Business Moves

Global Indemnity, American Reliable

Dublin-based Global Indemnity plc’s U.S. affiliate said it has completed its previously-announced purchase of American Reliable Insurance Co. from Assurant Inc.

In a transaction valued at approximately $394 million, Global Indemnity’s U.S. division said it paid $114 million in cash to Assurant at closing and assumed roughly $280 million in customary insurance-related liabilities, obligations, and mandates.

American Reliable, with facilities in Scottsdale, Arizona and Nebraska, writes specialty personal lines and agricultural property/casualty insurance through general and independent agents. Its product lines include manufactured housing, watercraft, recreational vehicles, farm and ranch, and federal flood insurance. American Reliable recorded $250 million of net earned premiums in 2013.

Global Indemnity plc provides both admitted and non-admitted specialty property/casualty insurance coverages in the U.S., as well as reinsurance worldwide. The holding company was formed in 2010 under the laws of Ireland. Its U.S. operations are composed of six insurance companies: Penn-America Group, Diamond State Group, United National Group, J.H. Ferguson & Associates/VacantExpress.com and Collectibles Insurance Services. These firms have offices in Philadelphia, Atlanta, Los Angeles, Chicago and Hunt Valley (Maryland).

Its non-U.S. operation is Global Indemnity Reinsurance Co. Ltd.

The seller, Assurant Specialty Property, sells insurance tracking and management and lender-placed homeowners insurance, property preservation services, and property and personal coverage such as renters and flood insurance.

Northwest, B.J. Petruso Agency

Northwest Savings Bank in Warren, Pa., announced the acquisition of B.J. Petruso Agency, a property/casualty and life insurance agency located in Meadville, Pa. Terms of the transaction were not disclosed.

B.J. Petruso Agency offers personal and business insurance services for manufacturing, nonprofit, education, municipal, service industry and professional clients in the northwestern Pennsylvania region.

Dan Petruso, former owner of B.J. Petruso Agency, will be vice president of Northwest Insurance Services, an insurance division of Northwest Savings Bank. B.J. Petruso Agency will continue to operate from its current location in Meadville.

Northwest Savings Bank said the transaction will expand its coverage in northwestern Pennsylvania and give customers another local point of contact.

Founded in 1896, Northwest Savings Bank is a financial institution offering business and personal banking products, employee benefits and investment management services, as well as business and personal insurance services. Northwest operates 162 community banking offices in Pennsylvania, New York, Ohio and Maryland and 51 consumer finance offices in Pennsylvania through its subsidiary, Northwest Consumer Discount Co.

Arnold K. Davis, EFK

Arnold K. Davis Insurance, an independent agency in Purchase, N.Y., recently merged with Eifert, French & Ketchum (EFK), an independent insurance and risk management agency based in Pelham, N.Y. Arnold K. Davis Insurance will operate as a division of EFK.

Founded in 1933, EFK is a third-generation agency with offices in Pelham and Yorktown Heights, N.Y., and Tenafly, N.J.

EFK said Arnold K. Davis Insurance’s seven staff members have moved into EFK’s Pelham office. The combined agency will have approximately 50 employees. Arnold K. Davis Insurance’s president Robert A. Davis will serve as vice president of the combined agency.

The Walker Group, AmWINS Group

Effective Jan. 1, The Walker Group, an AmWINS Group company, has changed its name to AmWINS Brokerage of New York to expand AmWINS Group’s brand in New York state.

Located in Syracuse and Amherst, N.Y., The Walker Group was acquired by AmWINS Group in January 2014. With this change, AmWINS Group now has three locations in New York state under the AmWINS Brokerage of New York name: New York City, Syracuse, and Amherst. (AmWINS Group had an existing AmWINS Brokerage of New York location in New York City.) Tony Sidoni, who served as president of The Walker Group and is now executive vice president of AmWINS Brokerage of New York, will continue to oversee operations for Syracuse and Amherst offices.

AmWINS Group is a wholesale distributor of specialty insurance products in the U.S. It serves retail insurance agents by providing property/casualty products, group insurance programs and administrative services. Based in Charlotte, N.C., the company operates through more than 100 locations around the world and handles premium placements in excess of $10.2 billion annually through four divisions: Brokerage, Underwriting, Group Benefits and International.

AssuredPartners, A.J. Lupas

AssuredPartners Inc. has acquired A.J. Lupas Insurance Agency Inc. in Plains, Pa. Terms of the transaction were not disclosed.

A.J. Lupas provides coverage for individuals, businesses, and life and health insurance products. The firm reports approximately $3 million in revenues.

