Business Moves – Southeast

Markel, Alterra

Specialty insurer Markel Corp. agreed to acquire Alterra Capital Holdings Ltd. for $3.1 billion in cash and stock to increase its diversification and expand into reinsurance.

The transaction is expected to be completed in the first half of 2013.

Alterra will become a wholly owned subsidiary of Markel. Markel executives and senior management will continue in current roles and key Alterra senior leaders and underwriters will be retained.

Bermuda-based Alterra’s CEO W. Marston Becker is expected to leave the company following the close of the transaction.

After the transaction, Markel is expected to write annual gross premiums of $4.4 billion and to have $6 billion in equity with capital flexibility to support future growth. Markel expects its business to be about 50 percent short-tail, 50 percent long tail; 67 percent insurance and 33 percent reinsurance.

AmWINS, Gresham

North Carolina-based wholesale broker AmWINS Group Inc. agreed to acquire Gresham & Associates Inc., a Stockbridge, Georgia-based wholesale insurance broker. .

Gresham & Associates, which placed $340 million in premiums last year, was established in 1979 by Jim Gresham. With headquarters offices in Georgia, it has additional offices in Louisiana, Alabama, Tennessee, Indiana, Florida and Missouri.

AmWINS Group handles $7 billion in premium annually. Once the acquisition is complete, the combined firm will place more than $7.5 billion in annual premiums.

In conjunction with the acquisition, Tony Gresham, current president of Gresham, will become president and CEO of the Gresham & Associates division. Jim Gresham will be chairman of the Gresham division.

Confie Seguros

Hispanic market-focused insurance agency network Confie Seguros has acquired three insurance brokerages in Florida: Second City Insurance, in Holiday; Insurance of Lauderdale Lakes, in Lauderhill; and, Harmony Insurance, in Kissimmee. Confie Seguros completed 22 acquisitions in 2012, 10 of which were in Florida.

Fidelity National Financial, Digital

Florida-based title insurer and financial services firm Fidelity National Financial Inc. has acquired Digital Insurance Inc., a health insurance distribution and benefits management firm for small and medium sized businesses. Terms were not disclosed.

Atlanta-based Digital manages 20,000 employer clients, 250 broker partnerships and more than $1 billion in annual premiums. Digital’s largest division, Digital Benefits Advisors, is a health benefits brokerage agency that utilizes Digital’s technology to target the small and medium business marketplace on a direct basis.

Digital said it will generate $50 million in revenue in 2012 and is expected to achieve $70 million in revenue in 2013.

Fidelity National Financial said Digital would allow it to broaden its market position in the employee benefits arena.

In the past two years, Digital has acquired 18 benefits agencies. FNF said it will support Digital’s strategy in mergers and acquisitions, as well as its outsourcing services to the industry.

Adam Bruckman, president and CEO of Digital Insurance, said FNF’s resources will allow Digital to accelerate its growth plans.

Digital will operate as a wholly-owned subsidiary of FNF under its current name.

Neace Lukens, Davis-Garvin

Louisville, Ky.-based insurance agency Neace Lukens completed the acquisition of the Davis-Garvin Agency in Columbia, S.C.

In addition to its Columbia, S.C., headquarters, Davis-Garvin Agency has offices in Macon and Valdosta, Ga.; Pineville, La.; and Flowood, Miss. Davis-Garvin is known for its specialized focus on lumber and forestry products. All Davis-Garvin employees will remain in their current positions.

Regions Insurance, Argyle Benefits

Regions Insurance, a subsidiary of Birmingham, Alabama-based Regions Financial Corp., is expanding its employee benefits practice in Memphis, Tennessee, with the acquisition of Argyle Benefits Consultants LLC. Argyle partners Philip Johnson, Tom Merriam and Chris Rogers – along with their four associates – will join the Memphis office of Regions Insurance.

Keystone Insurers Group

Keystone Insurers Group added two independent agencies in Georgia to its franchise business for a total of 10 in the state. The new franchise partners are Jowers-Sklar Insurance in Rome and The Harbin Agency in Fayettville.

Keystone Insurers Group also has added Jackson, Tenn.-based agency Thompson & Smith Insurance.

Brown & Brown, Behnke

Florida-based national insurance brokerage Brown & Brown Inc. announced the asset acquisition of Behnke & Associates Inc., a personal lines independent insurance agency in South Florida with $4.0 million in premium and offices in Hollywood and Pembroke Pines. The Hollywood office will join Brown & Brown’s Miami Lakes office, and the Pembroke Pines office will continue from its existing location. Mark Introcaso will supervise the day-to-day operations of the Behnke & Associates.

Topics Florida Agencies Georgia