Business Moves

Oswald Cos., Poyle Associates

Cleveland-based Oswald Companies acquired Poyle Associates, located in the Detroit suburbs. The Cleveland-based risk expert and insurance brokerage will now serve Michigan markets as Oswald Poyle Associates.

“We appreciate Poyle Associates history of client commitment and quality of service,” said Marc S. Byrnes, chief executive officer of Oswald Companies. “And their insights and added risk expertise is certain to compound the value of our intellectual capital to the benefit of both our clients.”

Poyle Associates was founded in 1951. Its staff of 10 will be retained and will continue to serve clients from its offices in Birmingham, Mich. Oswald Companies has expanded in the last five years from 65 employees to 185 today from mostly organic growth. The firm, which was founded in 1893 in Cleveland, has offices in Columbus, Ohio, and serves Florida and North Carolina through its offices managed jointly with Oswald Trippe and Company.

“Oswald Companies offers expertise that goes beyond our core strengths in Property and Casualty,” said Richard Poyle, president of Poyle Associates, “giving us even greater counsel and services to further help our clients reduce risk and focus on what they do best.”

Oswald’s Donald Engle, senior vice president, will relocate to the Detroit area to lead the merged firm. Engle spent nearly five years in the Detroit market before joining Oswald in 2002. During this time he developed considerable risk expertise from counseling large OEMs and tier-one automotive clients.

“Just as in Ohio, global economic pressures are creating new challenges for businesses in Michigan and consequently new categories of risk,” said Engle. “The combination of Oswald and Poyle positions us to help clients understand and deal with these risks so they can continue to grow.”

A 113-year old company established in 1893 and headquartered in Cleveland, Ohio, Oswald Companies provides products and services in risk management, property and casualty insurance, life insurance, group benefits and retirement plans. Oswald-Trippe & Company, a jointly owned subsidiary, is headquartered in Florida and serves the southeastern United States.

New Jersey’s ProTrans, WSIB Insurance

Insurance broker ProTrans Inc., a member of New Jersey-based Capacity Group of Companies, announced an agreement to acquire WSIB Motorsports Insurance of Indianapolis, Ind., effective March 21, 2006. With offices in Indianapolis and Michigan, WSIB offers specially designed motor sports coverage for professional and semi-professional race teams.

With this acquisition, The Capacity Group will have offices in five states serving more than 20,000 clients nationwide, with written premiums totaling over $400 million annually. The Capacity Group partnered with wholesale insurance broker International Excess of Richmond Heights, Ohio, to make this acquisition.

The new WSIB Insurance Agency LLC will continue to offer insurance products covering Race Tracks, Race Shops, Racing Owners & Sponsors, Off Track Storage, Racing Products Liability, Participant Accident, Prize Indemnity Insurance, Disability Income and Driver Bonus risks.

The headquarters of WSIB Motorsports Insurance will remain in Indianapolis. The company will be led by Mark Maucere,
president, and Laura Hauenstein, vice president.

WSIB insurance products are underwritten by the Chubb Group of Insurance Companies.

St. Paul’s Securian Group, CNL Financial

The Securian Financial Group of St. Paul, Minn., purchased CNL Financial Corp. CNL is a Macon, Ga., based company providing loan protection products to consumers through financial institutions.

Securian already holds a significant business presence in the state insuring 250,000 Georgians with more than $20 billion of
coverage.

Securian plans to grow the CNL operation in place, turning it into a “center of excellence” for the manufacture and distribution of property casualty loan protection products. Good news for the Macon area, whose local economy benefits significantly from CNL. The company pumps more than $5 million annually into the region and the state of Georgia in the form of payroll, property taxes, and other fees, including $1 million in corporate income taxes.

Though the purchase price for CNL was not disclosed, Securian chairman, president and CEO Robert L. Senkler said was a significant investment for the firm.

The Midland, Southern Pioneer Life The Midland Company based in Ohio, announced that its wholly owned subsidiary, American Modern Insurance Group, reached an agreement to acquire all of the outstanding stock of Southern Pioneer Life Insurance Company.

Southern Pioneer is a privately held insurance company, headquartered in Trumann, Ark. Southern Pioneer has written credit life and disability insurance since 1980 and its annualized credit insurance premiums are approximately $15 million. The acquisition is subject to regulatory approval and terms of the purchase were not disclosed.

Midland, headquartered in Cincinnati, Ohio, is a provider of specialty insurance products and services through its wholly owned subsidiary, American Modern Insurance Group, which accounts for approximately 95 percent of Midland’s consolidated revenue.