Insurance Journal » Business Moves & Mergers http://www.insurancejournal.com Insurance Journal delivers the latest business news for the Property/Casualty insurance industry Mon, 28 Jul 2014 03:12:25 +0000 en-US hourly 1 http://wordpress.org/?v=3.9.1 Pennsylvania’s MJB Financial Joins Iroquois Group http://www.insurancejournal.com/news/east/2014/07/24/335753.htm Thu, 24 Jul 2014 20:00:45 +0000 http://www.insurancejournal.com/?p=335753 MJB Financial and Insurance Advisors in Drexel Hill, Penn., has joined The Iroquois Group network, according to Michael Brown, agency principal, and Iroquois. The agency joined Iroquois on July 17, according to the announcement. The Iroquois Group, which began in …

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Millennium in New Mexico Merges With Leavitt Group Four Corners http://www.insurancejournal.com/news/west/2014/07/24/335715.htm Thu, 24 Jul 2014 15:53:04 +0000 http://www.insurancejournal.com/?p=335715 Farmington, N.M.-based Millennium Insurance Agency has merged with Leavitt Group Four Corners. In the combined operations, Millie Howle and Terry Hayes are partners along with the current co-owner, Ryan Woolverton. Leavitt Group Four Corners is part of the Leavitt Group, …

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CGS&C’s New MGA Targets U.S. Healthcare Industry with Lloyd’s http://www.insurancejournal.com/news/national/2014/07/22/335436.htm Tue, 22 Jul 2014 13:19:01 +0000 http://www.insurancejournal.com/?p=335436 Wholesale insurance broker Cooper Gay Swett & Crawford (CGSC) has launched an underwriting management agency specializing in the healthcare industry. The new venture, Pro-Praxis Insurance, will be led by Robert Allen who has 25 years of experience in the industry, …

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EPIC Purchases Jenkins Insurance Services in California http://www.insurancejournal.com/news/west/2014/07/21/335347.htm Mon, 21 Jul 2014 16:32:12 +0000 http://www.insurancejournal.com/?p=335347 The shareholders of Jenkins Insurance Services have sold 100 percent of their shares to Edgewood Partners Insurance Center. Terms of the deal, which closed on July 17, were not disclosed. Jenkins has California offices in Concord, Sacramento, San Jose, Orange County, and offices in Reno, Nev. …

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Cross Insurance Acquires Merchant, Needham & Associates in Maine http://www.insurancejournal.com/news/east/2014/07/21/335328.htm Mon, 21 Jul 2014 16:00:27 +0000 http://www.insurancejournal.com/?p=335328 Bangor, Maine-based Cross Insurance has acquired Merchant, Needham & Associates Insurance, an independent insurance agency based in Northeast Harbor, Maine. Terms of the transaction were not disclosed. Originally founded in the late 1890s, Merchant, Needham & Associates provides business, home, …

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USI Acquires BHB Insurance Services in New Jersey http://www.insurancejournal.com/news/east/2014/07/21/335330.htm Mon, 21 Jul 2014 15:39:13 +0000 http://www.insurancejournal.com/?p=335330 USI Insurance Services announced the closing of the acquisition of BHB Insurance Services in Toms River, New Jersey. Terms of the transaction were not disclosed. USI says BHB is best known for its community associations practice group (primarily condos and …

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Greater Texas Insurance Managers and Agency Merges with BKCW Insurance http://www.insurancejournal.com/news/southcentral/2014/07/21/335249.htm Mon, 21 Jul 2014 05:45:33 +0000 http://www.insurancejournal.com/?p=335249 Independent insurance agency BKCW L.P. of Killeen, Texas, and Greater Texas Insurance Managers and Agency of Austin merged operations effective July 1, 2014. Greater Texas Insurance Managers and Agency will continue to do business at its current location on Anderson …

