Cherry Hill, N.J.-based Commerce Bancorp Inc. completed the sale of its insurance brokerage business, Commerce Insurance Services, to a private group led by two of the brokerage’s key executives. The sale includes the commercial property casualty, employee benefits, and various specialty insurance lines of Commerce Insurance Services. George E. Norcross and Michael Tiagwad — the Commerce Insurance Services’ chairman and president who led the brokerage sale — will continue in their current positions with the firm. Commerce Insurance Services will rank among the 10 largest privately held insurance brokerages in the United States.
Arch, Wexford Underwriting Managers
Arch Insurance Group said it has completed its acquisition of Wexford Underwriting Managers and will rename the new division Arch Wexford. The deal has been in the works since last January, when the two companies agreed to write excess workers’ compensation and employers liability insurance together. At the same time, Arch — part of Bermuda-based Arch Capital Group Ltd.— signed an asset purchase agreement to acquire Wexford from Aon Corp. Wexford has offices in Chicago, New York and San Francisco.
ACE, Atlantic Mutual
The Atlantic Companies, also known as Atlantic Mutual, has sold its high-net-worth personal lines insurance business to The ACE Group of Companies for an undisclosed price. The deal gives ACE substantially all of the personal lines business of The Atlantic Cos., which is headquartered in New York City.
Wells Fargo & Co.’s Wells Fargo Insurance Services Inc. — formerly Acordia — has bought four insurance agencies: Technology Insurance Services Inc., Redwood City, Calif.; Rogers & Belding Insurance Agency Inc., El Paso, Texas; Richardson Group, Dover, N.H.; and Brehm Group Inc. of Minneapolis, the employee benefits business only.
Rogers & Belding and Richardson Group will remain at their current locations. Brehm Group’s Employee Benefits division will be relocated to a Wells Fargo location in Bloomington, Minn., and Technology Insurance Services is becoming part of the Technology Services Practice.
Ironshore Holdings (U.S.) Inc. has completed the acquisition of TIG Specialty Insurance Co., a U.S.-based excess and surplus lines insurance company, from TIG Insurance Co. Subject to regulatory approval, the company will be renamed Ironshore Specialty Insurance Co. ISIC will serve as the excess and surplus lines insurance carrier for Bermuda-based Ironshore’s U.S. operations, IronPro and IronBuilt. Ironshore’s initial market profile included property catastrophe and property all-risk coverage for small to mid-sized risks. Ironshore has expanded its platform into the professional liability and construction.
Berkshire Hathaway, ING Group
The Netherlands ING Group agreed with Berkshire Hathaway to sell its reinsurance unit NRG N.V. for approximately $440 million. ING said the sale is part of its “strategy to focus on its core insurance, banking and asset management businesses.”