Business Moves & Mergers News

Champion Risk Acquires Adams Clay Insurance in California

San Diego, Calif.-based Champion Risk & Insurance Services has acquired Clay Insurance Brokerage Co. in Rancho Santa Margarita. Terms of the deal weren’t released. The acquisition is effective May 1. Robert Swanson, owner of Adams Clay, will join Champion Risk. …

Global Risk Partners Backs LONMAR’s MBO, Supporting Its Growth Strategy

Global Risk Partners, the acquisitive insurance broking and managing general agency (MGA) investment vehicle, has agreed to back the management buyout of LONMAR GLOBAL RISKS, the specialist Lloyd’s broker. The transaction is subject to regulatory approval. LONMAR’s management team, led …

JenCap Holdings Acquires Trivedi-Capacity in New Jersey

JenCap Holdings LLC, a portfolio company of private-equity giant Carlyle Group, has acquired Trivedi-Capacity Associates LLC, a specialist MGA and wholesaler based in Mahwah, New Jersey. Terms of the transaction were not disclosed. Trivedi-Capacity is a provider of specialty programs …

AIG, Hamilton, Two Sigma to Launch Small-Medium Business Insurance Joint Venture

American International Group, Bermuda-based Hamilton Insurance Group and affiliates of hedge fund firm Two Sigma Investments said they have agreed to create a technology-enabled insurance platform for sales to the small to medium-sized enterprise (SME) market. The announcement said the …

Assurant to Pick Up Policies as Nationwide Exits Federal Flood Insurance Program

Nationwide will start winding down its status this May as a “Write Your Own” carrier within the federal government’s National Flood Insurance Program. Assurant said it formed an agreement with the insurer to fill the gap. Nationwide said it plans to begin …

Ryan Specialty Launches Marine Unit; AIG’s Pecci and Stahl to Lead

Specialty insurance firm Ryan Specialty Group (RSG) has formed a specialty marine underwriting business and tapped two executives who were formerly with American International Group (AIG) to lead it. The newly-formed specialty marine underwriting manager is named Safe Waters and …

UPC Insurance Receives Approval to Acquire Interboro in New York

United Insurance Holdings Corp. (UPC Insurance), a property/casualty insurance holding company based in St. Petersburg, Florida, announced that it received formal approval from the New York State Department of Financial Services (NYDFS) to acquire Interboro Insurance Company. UPC Insurance first …

India’s 1st Insurer IPO Paves Way for More Public Offerings in $60B-Plus Industry

India will get its first life-insurance listing since it opened up to private-sector investors 16 years ago, paving the way for more companies seeking to go public in an industry that’s since grown to more than $50 billion. Housing Development …

People’s United Acquires Eagle Insurance in Massachusetts

People’s United Bank, N.A. in Bridgeport, Connecticut, announced Thursday that its subsidiary, People’s United Insurance Agency, has acquired Eagle Insurance Group, a Raynham, Massachusetts-based insurance brokerage. Terms of the transaction were not disclosed. Formed in 2010, Eagle Insurance Group provides …

USI Acquires Brooks Insurance in Ohio

USI Insurance Services has acquired Toledo, Ohio-based Brooks Insurance. Brooks employees will remain at their Toledo and Bowling Green locations. Terms of the deal were not disclosed. Brooks provides property/casualty, employee benefits, bonds and surety, homeowners, renters, automobile, watercraft and personal …