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Liberty Mutual Inks Reinsurance Deal with Berkshire’s National Indemnity http://www.insurancejournal.com/news/national/2014/07/18/335204.htm Fri, 18 Jul 2014 13:47:58 +0000 http://www.insurancejournal.com/?p=335204 Liberty Mutual Insurance said it has reached a deal with National Indemnity Co. (NICO), a subsidiary of Berkshire Hathaway Inc., on a combined aggregate adverse development cover for substantially all of Liberty Mutual’s U.S. workers’ compensation, asbestos and environmental liabilities. …

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Brightway Insurance Opens First Pennsylvania Store http://www.insurancejournal.com/news/east/2014/07/17/335088.htm Thu, 17 Jul 2014 19:18:42 +0000 http://www.insurancejournal.com/?p=335088 The retail insurance franchise Brightway Insurance opened its first store in Pennsylvania. Associate agency owner Ryan George opened Brightway’s first Pennsylvania store in Cranberry Township, near Pittsburgh. He previously spent four years with Luttner Financial Group, where he was an …

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Starr Companies Completes Majority Ownership of Chinese Insurer http://www.insurancejournal.com/news/international/2014/07/17/335027.htm Thu, 17 Jul 2014 10:31:47 +0000 http://www.insurancejournal.com/?p=335027 Starr Companies has announced the completion of its majority ownership of Shanghai based Dazhong Insurance Company Limited of China. The company will be renamed as Starr Property & Casualty Insurance (China) Company, Limited (Starr China). “We are pleased to announce …

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Emerging Capital May Sell Stake in Nigeria’s Continental Re http://www.insurancejournal.com/news/international/2014/07/17/335023.htm Thu, 17 Jul 2014 10:21:39 +0000 http://www.insurancejournal.com/?p=335023 Emerging Capital Partners, a private-equity firm that has raised more than $2 billion for investments in Africa, is considering selling its majority stake in Nigeria’s Continental Reinsurance Plc. The buyout firm’s Africa Fund II is “exploring” the sale of C-Re …

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Iroquois Group Adds Source Insurance in Indiana http://www.insurancejournal.com/news/midwest/2014/07/16/334813.htm Wed, 16 Jul 2014 16:32:03 +0000 http://www.insurancejournal.com/?p=334813 The Source Insurance Group & Financial Services LLC of Fishers, Ind., joined agency network The Iroquois Group on June 18. Iroquois, a network of property and casualty insurance agencies, now lists more than 2,000 member agencies in 39 states. Source: …

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CPro Associates Spin-Off Concentrating on Commercial Insurance Business http://www.insurancejournal.com/news/southcentral/2014/07/16/334793.htm Wed, 16 Jul 2014 16:08:59 +0000 http://www.insurancejournal.com/?p=334793 Dallas-based CPro Associates has spun off its binding authority and programs unit as a new company, B&H Risk Services Inc., headed by William E. Buckley. Buckley joined CPro in late 2013 to form and develop the new business unit. B&H focuses …

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Insurance Network of Texas Changes Name to The Nitsche Group http://www.insurancejournal.com/news/southcentral/2014/07/16/334791.htm Wed, 16 Jul 2014 16:05:11 +0000 http://www.insurancejournal.com/?p=334791 Insurance Network of Texas, an independent insurance agency based in Giddings, Texas, is operating under a new name: The Nitsche Group. The company also unveiled a redesigned web site: www.TheNitscheGroup.com. The new site prominently features the company’s focus on their relationship …

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MarshBerry Acquires Capital Management Advisor Gill & Roeser in N.Y. http://www.insurancejournal.com/news/national/2014/07/16/334762.htm Wed, 16 Jul 2014 15:26:46 +0000 http://www.insurancejournal.com/?p=334762 MarshBerry has acquired the assets of Gill & Roeser Inc., a New York City-based boutique investment banking and reinsurance intermediary firm. Terms of the transaction were not disclosed. Gill & Roeser is an independently-owned capital management advisor to the insurance …

