Business Moves

Brown & Brown, Comcover

Insurance broker Brown & Brown of Florida Inc. is buying Comcover Insurance Group Inc., based in Dania, Fla. With annualized revenues of approximately $1.6 million, Comcover specializes in property/casualty insurance for clients in the wholesale, distribution, manufacturing, lumber and building materials, transportation, and commercial property ownership and development industries, among other industries. After the closing, Anthony Johnson, president of Comcover, and his staff will join Brown & Brown of Florida’s existing Fort Lauderdale and Miami Lakes, Florida profit centers, under the leadership of Michael Keeby and Colin Lowe, respectively.

Arthur J. Gallagher, Aviation

Itasca, Ill.-based Arthur J. Gallagher & Co. has acquired Aviation Insurance Holdings Inc., headquartered in Las Vegas. Terms of the transaction were not disclosed. Ronald A. Hill and his staff will continue to operate in the Nevada, Florida and Illinois locations.

The Hartford/SRS, Sedgwick

The Hartford has inked a $278 million deal to sell its third-party claims administration business, Specialty Risk Services (SRS), to Sedgwick Claims Management Services Inc. The deal is expected to close in the first quarter, and will give the insurer capital gains of approximately $150 million, after taxes. SRS handles claims services for self-insured, insured and alternative market clients. The Hartford said Sedgwick plans to extend comparable employment offers to all direct SRS employees. Sedgwick, based in Tennessee, provides claims and productivity management services. It has about 7,000 employees and 130 offices in North America. The company specializes in workers’ compensation, disability, FMLA and other employee claims services. The sale of SRS reflects The Hartford’s desire to refocus on its “core protection and wealth management” business, according to CEO Liam E. McGee.

RLI, Contractors Bonding

Peoria, Ill.-based RLI Corp. will acquire Contractors Bonding Insurance Co. (CBIC) through an acquisition of its holding company, Data and Staff Service Co. (DSS) for approximately $137 million in cash. CBIC is a privately held, Seattle-based insurance company specializing in surety bonds and related niche property/casualty products. CBIC operates 13 regional offices and is considered a leading writer of contractor license bonds in the Northwest. RLI is a specialty insurance company with a portfolio of property and casualty coverages and surety bonds.

Topics Florida