Brown & Brown, Turner & Associates
Through a subsidiary, Brown & Brown Inc. acquired Tecumseh, Okla.-based Turner & Associates Insurance Agency Inc.
Turner & Associates, with annualized revenue of approximately $1.7 million, specializes in the oil and gas industry. The agency provides insurance protection for oil and gas exploration, production and transmission industries, along with several unique programs specifically tailored to the oil and gas industry.
Gary Turner, president of Turner & Associates, and his staff will continue serving clients from their current Oklahoma location as a stand alone Brown & Brown operation.
Swett & Crawford, Risk Reducers LLC
Wholesale insurance intermediary Swett & Crawford Group Inc. reported the acquisition of Little Rock, Ark.-based Risk Reducers LLC, a wholesale insurance broker specializing in workers’ compensation.
Risk Reducers writes workers’ compensation and specialized property and casualty insurance for the transportation, manufacturing and contractor segments in the Midwest and Southeast. In addition to workers’ compensation, the company has a growing specialty in commercial auto and occupational accident insurance products.
Risk Reducers is led by Chief Executive Officer and co-founder M. Keith Kimbro.
Dyadem
Risk management solutions provider Dyadem opened its U.S. headquarters in Houston, Texas. The Houston office will specialize in the petrochemical and refinery industry.
Dyadem said the oil and gas industries complete numerous processes for chemical safety, including Security Vulnerability Assessments (SVA), Process Hazard Analysis (PHA), Incident Management, Management of Change (MOC) and the newly created DHS Chemical Facilities Anti-Terrorism Standards (CFATS) evaluation process, which includes Dyadem’s SVA-Pro as one of its 14 approved methodologies.
The Houston team will be led by Operations Manager Gustavo Silva, who comes to Dyadem with more than 30 years of domestic and international experience in safety and process risk management. Silva has specialized in the development and implementation of risk management systems and programs throughout his extensive career. Silva’s work history includes companies such as Mobil, Research Development Corporation, and Occidental Oil and Gas Corporation.
HCC, MultiNational Underwriters; Lloyd’s Syndicate
Houston-based HCC Insurance Holdings Inc. acquired Indianapolis, Ind.-based international life, accident and health insurance provider MultiNational Underwriters LLC (MNU).
In conjunction with the MNU acquisition, HCC received approval from Lloyd’s, effective Jan. 1, 2008, to establish a new Lloyd’s Syndicate, 4141, which will initially write the MNU international accident and health insurance, and other selected lines of business in the future.
MNU offers coverage to customers in more than 130 countries. Its clients include United States citizens traveling or residing outside the country, U.S. corporations with employees and their families traveling or residing abroad, foreign nationals and the employees of foreign companies outside their home countries, missionary organizations, and institutions of higher education with foreign programs.
Founded in 1998, MNU is expected to write more than $40 million in premium in 2008.
President Betsy Brougher and the MNU team of professionals in Indianapolis and at locations around the world will remain with the company following closing.
The 2008 year capacity of Syndicate 4141 is about $24 million. In addition to Syndicate 4141, HCC Underwriting Agency Limited will continue to manage Syndicate 4040.
Ironshore Holdings, TIG Specialty
Ironshore Holdings (U.S.) Inc. 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 name change approval, the company will be renamed Ironshore Specialty Insurance Co.
Ironshore Specialty Insurance Co. has approval to write excess and surplus lines in 40 states plus the District of Columbia. In addition, it has licenses in five states. ISIC will serve as the excess and surplus lines insurance carrier for Bermuda-based Ironshore’s U.S. operations, which currently consist of the IronPro and IronBuilt divisions.
Ironshore’s initial market profile included property catastrophe and property all-risk coverage for small to mid-sized commercial risks. With the launch of IronPro in May 2007 and IronBuilt in October 2007, Ironshore has expanded its platform into the professional liability and construction specialty market sectors.
Topics USA
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