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Hamilton Re Forms Agency Agreement with Iron-Starr http://www.insurancejournal.com/news/international/2014/07/16/334771.htm Wed, 16 Jul 2014 14:42:10 +0000 http://www.insurancejournal.com/?p=334771 Bermuda-based Hamilton Re, the property casualty reinsurer of Hamilton Insurance Group, has announced the formation of an agency agreement with Iron-Starr Excess Agency Ltd., the managing general agency that underwrites on behalf of Ironshore Insurance Ltd. and Starr Insurance & …

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Florida’s Heritage Assumes Sunshine State Policies, Adds 150 Agents http://www.insurancejournal.com/news/southeast/2014/07/16/334764.htm Wed, 16 Jul 2014 13:43:52 +0000 http://www.insurancejournal.com/?p=334764 Florida’s Heritage Insurance Holdings Inc. said it has it assumed approximately $59 million in annualized premium from the insolvent Sunshine State Insurance Co.  Effective June 27, 2014, the policies were assumed by Heritage’s wholly-owned subsidiary, Heritage Property & Casualty Insurance …

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Canada’s Onex to Buy York Risk Services for $1.3 Billion http://www.insurancejournal.com/news/national/2014/07/16/334752.htm Wed, 16 Jul 2014 12:39:06 +0000 http://www.insurancejournal.com/?p=334752 Onex Corp., Canada’s largest buyout firm, agreed to buy York Risk Services Group Inc. from ABRY Partners LLC in a deal valued at $1.33 billion, boosting its insurance business. York Risk Services provides risk management, insurance- claims management, and managed …

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Aon Completes Acquisition of National Flood Services http://www.insurancejournal.com/news/national/2014/07/16/334746.htm Wed, 16 Jul 2014 12:20:17 +0000 http://www.insurancejournal.com/?p=334746 Aon Affinity, the consumer, association and program business of Aon Risk Solutions, has completed its acquisition of StoneRiver National Flood Services, Inc. and related entities from StoneRiver Group, L.P. The deal was first announced in June. Financial terms were not …

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Aspen Shareholders Should Reject Endurance Plan: Proxy Adviser Glass Lewis http://www.insurancejournal.com/news/international/2014/07/16/334725.htm Wed, 16 Jul 2014 09:52:54 +0000 http://www.insurancejournal.com/?p=334725 Aspen Insurance Holdings Ltd. investors should reject plans from hostile bidder Endurance Specialty Holdings Ltd. to expand their company’s board, proxy adviser Glass Lewis & Co. said in a report. “Endurance has failed to make a compelling case for Aspen …

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M.L. Ruberton Agency in N.J. Joins Iroquois Group http://www.insurancejournal.com/news/east/2014/07/15/334674.htm Tue, 15 Jul 2014 23:03:46 +0000 http://www.insurancejournal.com/?p=334674 M.L. Ruberton Agency of Hammonton, New Jersey, announced it has joined The Iroquois Group, a network of property/casualty insurance agencies. Founded in 1910, M.L. Ruberton Agency is a family-owned insurance agency providing personal and commercial insurance to customers in South …

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Generali to Sell BSI Unit to BTG Pactual for $1.7 Billion http://www.insurancejournal.com/news/international/2014/07/14/334438.htm Mon, 14 Jul 2014 10:47:22 +0000 http://www.insurancejournal.com/?p=334438 Assicurazioni Generali SpA agreed to sell its Swiss private-banking unit BSI Group to Grupo BTG Pactual for CHF1.5 billion ($1.7 billion) as Italy’s biggest insurer seeks to boost capital. Generali will receive CHF1.2 billion [$1.3466 billion] in cash and CHF300 …

