Hub International, Impact Insurance
Hub International Limited has acquired the assets of Impact Insurance Services and consolidated those operations with Hub International Midwest’s financial institutions business. Kirby Jordan and Scott Eckerty, principals of Impact Insurance, will join Hub International Midwest (HUB Midwest) as managers of the expanded business unit. The financial institutions practice of HUB Midwest provides creditor placed insurance coverage and related insurance brokerage services to banks and other lenders. Dallas-based Impact Insurance Services offers an array of transactional custom products and services. HUB Midwest’s Financial Services Division will incorporate new niche products and services into Hub’s former financial institution practice, the companies said.
Rockhill Holding Company has raised $145 million and completed the acquisition of United Coastal Insurance Company, an excess and surplus lines company authorized in most U.S. jurisdictions. United Coastal Insurance Company has been renamed Rockhill Insurance Company and has obtained an “A-“Financial Strength Rating from A.M. Best.
Rockhill Insurance intends to focus on six key lines of commercial property and casualty E&S lines insurance business: professional liability, umbrella, general liability, wind, primary property and excess property.
Investors including funds advised by HBK Investments L.P. and Northaven Management, Inc. and certain members of Rockhill’s senior management team have capitalized the company. All institutional investor groups will have representation on Rockhill’s board of directors.
Terry Younghanz, previously chief underwriting officer of RLI Insurance Group and GE Commercial Insurance, will serve as chairman and chief executive officer. Colin Mayo, from GE Insurance Solutions, will serve as senior vice president of property underwriting. Richard T. Parks, who has been named senior vice president and chief marketing officer, was most recently with American Safety Insurance in Atlanta.
XL Capital Ltd. in London has created a new excess and surplus lines unit. The new unit will provide casualty coverages to mid-size and large businesses. E&S policies will be underwritten through Indian Harbor Insurance Company. John M. DiBiasi will join the company as E&S president. DiBiasi comes to the XL Insurance from Nautilus Insurance Company in Arizona.
Houston-based HCC Insurance Holdings Inc. has closed its acquisition of Perico Ltd., an insurance underwriting agency headquartered in St. Louis, Mo. Perico has been in business since 1988 as an underwriter of medical stop loss insurance. Stephen L. Way, chairman and CEO of HCC, stated, “Long term underwriting profits and professionalism are not always synonymous with underwriting agencies as is the case with Perico, which makes for a great acquisition. We are pleased to have Perico join the HCC team.” HCC is an insurance holding company and specialty group.
Willis, International Insurance Brokers
Willis Group Holdings Limited has acquired International Insurance Brokers, Inc. Located in Staten Island, N.Y., International Insurance Brokers is a specialized broker serving the armored car and check-cashing industries. Its annualized revenues are approximately $2 million. “The acquisition of International Insurance Brokers underscores our strategy of reinforcing our position in existing businesses in order to foster continued growth,” said Joe Plumeri, chairman and CEO of Willis.