Business Moves

September 22, 2008

CRC Insurance, Southern Risk

CRC Insurance Services Inc., the wholesale insurance unit of BB&T Corp., completed its purchase of Southern Risk Operations LLC.

Sumter, S.C.-based Southern Risk is an excess and surplus insurance broker for personal and commercial properties along the East Coast. The 18-year-old company operates branch offices in Miami, Marlton, N.J., Concord, N.H., and Timonium, Md., through its Horan Goldman subsidiary.

Terms were not disclosed.

Birmingham-based CRC reported $3 billion in premiums in 2007. Southern Risk will operate as a division of CRC managing general agency, Southern Cross Underwriters.

Tom Curtin, chief executive officer of CRC, said move that will boost its presence in the managing general agent segment of the industry.

Southern Risk’s specialty lines include commercial transportation, property and liability, marine, and directors and officers.

CRC acquired Jackson, Miss.-based Southern Cross Underwriters in 2003. CRC specializes in small- and middle-marketts, including coastal homeowners and marine exposures. CRC has 26 offices and 865 employees. It was acquired by BB&T in 2002.

Hudson, CropUSA Agency

Hudson Insurance Group, the U.S. insurance division of Odyssey Re Holdings Corp., has purchased the assets pertaining to the crop insurance business of CropUSA Insurance Agency, Inc.

Since 2006 CropUSA has acted as managing general underwriter for Hudson in the crop insurance sector. As a result of this transaction, Hudson has hired the staff and acquired the portfolio of CropUSA. The business will now operate under the brand Hudson Crop, and will continue to be led by Kent Petersen, previously the president of CropUSA.

Hudson has been approved to sell multi peril crop insurance for the 2009 crop year by the RMA, the managing agency for the Federal Crop Insurance Corp. Hudson Crop will also write related products, including crop hail and named peril crop insurance.

Wells Fargo, Herder-Tarricone

Wells Fargo Insurance Services, Inc. has acquired Three Bridges, New Jersey’s Herder – Tarricone Associates. The agency sells insurance, employee benefits and financial services. Shareholders Peter Tarricone, Chris Tarricone, Karen Tarricone and their team will continue to be based in Hunterdon County, N.J.

Ironshore, New York

Ironshore Specialty Insurance Co. has been approved as an eligible excess and surplus lines insurer in New York. The Excess Line Association of New York has added the company to its list of eligible E&S insurers.

Ironshore Specialty is a U.S.-based excess and surplus company with surplus lines approvals in 46 states.

TAPCO, Pennsylvania

TAPCO Underwriters Inc., a Burlington, N.C.-based managing general agent, is now offering its products and proprietary quoting and binding process to retail agents in Pennsylvania.

TAPCO has binding authority for more than 1,000 classes of business, including all types of general liability; general, specialty, and artisan contractors; property; vacant property and builder’s risk; and dwelling/homeowners, among other lines.

TAPCO now writes in 13 states.

AmCOMP, Employers Holdings

Florida Insurance Commissioner Kevin McCarty approved the merger of AmCOMP with Employers Holdings Inc. and required AmCOMP to repay $8.4 million in excessive profits to its Florida policyholders.

AmCOMP ‘s insurance subsidiaries will repay $2.8 million in excessive profits it realized for accident years 2003, 2004 and 2005. It also will repay $5.6 million for excessive profits for accident years 2004, 2005 and 2006.

The AmCOMP merger with Employers is expected to be completed in late October.

AmCOMP specializes in workers’ compensation insurance for small- to mid-sized employers. Employers specializes in workers’ compensation insurance for small businesses working in low-to-medium hazard industries.

Hallmark Financial Services, Heath Group

Hallmark Financial Services Inc. acquired 80 percent of Heath XS LLC and Hardscrabble Data Solutions LLC (collectively referred to as Heath Group) for $15 million in cash.

The Heath Group is a Basking Ridge, N.J.-based underwriting facility that annually produces approximately $50 million of lower hazard, middle market, excess commercial automobile and commercial umbrella risks on both an admitted and non-admitted basis through a network of wholesalers throughout the U.S.

Topics USA New York

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Insurance Journal West September 22, 2008
September 22, 2008
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