Business Moves

Crawford, TPA Broadspire

Insurance claims management firm Crawford & Company and Platinum Equity signed a deal under which Crawford will acquire Platinum’s Broadspire Services, a third-party administrator.

Crawford will acquire Broadspire Services, a privately held corporation, for a total consideration of $150 million. Crawford said the acquisition is anticipated to more than double its revenue from self-insured clients.

Crawford said the combined Crawford and Broadspire Services organization would rank third in revenue from claims handled for this market segment. Crawford intends to retain the Broadspire Services name, rebranding Crawford Integrated Services, its risk and healthcare management business unit.

Swett & Crawford

Georgia Gov. Sonny Perdue recently met with Swett & Crawford President and CEO J. Neal Abernathy to commemorate the wholesale broker’s new corporate headquarters in Atlanta, Ga.

According to Abernathy, Atlanta is a natural place for the firm’s headquarters. “Some of our major markets are located here and Atlanta is a major financial hub. Our technical support is in Suwanee and it made good sense to centralize our administrative and senior leadership team in Georgia, too. Atlanta has been my home for many years. I’m pleased to now make it the home of Swett & Crawford, as well,” he said.

David Morse, ISAC

David Morse & Associates announced Insurance Servicing & Adjusting Company has become part of the David Morse & Associates Group. The move increased David Morse & Associates’ presence in the Southeast. ISAC has seven branch offices—Fort Lauderdale, Tampa, Orlando and Tallahassee, Charleston, Florence and Baton Rouge.

Tom Reitze, president of David Morse & Associates, said ISCA kept its name and personnel. Joe McCurdy, president of ISAC, remains with the company during a transition period. Senior Vice President Rick Loden will take over as president of ISAC.

Progressive Drive, Homesite

Drive Insurance from Progressive signed a joint marketing agreement with Homesite Insurance Group, a national provider of home insurance .

The agreement paves the way for a test that will allow about 150 selected Drive agents in Ohio, Pennsylvania and Oregon to provide their Drive auto insurance customers quotes for Homesite’s homeowners, renters and condo policies. Drive agents will sign an agency agreement and be appointed by Homesite to become an agent of record owning expiration rights to policies sold. Further rollout may happen in 2007.

Lockton, Alexander Forbes

Lockton Inc. is acquiring Alexander Forbes International Risk Services, the international brokerage operation of Alexander Forbes Limited. The $170 million transaction is noted to make Lockton the largest independent, privately owned global insurance broker, with more than $600 million in revenues.

When combined with AFIRS’ position in the European broker partnership, EOS RISQ, the firm will be represented in 43 countries.

Lockton said the purchase includes Alexander Forbes’ insurance brokerage operations in corporate risk, professional indemnity, property, construction, aviation, marine, energy and specialist business such as political risk and contingency.

The new company – Lockton International Holdings Limited – will operate under the name of Lockton and remain based in London. Lockton International Holdings Limited will be a separate entity in the Lockton Group.

Topics Lockton