Marsh & McLennan Agency, Seitlin
Marsh & McLennan Agency, a subsidiary of insurance broker Marsh Inc., has acquired Seitlin Insurance, one of the largest insurance brokers in south Florida. Terms of the transaction were not disclosed.
Seitlin has annual revenue of $24 million and 119 employees in three Florida offices in Miami, Fort Lauderdale and West Palm Beach. Seitlin sells to middle-market companies. All of Seitlin’s employees and executives, including CEO Tom Cornish, will join Marsh & McLennan Agency.
Seitlin will serve as MMA’s Florida hub and is the latest in a number of acquisitions MMA has made since embarking on its strategy of building a national platform for the middle market.
Transatlantic Holdings, Allied World
Transatlantic Holdings Inc., a reinsurer that has gotten a number of takeover offers since calling off a merger deal with Allied World Assurance Co. in September, has now agreed to be acquired by specialty insurer Alleghany Corp. in a cash-and-stock deal that is valued at $3.4 billion.
The deal is expected to be completed during the first quarter of next year.
Transatlantic will become an independent stand-alone subsidiary of Alleghany.
For the 12 month-period ended on September 2011, the two companies had net premiums written of $4.7 billion.
Joseph Brandon, former chief executive of Berkshire Hathaway’s General Re, will join the executive team. He will be president of Alleghany Insurance Holdings and executive vice president of the parent company Alleghany. He will also be Transatlantic’s board chairman.
American Platinum
Universal Insurance Holdings Inc. said that its wholly-owned subsidiary, American Platinum Property and Casualty Insurance Corp., has issued its first Florida homeowners’ policies.
American Platinum is offering homeowners multi-peril policies and inland marine insurance on homes valued in excess of $1 million.
The Fort Lauderdale, Fla.-based Universal Insurance Holdings, through its wholly-owned company Universal Property & Casualty Insurance Co., currently is the state’s second leading provider of homeowner coverage with 580,000 policies in-force, representing 9.5 percent of the market.
AmWINS Group, THB Group
Charlotte-based AmWINS Group Inc. has confirmed that it intends to acquire THB Group plc of London for $1.28 per share.
The proposal is subject to regulatory and shareholder approvals.
THB, an independent insurance and reinsurance broker and risk management business, principally serves the London market.
AmWINS said it expects the shareholder vote will be held in January 2012.
Topics Florida
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