Business Moves

May 5, 2014

AssuredPartners, CBS Coverage Group

Lake Mary, Fla.-based AssuredPartners Inc., through its subsidiary Assured SKCG Inc., has acquired CBS Coverage Group Inc. in Plainview, N.Y.

CBS Coverage Group specializes in commercial insurance, employee benefits and financial planning services, and personal insurance. The firm reports revenues of approximately $12 million.

As part of the acquisition, 78 CBS Coverage Group employees will join Assured SKCG, which is located in White Plains, N.Y. Local operations will continue under the leadership of CBS Coverage Group President and CEO Gerry Levy.

AssuredPartners is a portfolio company of Chicago-based private equity firm GTCR.

Agency Network Exchange

Consolidated Insurance Agents, a network of independent insurance agencies in New Jersey, has changed its name to Agency Network Exchange (ANE). It also unveiled a plan to add resources and staff to expand its network of more than 40 independent insurance agencies into Pennsylvania and other Mid-Atlantic states.

ANE said it will add two staff positions, with one focusing on agency recruitment in Pennsylvania and another providing support to new agencies in Pennsylvania and New Jersey. ANE said it has grown from seven members in 2009 to a network of more than 40 independent insurance agencies with more than $350 million in controlled premiums.

All-Star Insurance Group, Hogue Insurance Agency

All-Star Insurance Group Inc. has acquired Hogue Insurance Agency in Quitman, Texas.

Hogue Insurance Agency is now known as All-Star Insurance Group and has moved all operations to an office inside Wood County National Bank in Quitman.

Tonda Tiffee Ward, who previously worked for Hogue Insurance Agency, was appointed managing agent for the new office.

Hogue Insurance Agency has been in operation in the Quitman area for more than 25 years.

All-Star Insurance Group Inc. is a subsidiary of First National Bank of Gilmer, Texas, which owns Wood County National Bank of Quitman.

This is the sixth insurance office that All-Star has opened inside an area bank, joining locations at First National Bank in Gilmer and Pittsburg, and locations at Security State Bank in Diana and Ore City, Texas, as well as an office inside Texas American Bank in Mt. Vernon, Texas.

All-Star Insurance is a member of the National Association of Professional Insurance Agents.

BancorpSouth Insurance Services, Knox Insurance Group

BancorpSouth Insurance Services Inc., a subsidiary of BancorpSouth Bank, headquartered in Tupelo, Miss., is acquiring Lafayette, La.-based Knox Insurance Group LLC (Knox) in a transaction that is expected to close immediately, BancorpSouth announced.

Financial terms of the pending transaction were not disclosed.

Knox was formed in 1972 and produces annual revenues of approximately $3 million.

For the past 15 years, Knox operated under the leadership of current owners/brokers Dwayne David and Randall Bonaventure. Knox will continue to operate under their leadership in its current location at 2014 West Pinhook Road #610 in Lafayette.

Knox has a diverse client base including agricultural processing, construction, energy, manufacturing, marine, medical, and transportation. Product specialties include, but are not limited to, workers’ compensation, business auto, property and casualty, and general/umbrella liability.

Arthur J. Gallagher, American Wholesalers Underwriting

Arthur J. Gallagher & Co. acquired American Wholesalers Underwriting in Stamford, Conn. Terms of the transaction were not disclosed.

Established in 1994, American Wholesalers Underwriting is a managing general agent and program manager which provides commercial property/casualty insurance products and services to their independent insurance agent and broker clients throughout the United States.

American Wholesalers Underwriting specialize in program coverage for the durable and non-durable goods wholesale distribution space. John Shea and his associates will continue to operate from their Stamford, Conn., and Bonita Springs, Fla., locations under the direction of Joel Cavaness, president of Risk Placement Services Inc., a subsidiary of Arthur J. Gallagher.

Arthur J. Gallagher’s Chairman, President and CEO, J. Patrick Gallagher Jr., said American Wholesalers Underwriting’s specialty program products and service capabilities will be “a terrific addition” to Risk Placement Services’ expanding wholesale network.

Headquartered in Itasca, Ill., Arthur J. Gallagher is an international insurance brokerage and risk management services firm. It has operations in 25 countries and offers client service capabilities in more than 140 countries.

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Insurance Journal West May 5, 2014
May 5, 2014
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