ABD to Purchase Lucini/Parish Insurance
Greater Bay Bancorp, a $6.9 billion financial services holding company, reported that its subsidiary, ABD Insurance and Financial Services, a provider of global risk management and employee benefits solutions, has signed a definitive agreement to acquire Lucini/Parish Insurance Inc., a Reno, Nevada-based commercial insurance brokerage firm. The terms of the transaction were not disclosed.
Lucini, which traces its roots to 1927, recorded annual revenue for 2004 of approximately $21 million, and specializes in construction, medical malpractice, HOA’s, jewelers, and other middle market niches. The firm currently employs more than 135 professionals, and specializes in P/C insurance services and risk management consulting with offices in seven cities in Nevada and California.
Lawson-Hawks Adds Dillenback & LoManto Insurance Agency
Mountain View, Calif.-based Lawson-Hawks Insurance Associates, a 68-year-old insurance brokerage intermediary, closed on its acquisition of the assets of Dillenback & LoManto, an independent multi-lines insurance brokerage in Monterey.
Lawson-Hawks also moved to its new corporate headquarters at 1091 N. Shoreline Blvd. in Mountain View. The new corporate home of Lawson-Hawks is southwest of the intersection of Shoreline Boulevard and Highway 101 in Mountain View.
New Wholesaler Launched in So. Calif.
Kari Ogden, Robin Robb and Joe Rowland announced the opening of TB&C Wholesale Brokerage, which will offer excess and surplus line products and services in offices located in Pasadena and Orange County, California. TB&C Wholesale Brokerage will offer familiar West Coast markets.
Ogden and Robb will head the office in Pasadena while Rowland will be managing the Orange County office.
Contact information for the Pasadena office is: 175 S. Lake Ave. Suite 210, Pasadena, California, 91101. Phone number is (626) 796-9679. Fax number is (626) 796-6251. E-mail is kogden@tbandcbrokerage.com.
Contact information for the Orange County office is as follows: 1551 N. Tustin,
Suite 480, Santa Ana, California, 92705. Temporary phone number is: (714) 779-5515. Temporary fax number is: (714) 779-5236. E-mail is jrowland@tbandcbrokerage.com.
Hub International Acquires THB
Hub International Limited has entered the reinsurance brokerage market through the acquisition of THB Intermediaries Inc., which was formed in Los Angeles more than 20 years ago. Terms of the cash and common stock agreement were not disclosed.
THB, which has annual revenue of approximately $6 million, is one of a small number of facultative reinsurance brokers in the U.S. Facultative reinsurance brokers work with insurance companies to place portions of the insurers’ risks with reinsurance underwriters.
As the reinsurance market is fundamentally different from the retail and wholesale brokerage businesses at Hub International, THB will operate as a “specialty hub,” according to the companies.
Hub International’s acquisition strategy focuses primarily on regional hubs that serve as the base for further expansion within a region.
THB operates with 32 employees out of four offices in New York, Los Angeles, Chicago and Dallas. The company president, Richard Di Clemente, will continue to lead as president of the new hub.
To submit a Business Moves announcement, please e-mail dlove@insurancejournal.com.
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