Business Moves

December 5, 2016

BrickStreet Mutual, Motorists Mutual

BrickStreet Mutual Insurance and Motorists Mutual Insurance Co. are formalizing an affiliation agreement between the two companies.If approved by state regulators and closed as anticipated in July 2017, the affiliation will include more than 1,600 employees, 10 offices writing in 29 states, premiums of nearly $1.2 billion, a surplus of nearly $1.55 billion and assets of $4.5 billion.

Insurers said the affiliation will create a new super regional carrier among the top 20 mutual companies in the country.

Motorists Mutual Insurance, a member of Motorists Insurance Group, is headquartered in Columbus, Ohio, and sells individual and commercial property/casualty insurance through 14,000 independent agents in 2,000 agencies in Ohio, Indiana, Michigan, Kentucky, Pennsylvania and West Virginia.

BrickStreet is a monoline workers’ compensation carrier headquartered in Charleston, W.Va., with offices in North Carolina, Illinois and Pennsylvania.

PPM Services, NORCAL Mutual Insurance

PPM Services, the holding company for Preferred Physicians Medical Risk Retention Group Inc. (PPM), has agreed to be acquired by Norcal Mutual Insurance Co. (NORCAL).

Based in Overland Park, Kan., PPM provides medical professional liability insurance for anesthesia practices. The acquisition of PPM Services will expand PPM’s anesthesia footprint and establish a Midwest presence to further support NORCAL’s national expansion.

PPM’s offices will remain in the Kansas City metropolitan area, where it was founded in 1987. PPM Services will become a wholly owned subsidiary of NORCAL Mutual.

The boards of each company have approved PPM Services’ sale to NORCAL of 100 percent ownership of PPM Services in an all cash transaction, which is subject to the support and vote of PPM Services shareholders, customary closing conditions and regulatory approvals.

Closing is expected to occur in the first quarter of 2017.

Hub International Ltd., DFM Insurance Agency

Global insurance brokerage Hub International Ltd. (Hub) has acquired certain assets of Luk-Sal LLC, doing business as DFM Insurance Agency and based in Cape Cod, Mass.

Terms of the acquisition were not disclosed.

The acquired assets are set to expand the property/casualty capabilities of Hub New England.

Headquartered in Chicago, Hub is seeking to grow organically and through acquisitions to expand its geographic footprint and strengthen its industry and product expertise.

North Country Insurance Group, Finn & Stone Insurance, Mars Insurance

North Country Insurance Group (NCIG), an alliance of independent insurance agencies located throughout northern New England, has expanded by adding Finn & Stone Insurance and Mars Insurance to the group.

Brothers Chip Ams, president of Finn & Stone, and Jeffery Ams, president of Mars Insurance, joined the NCIG alliance simultaneously. Both have more than 30 years of experience in the insurance industry.

Finn & Stone Insurance Agency is a full-service agency offering auto, home, life and business insurance with offices in Springfield and Manchester, Vt. Mars Insurance Agency is located in Wells, Vt., and offers auto, home and business insurance.

NCIG was established in 2010 and serves member agencies throughout New Hampshire, Vermont and Maine with regular meetings, consultation services, combined resources, and professional management of the alliance with a focus on quality, growth and profitability for members and partner companies.

Arthur J. Gallagher, Regency Group

Arthur J. Gallagher & Co. has acquired the Regency Group (Regency), a wholesale insurance broker and program administrator located in East Lansing, Michigan.

Terms of the transaction were not disclosed.

Established in 1981, Regency provides group and large-firm self-insured, workers’ compensation programs for independent retail insurance broker clients throughout Michigan. The firm offers customized workers’ compensation programs and services with an emphasis on program design, regulatory approval and compliance, and administration and claims management.

Regency also provides retail specialty programs and products for the landscaping, retail hardware and restaurant industries.

Timothy Hanna, Regency president and CEO, and his team will continue to operate from their location in East Lansing under the direction of Joel Cavaness, president of Risk Placement Services Inc. (RPS), a subsidiary of Arthur J. Gallagher & Co.

Topics Michigan

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Insurance Journal Magazine December 5, 2016
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