.

JenCap Holdings, M. J. Kelly

New York-based JenCap Holdings LLC has acquired privately held M.J. Kelly Co. (MJK), a managing general agency and wholesale insurance brokerage based in Springfield, Mo., with offices in nine states throughout the Midwest and Southeast.

Since 1986, MJK has been owned and operated by Jim Adams, who was joined by his sons Jon and Paul in 1987 and 1989. Today, the agency places business with more than 200 admitted and nonadmitted markets through more than 5,000 agents in 26 states.

Jon Adams will become president of MJK, and Paul will take on the responsibility of branch manager of the Springfield office. Jim Adams will remain in an advisory capacity.

The Plexus Groupe, Ingensa

The Plexus Groupe LLC, a privately held national insurance brokerage and risk management consultancy headquartered in Deer Park, Illinois, has acquired Carol Stream, Ill.-based Ingensa Insurance Services, a diversified insurance and financial services firm offering expertise in property/casualty, employee benefits, and mergers/acquisitions.

Dave Demas, who founded Ingensa in 2002, has joined Plexus as a vice president of business development.

Ingensa will be rebranded as Plexus. Headquartered in Deer Park, Plexus also has offices in Chicago (Loop), Dallas and Oklahoma City.

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