Business Moves

USI, First Place Insurance

New York-based USI Insurance Services has acquired substantially all of the assets of First Place Insurance Agency Ltd. (First Place Insurance) of Youngstown, Ohio, from First Place Financial Corp. Additionally, USI has entered into a marketing agreement with First Place Financial Corp.

First Place Insurance is expected to contribute approximately $3.6 million in revenues to USI on an annual basis. The marketing agreement is a joint marketing agreement between USI and First Place Financial Corp. to provide expanded insurance and related products and services to their respective clients.

First Place Insurance is one of the largest middle-market insurance brokerage firms in the Youngstown/Warren, Ohio, market place. The agency specializes in commercial property/casualty, and employee benefits insurance, for middle-market businesses and personal lines insurance for individuals.

AssuredPartners, Neace Lukens

Florida-based AssuredPartners Inc. has acquired the Neace Lukens, a Kentucky-based insurance agency, as part of a plan to build a national insurance brokerage firm.

AssuredPartners is a member company of GTCR, a Chicago private equity firm that invests in companies in the financial services, technology, healthcare and information sectors.

The deal with Neace Lukens is the first for the Lake Mary, Fla.-based AssuredPartners, which is also seeking other similar acquisitions.

Neace Lukens has $88 million in annual revenue, 150 licensed agents and more than 500 employees. The Louisville, Ky.-based firm sells property/casualty insurance, employee benefits and risk management services. The agency has 22 offices in Kentucky, Ohio, Indiana, Illinois, Michigan, Tennessee, Arizona, Georgia, Arkansas, Florida and South Carolina.

Under the deal, the firm will continue to operate under the Neace Lukens name.

Jim Henderson, chairman and chief executive officer of AssuredPartners, said this inaugural deal in Kentucky sets the course for AssuredPartners’ long-term effort to acquire property/casualty and employee benefits brokerage firms across the United States.

Main Street America, Spring Valley Mutual Insurance

The Main Street America Group announced that Minnesota-domiciled Spring Valley Mutual Insurance Co. has agreed to become an affiliate of super regional property/casualty insurance carrier Main Street America.

Spring Valley Mutual is based in Spring Valley, Minn., located 110 miles south of Minneapolis-St. Paul. It provides farm owners and homeowners coverage to approximately 6,000 policyholders throughout Minnesota. In 2010, Spring Valley generated $9.3 million in net written premium.

Founded in 1883, the company’s rural heritage is very similar to Main Street America’s roots, as is its firm commitment to the independent agency distribution system.

Key elements of the affiliation include:

• Beginning in 2012, Spring Valley will pool its premium, losses and underwriting expenses with other Main Street America Group companies.
• Spring Valley will continue to sell its products through its statewide network of 60 independent agents and will continue to have binding authority.
• Over time, Spring Valley will gain access to Main Street America’s products and infrastructure. This process will begin in 2012 with the introduction of a full line of commercial products in Minnesota.
• Spring Valley Mutual’s 128-year-old brand name will continue to be used in the Minnesota marketplace.
• Main Street America will provide management oversight of Spring Valley Mutual and its board of directors will replace Spring Valley Mutual’s board of directors.
• Spring Valley Mutual will continue to operate from its Spring Valley, Minn., headquarters and become a part of Main Street America’s Midwest Region.
• Mike Soldan will remain as president of Spring Valley Mutual and report to Main Street America Midwest Region president Henry Pippins.

Main Street America has entered 11 new states across the country since fourth quarter 2008 via acquisitions, affiliations and partnerships, as well as expanded its market presence in 16 Eastern Seaboard states.

SIAa, Webb Flannery Group, LINC Insurance; Skidmore Agency

The Strategic Insurance Agency Alliance (SIAA) announced 26 new member agencies in August.

Of those, three new agency members are from the Midwest: Webb Flannery Group of Lake Forest, Ill.; LINC Insurance of Brookpark, Ohio; and Skidmore Agency of Cincinnati, Ohio.

Since the alliance’s inception in 1995, SIAA has signed more than 3,750 new members.

Topics Ohio Kentucky Minnesota