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Aspen Shareholders Should Rebuff Endurance Board Plan, ISS Says http://www.insurancejournal.com/news/international/2014/07/14/334436.htm Mon, 14 Jul 2014 10:41:22 +0000 http://www.insurancejournal.com/?p=334436 Aspen Insurance Holdings Ltd. investors should rebuff a plan from hostile bidder Endurance Specialty Holdings Ltd. to shake up their company’s board, ISS Proxy Advisory Services said. Supporting Endurance’s proposal “would incur costs without allowing shareholders any additional leverage not …

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BTG Pactual Agrees to Purchase Ariel Re from Global Atlantic http://www.insurancejournal.com/news/international/2014/07/11/334319.htm Fri, 11 Jul 2014 10:15:20 +0000 http://www.insurancejournal.com/?p=334319 Bermuda-based Banco BTG Pactual S.A. (BTG Pactual) and Global Atlantic Financial Group Limited announced that they have signed an agreement whereby BTG Pactual will acquire Ariel Re, Global Atlantic’s Bermuda-based property and casualty reinsurance company. The transaction, which includes all …

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New Specialty Insurer SIG Targets Sports, Entertainment Risks http://www.insurancejournal.com/news/national/2014/07/10/334186.htm Thu, 10 Jul 2014 12:52:52 +0000 http://www.insurancejournal.com/?p=334186 Three specialty and risk insurance veterans have launched Specialty Insurance Group (SIG) to provide custom programs for the sports, leisure and entertainment markets. The new Indianapolis-based firm is a member company of Everest Re Group Ltd. SIG’s target programs include …

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Corporate Insurance Group Merges with IMA Financial Group http://www.insurancejournal.com/news/midwest/2014/07/09/334124.htm Wed, 09 Jul 2014 16:12:45 +0000 http://www.insurancejournal.com/?p=334124 The IMA Financial Group Inc. and its wholly owned subsidiary, IMA Inc., announced a merger with Corporate Insurance Group Inc. (CIG), located in Overland Park, Kan. CIG President George M. “Mac” Humphries III, will join IMA post-merger. CIG is a privately held …

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Hub International Acquires Canadian Broker Gibson Insurance http://www.insurancejournal.com/news/international/2014/07/09/334083.htm Wed, 09 Jul 2014 10:38:17 +0000 http://www.insurancejournal.com/?p=334083 Hub International Limited announced that it has acquired the shares of Gibson’s Insurance Agency Ltd., a Manitoba Canada-based insurance brokerage. Terms of the acquisition were not disclosed. The announcement said “Gibson’s will become part of the Hub International Horizon operations. …

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ACE to Acquire Brazil’s Commercial P&C Insurer Itaú Seguros http://www.insurancejournal.com/news/international/2014/07/07/333889.htm Mon, 07 Jul 2014 10:32:29 +0000 http://www.insurancejournal.com/?p=333889 ACE Limited announced that it has reached a definitive agreement to acquire the large corporate property and casualty (P&C) business of Itaú Seguros, S.A. from Itaú Unibanco S.A. for approximately $685 million. ACE noted that upon completion of the transaction …

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Amlin Agrees ‘Non-Binding’ Terms to Increase Leadenhall Capital Stake http://www.insurancejournal.com/news/international/2014/07/07/333883.htm Mon, 07 Jul 2014 10:19:31 +0000 http://www.insurancejournal.com/?p=333883 Amlin plc announced that it has “reached non-binding agreement in principle to increase its existing interest in Leadenhall Capital Partners LLP (LCP),” an investment manager in (re)insurance-linked securities, which Amlin established in a joint venture with LCP’s individual partners in …

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Insurer Helvetia Agrees to Buy Nationale Suisse in $2 Billion Deal http://www.insurancejournal.com/news/international/2014/07/07/333879.htm Mon, 07 Jul 2014 10:10:56 +0000 http://www.insurancejournal.com/?p=333879 Helvetia Holding AG agreed to buy a majority stake in Nationale Suisse in a transaction valuing the company at about CHF1.8 billion ($2 billion) to create Switzerland’s third-largest insurer. Helvetia is offering CHF80 [$89.50] in cash and shares for Nationale …

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