As part of the acquisition, 23 A.J. Lupas employees will join AssuredPartners. Operations will continue under the local leadership of Gino Bartoli, principal of A.J. Lupas.

Headquartered in Lake Mary, Fla., AssuredPartners acquires and invests in insurance brokerage businesses (property/casualty, employee benefits, surety, MGA/wholesalers) across the U.S. and in London.

Since 2011, AssuredPartners has acquired more than 75 insurance firms and has grown to approximately $400 million in annualized revenue, with more than 80 offices in 27 states and a London office. AssuredPartners is a portfolio company of Chicago-based private equity firm GTCR.

Brown & Brown, Hall-Wright General Agency

Brown & Brown Inc., through its subsidiary, Texas Security General Insurance Agency Inc., has acquired Hall-Wright General Agency Inc. (Hall-Wright) and related affiliate companies.

With origins dating back to 1971, Hall-Wright is a managing general agency with annual revenues of approximately $1.6 million. The company specializes in personal lines and commercial lines property and casualty insurance in both Texas and Louisiana.

As part of the transaction Hall-Wright principal, Robert L. Wright, Jr., and his team will join Texas Security’s existing San Antonio, Texas, location under the leadership of Tom Contreras.

Hub, MMZ Associates

Hub International Limited announced that its subsidiary Hub International Northeast Limited has acquired the assets of MMZ Associates Inc., a Westchester County, N.Y.-based brokerage. Terms of the acquisition were not disclosed.

MMZ is a multi-line property/casualty insurance and risk management firm. MMZ’s operation in White Plains, N.Y., will relocate to Hub Northeast’s Harrison, N.Y., office.

MMZ’s president, Mark Zettl, will join Hub Northeast as vice president, reporting to Jeff Rubin, senior vice president, Hub Northeast.

Hub Northeast has a network of 15 locations and more than 650 employees throughout New York, New Jersey, Connecticut, Pennsylvania and Rhode Island. Hub said the MMZ acquisition expands the firm’s focus in New York’s Westchester County.

Based in Chicago, Hub International Limited is a global insurance brokerage.

Arthur J. Gallagher, e3 Financial

Arthur J. Gallagher & Co. has acquired e3 Financial in Newport Beach, Calif.

Terms of the deal were not disclosed.

e3 provides employee benefits brokerage, human resource administration and financial benefits consultation services for middle market group clients and individuals throughout the United States. They specialize in integrated organizational, executive and employee resources products for the real estate development, technology and financial services industries.

Andrew Torelli, Michael Rankin, Amanda Davis and their colleagues will continue to operate in their current location under the direction of Norbert Chung, leader of Gallagher’s Western employee benefit consulting and brokerage operations.

Itasca, Ill.-based Arthur J. Gallagher is an international insurance brokerage and risk management services firm with operations in 30 countries.

Alliant, American Benefits Consulting

Alliant Insurance Services, a specialty insurance brokerage firm based in Newport Beach, Calif., has acquired American Benefits Consulting (ABC), an employee benefits consulting firm in New York. Terms of the transaction were not disclosed.

Alliant said ABC’s executive team, client services team, and business development team will remain in place following the acquisition. ABC is headed by Peter Worth, who joins Alliant as vice chairman, Employee Benefits. The four additional principals, Eric Levy, Craig Guiffre, Jeffrey Jones, and Paul Connolly, will join Alliant as senior vice presidents, Employee Benefits.

Founded in 1979, ABC provides employee benefits consulting services across four business segments: voluntary benefits, group insurance, executive benefits, and international benefits. ABC has approximately 50 employees and offices in New York and Pennsylvania.

Andrew Agency, Assurance Associates, Bradshaw Agency

The Andrew Agency, an independent insurance agency in Richmond, Va., has acquired Assurance Associates and The Bradshaw Agency, two retail agencies also based in Richmond. Terms of the transactions were not disclosed.

Founded in 1996, Assurance Associates provides personal and commercial insurance services to clients throughout Virginia. Founded in 1963, The Bradshaw Agency provides personal insurance services to clients throughout Virginia.

The Andrew Agency serves clients in Virginia, Maryland and South Carolina, offering personal and business property/casualty insurance.

Duffy Insurance, Connolly Insurance

Duffy Insurance Agency, a family-owned, independent agency with offices in Lynn, Peabody and Gloucester, Mass., acquired Connolly Insurance Agency, a family-owned agency in Peabody, Mass. Terms of the transaction were not disclosed.

Connolly Insurance will move its current location into Duffy Insurance Agency’s Peabody office.

Duffy Insurance Agency, founded in 1996 by the late Paul Duffy, focuses on personal and commercial lines property/casualty insurance in the Greater Boston area.