Business Moves & Mergers News

Liberty Mutual Inks Reinsurance Deal with Berkshire’s National Indemnity

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. …

Brightway Insurance Opens First Pennsylvania Store

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 …

Starr Companies Completes Majority Ownership of Chinese Insurer

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 …

Emerging Capital May Sell Stake in Nigeria’s Continental Re

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 …

Iroquois Group Adds Source Insurance in Indiana

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: …

CPro Associates Spin-Off Concentrating on Commercial Insurance Business

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 …

Insurance Network of Texas Changes Name to The Nitsche Group

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 …

MarshBerry Acquires Capital Management Advisor Gill & Roeser in N.Y.

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 …

Hamilton Re Forms Agency Agreement with Iron-Starr

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 & …

Florida’s Heritage Assumes Sunshine State Policies, Adds 150 Agents

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 …