Business Moves

January 22, 2006

Bollinger, MLW Services

Bollinger Inc. has acquired MLW Services Inc. of New York. The principals of MLW, Andrew Marks, president and CEO, Bert Linder, executive vice president and Chuck Weisblum, chairman, will continue in executive capacities with Bollinger. According to Jack Windolf, chairman and CEO of Bollinger, combining MLW with Bollinger’s existing New York City office later this year would result in a $10 million revenue branch operation. MLW generates more than $6.5 million of commission revenue, according to the company. With this acquisition, Bollinger’s projected commission revenues for 2006 will exceed $97 million. Headquartered in Short Hills, N.J., Bollinger has branch offices in Princeton and Moorestown, N.J., as well as New York City. Bollinger provides business and personal insurance, including insurance programs for golf and country clubs, amateur sports and schools and colleges. This is the twenty-third acquisition by Bollinger in recent years.

USI, Mahoney & Associates

USI Holdings Corp. reported the acquisition of the Walpole, Mass.-based Mahoney & Associates Insurance Brokers Inc. The acquisition is expected to contribute approximately $800,000 in revenue to USI on an annual basis. Mahoney & Associates Insurance Brokers Inc., which has been providing professional liability insurance to dentists, doctors and hospitals since 1996, will be consolidated in USI’s existing Woburn, Mass., location. James Mahoney will become practice leader of the Professional Liability Division of the Woburn office.

Mass. Savings Bank Life, Centrian life

The Savings Bank Life Insurance Company of Massachusetts (SBLI) said it is now actively conducting business in Connecticut under the name Centrian Life Insurance. SBLI has been licensed to do business in Connecticut for nearly six years, but the company has not actively promoted itself or its life insurance products there, according to company officials. To a large degree, they said, this was because of the potential for customer confusion with two separate companies having similar names in the market place. VantisLife Insurance Company does business in Connecticut under the name of the Savings Bank Life Insurance Company but is not affiliated with SBLI of Mass. The solution was to launch the Centrian Life Insurance brand. The products that will be offered under the Centrian Life Insurance brand include term life, guaranteed level premium, whole life, annutities and guaranteed issue senior life.

WellPoint, WellChoice

WellPoint Inc. and WellChoice Inc. have completed their merger that they first announced on Sept. 27, 2005. The value of the transaction at that time was estimated to be $6.5 billion. “Our focus as a combined company is to become the most trusted choice for consumers and a leader in affordable quality care,” said Larry C. Glasscock, chairman, president and chief executive officer of WellPoint Inc. Michael Stocker, M.D., president and chief executive officer of WellChoice, now serves as president and chief executive officer of the newly formed East region of WellPoint. He has responsibility for business operations in New York, Connecticut, Georgia, Maine, New Hampshire and Virginia. WellPoint Inc. now serves approximately 34 million medical members through its Blue Cross or Blue Cross and Blue Shield operations in 14 states and its non-Blue branded operations in other states. The company now has 42,000 associates nationwide.

Hub International, Talbot Financial

Hub International Limited reported the sale of its Talbot Financial hub, based in San Francisco, to a buyout group including four members of management. Terms of the transaction were not disclosed. Talbot Financial, one of four hubs created after the acquisition of Talbot from Safeco in 2004, had been classified as a discontinued operation during the third quarter of 2005. With 40 employees and revenue of approximately $5 million, Talbot Financial provides financial services to banks and financial institutions. Martin Hughes, chairman and chief executive officer of Hub, said the sale would not have a significant impact on the company’s growth opportunities or strategies.

Sky Financial, Peter B. Burke Agency

Sky Financial Group Inc. reported the acquisition of Peter B. Burke Agency Inc. located in Pittsburgh. Peter B. Burke is a full-service insurance agency that specializes in property and casualty insurance and surety services. The agency was merged with and into Sky Insurance Inc., Sky Financial’s insurance agency affiliate.

TD Banknorth, Boothby & Bartlett Agency

TD Banknorth Inc. has finalized its acquisition of Boothby & Bartlett Company, a 145-year old central Maine insurance agency in Waterville, through its insurance subsidiary, TD Banknorth Insurance Agency Inc. TD Banknorth Insurance Group currently operates five offices in southern and coastal Maine. It also has offices in Connecticut, Massachusetts, New Hampshire, New York and Vermont. This acquisition expands the bank’s insurance presence in the central part of the state.

Arthur J. Gallagher, Brokerage Professionals

Arthur J. Gallagher & Co., headquarted in Itasca, Ill., has acquired Brokerage Professionals Inc. of Media, Pa. Established in 1982, Brokerage Professionals Inc. sells commercial property/casualty, workers’ compensation and risk management services as well as employee benefit services in the Northeast. They specialize in the education, public entity, real estate, not-for-profit social services, construction, healthcare, and transportation industries with a focus on mid to large sized accounts.

W. R. Berkley, Berkley Accident & Health

W. R. Berkley Corporation in Greenwich, Conn. has formed Berkley Accident and Health LLC. Based in New Jersey, Berkley A&H will write accident and health insurance and reinsurance on behalf of W. R. Berkley Corporation’s insurance company subsidiaries. Donato J. Gasparro has been named president of Berkley A&H. Gasparro has more than 24 years of experience in the healthcare actuarial and underwriting business.

W. R. Berkley, Berkley Net Underwriters

W. R. Berkley Corporation has launched Berkley Net Underwriters LLC, a Web-based system that will allow the company’s producers to quote and bind insurance on behalf of W. R. Berkley Corporation’s insurance company subsidiaries. Berkley Net Underwriters’ initial focus will be on workers’ comp and future expansion into other lines of business is anticipated. John K. Goldwater has been named president of Berkley Net Underwriters in Greenwich, Conn. Goldwater has 32 years of experience in workers’ comp insurance. Most recently, he served as executive vice president of GE CyberComp.

Odyssey Investments, York Services

York Insurance Services Group Inc., a privately owned property and casualty services firm based in Parsippany, N.J., is being acquired by Odyssey Investment Partners LLC in partnership with Thomas C. MacArthur, current chief executive officer of York, other members of senior management, and Ward Partners LLC. The primary selling shareholder is Bexil Corporation. York’s senior management team, headed by MacArthur, will retain a significant stake in the company.

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