Business Moves

Bowen, Miclette & Britt; Huckleberry Sibley & Harvey

Texas-based insurance broker Bowen, Miclette & Britt Inc. expanded into the Florida market though the acquisition of Huckleberry Sibley & Harvey Insurance & Bonds.

The acquired agency, HSH, has a client base in personal lines and commercial lines with offices in Maitland, Cocoa, West Palm Beach, Santa Rosa Beach and Sarasota. Included in the transaction is Merrimac Marine Insurance LLC, an affiliated broker serving the specialized marine industry on a national basis

The expansion to the nation’s fourth-most-populous state supplements BMB’s existing presence in its home state of Texas and in Louisiana, where it expanded in 2006.

BMB reports generating $40 million in revenue serving U.S. and global commercial lines clients. Edward G. Britt Jr. is president and CEO of BMB.

Terms of the transaction were not disclosed.

United Fire & Casualty, Mercer Insurance Group

Cedar Rapids, Iowa-based United Fire & Casualty Co. said it has the necessary approvals from state regulators and company shareholders to complete its acquisition of Mercer Insurance Group Inc.

United Fire announced in November plans to buy Pennington, N.J.-based Mercer for $191 million cash.

United Fire said approvals have come from the California Department of Insurance, the New Jersey Department of Banking and Insurance, and the Pennsylvania Department of Insurance.

In addition, Mercer’s stockholders voted to approve the deal, which was expected to close by March 31.

Shares of United Fire fell 46 cents, or 2.4 percent, to close at $19.09 following the announcement. Shares of Mercer Insurance rose 7 cents to close at $28.22, a 52-week high.

United Fire offered $28.25 per share for Mercer, which was a 50 percent premium over the $18.86 price the shares were trading for on the day of the offer.

United Fire wants to buy Mercer because the companies’ agent networks are concentrated in different parts of the country. The post-merger United Fire will market through 1,400 agents, up from 800 in its existing agent network. The company expects the deal to increase its net income by 2012.

United Fire also will spread its risk with the acquisition, making the company less vulnerable to catastrophes such as severe storms in areas where it has written a lot of policies, it said.