Business Moves

July 18, 2011

The Hanover, Chaucer

Massachusetts-based The Hanover Insurance Group has completed its acquisition of Chaucer Holdings, a specialty Lloyd’s insurance group.

The $474 million deal includes $13 million to be paid in loan notes to shareholders.

“The combination of our companies represents an important milestone in our journey to build a world class property and casualty organization and to significantly enhance our specialty strategy,” said Frederick H. Eppinger, chief executive officer at The Hanover.

Eppinger said he also expects the acquisition to benefit both companies’ businesses and their clients. “Many of our partner agents have reached out to us, expressing their interest in future product opportunities, especially in the areas of marine, energy and aviation,” he said. “The acquisition also will provide Chaucer with new growth opportunities through our selected partner network in the United States.”

Robert Stuchbery, who will continue as chief executive officer of Chaucer, said the transaction would strengthen Chaucer’s financial position and set the stage for continued growth.

High Point, Palisades, Teacher’s, Plymouth Rock

High Point Auto Insurance, Palisades Insurance and Teachers’ Insurance Plan of New Jersey all have a new brand name: Plymouth Rock Assurance.

Over the next several months, current High Point, Palisades and Teachers’ Insurance customers will start to see the new brand name and logo on documents and other communications.

High Point, Palisades and Teachers’ Insurance have always been Plymouth Rock-managed companies. This change will unify their branding in the marketplace, the company said.

The company said that current customers’ insurance policies will continue without any interruption, insurance IDs will remain valid, online account management and special programs will continue and contact numbers will stay the same.

Plymouth Rock Management Co. of New Jersey has two main New Jersey offices located in Red Bank and Berkeley Heights and manages one of the largest auto insurance groups exclusively serving New Jersey residents.

ISU, M&M

M&M Insurance Services of Marine Park, N.Y., has joined the ISU Network.

San Francisco-based ISU M&M Insurance Services will continue to represent real estate clients, but has branched out to include hedge funds and high net worth individuals.

Agency Principal Marc Rovner began his insurance career in 2002 writing all types of insurance with an emphasis on real estate risks. Prior to working in the insurance industry, Rovner was a real estate consultant at Ernst & Young Kenneth Leventhal.

Schirick, Bollinger, PCG

Schirick & Associates Insurance Brokers Inc. of Monticello, New York, which specializes in insuring camps, sports and recreation associations and other non-profit organizations, has merged with Bollinger Inc.

Ed Schirick will be a senior vice president with Bollinger’s sports division. The Monticello office will be Bollinger’s eighth branch location.

The camp program provides additional depth to Bollinger’s Sports Division, which covers amateur sports teams, leagues, national and Olympic sports organizations, as well as camps, tournaments, events and sports facilities.

Bollinger is headquartered in Short Hills, New Jersey and has branch offices in Greenwich, Conn., New York City, Monticello, Philadelphia and additional New Jersey locations in Moorestown, Sparta, Vineland and Wall. The firm has 440 employees.

Separately, Bollinger Inc. has also acquired Cranford, N.J.-based The Property and Casualty Group (PCG). Terms of the deal were not disclosed. PCG sells commercial and personal insurance in New Jersey, New York and Connecticut.

The agency was founded in 1991 by Thomas K. Fontana, who will continue with Bollinger and serve as a senior vice president. He and his staff will be relocating to Bollinger’s Short Hills location.

NFP, Lapre Scali

National Financial Partners Corp. (NFP) has acquired Lapre Scali & Co. Insurance Services for an undisclosed sum.

New York-based NFP provides benefits, insurance and wealth management services. Lapre Scali, headquartered in Scottsdale, Arizona, is a national P&C brokerage with annualized revenue of $21 million.

As part of the deal, Lapre Scali CEO and founder Terrence M. Scali will served as CEO of NFP Property and Casualty Services Inc. (NFP P&C) and executive vice president of NFP.

NFP will continue to operate its property and casualty business as part of the corporate client group, under the NFP P&C brand.

Topics New York New Jersey

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Insurance Journal Magazine July 18, 2011
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