View this article online: https://www.insurancejournal.com/magazines/mag-business-moves/2015/07/06/373580.htm
Patriot National, Brandywine
Fort Lauderdale, Fla.-based Patriot National Inc. has acquired Brandywine Insurance Advisors, a specialty insurance brokerage focusing on the construction industry.
Patriot National said the total purchase price, assuming all earn-out criteria are met, would be $4.2 million. The projected 2015 revenue for Brandywine is $2.8 million.
Brandywine President Rennie Rodriguez will continue to operate the business with his team, and will become part of Trigen Insurance Solutions, a subsidiary of Patriot National.
ITC, Multico-Online
Insurance Technologies Corp., a provider of marketing, rating and management software and services, has acquired Multico-Online from Multico Rating Systems Inc., a large Seattle, Wash.-based comparative rating vendor.
The move will expand ITC’s insurance rating and sales system TurboRater, the firm said.
Multico provides rating products to improve efficiency for more than 200 insurance agencies and more than 60 insurance carriers. ITC’s acquisition of Multico’s automobile and home comparative rating system will extend TurboRater’s market share with the addition of the Idaho, Oregon, Utah and Washington markets.
“Acquiring Multico is part of our overall strategic vision to provide nationwide rating for independent agencies, aggregators and insurance carriers,” said Laird Rixford, president of ITC. “This acquisition will fuel growth of ITC’s online consumer driven comparative rating platform used for quoting and selling insurance directly to the consumer.”
Multico-Online will be called Multico by ITC. Development and support staff will remain in Seattle and operate as ITC’s West Coast office. Multico’s netPOSitive point-of-sale solution will continue to be managed and operated under netPOSitive Corp.
Vertafore, QQ Solutions
Insurance software provider Vertafore has acquired QQ Solutions Inc., a provider of agency management systems and a comparative rater offering.
The move expands Vertafore’s portfolio of agency management systems and rating products, and expands Vertafore’s rating capabilities in Texas and Florida, according to the company.
QQ offers a SaaS (software as a service) cloud-based agency management system nationwide and a personal lines rater that is available primarily in Florida and Texas.
QQ Solutions is headquartered in Deerfield Beach, Fla., and has been owned by Mark Malis and his wife, Candace, for more than 27 years.
QQ Solutions also offers a comparative rating system that is focused on Texas and Florida, where it has numerous partnerships with niche-focused carriers.
Vertafore plans to keep the QQ Solutions name.
Vertafore’s suite of agency management systems already in their portfolio, in addition to the AMS360 management system, includes the Vertafore Agency Platform cloud-based solution, and Sagitta management system.
The addition of QQ Solutions will provide agencies an additional choice for their business, the company said.
Arthur J. Gallagher, William Gallagher Associates
Arthur J. Gallagher & Co. has signed a definitive agreement to acquire the assets of William Gallagher Associates Insurance Brokers Inc. (WGA), headquartered in Boston, which has annualized revenues of approximately $50 million.
The transaction is subject to customary closing conditions and is expected to close in the third quarter of 2015. Additional terms were not disclosed.
Founded in 1983, WGA provides commercial retail property/casualty and employee benefits insurance brokerage and consulting services to middle-market and large, fast-growth clients with complex insurance needs. It specializes in coverage for the high tech, life science, financial institution, healthcare, real estate and renewable energy industries.
WGA’s employee benefits business provides specialty expertise in underwriting, communications, data analytics, and compliance and wellness services.
WGA CEO Philip Edmundson, WGA President Patrick Veale and their associates will operate from their Boston; Atlanta; New York; Columbia, Md.; Hartford, Conn;. and Princeton, N.J. locations, under the direction of Douglas Brown, head of Gallagher’s Northeastern retail property/casualty brokerage operations, and David Ziegler, head of Gallagher’s Eastern employee benefit consulting and brokerage operations.
Additionally, Arthur J. Gallagher & Co. announced its acquisition of Solid Benefit Guidance (SBG) in Montvale, N.J. Terms of the transaction were not disclosed.
Established in 2005, SBG is an employee benefits brokerage and consulting firm that provides pharmacy benefits and employee benefits consulting services to large to mid-market employers and managed care clients throughout the United States.
Prime Risk Partners, Cook Maran
Prime Risk Partners Inc., a national insurance distribution firm in Atlanta, has acquired Cook Maran & Associates Inc., an independent agency with offices in East Hampton, Southampton and Melville, N.Y., as well as in Marlton and Fairlawn, N.J. Financial terms of the transaction were not disclosed.
Cook Maran will continue as Cook Maran & Associates Inc. and will retain all five offices in New York and New Jersey, with plans to expand. The leadership team and the firm’s 160-plus employees will continue in their current roles.
Prime Risk Partners said this is its first strategic acquisition since its launch last year. Cook Maran provides a strong regional insurance brokerage platform and Prime Risk Partners plans to grow it both organically and through acquisitions of property/casualty and employee benefits firms, the announcement said.
Prime Risk Partners is an Atlanta-based national insurance distribution firm formed in May 2014 by private equity firm Thomas H. Lee Partners and two former Beecher Carlson executives, Bret Quigley and Adam Meyerowitz.
Cook Maran & Associates, which traces its roots to 1946, is an insurance brokerage and consulting firm providing a range of personal and commercial insurance services, employee benefits, surety, and credit risk services.
Philadelphia Insurance, Allen J. Flood
Philadelphia Insurance Companies, a Bala Cynwyd, Pa.-based commercial property/casualty and professional liability insurer for niche markets, announced its acquisition of all outstanding shares of The Allen J. Flood Companies (AJF), a managing general agent for the group accident and health insurance business in Larchmont, N.Y. Terms of the transaction were not disclosed.
Philadelphia Insurance Companies said the acquisition is intended to give the insurer a new platform to provide group accident and health products to a variety of niche markets that it currently serves, including schools, nonprofits, volunteer groups and sports teams.
AJF has been serving agents, brokers, and customers since 1959. Michael Flood, who has been president of AJF since 2011, will continue leading AJF’s operation as the head of the accident and health division for Philadelphia Insurance Companies.
Stahlka Agency, Prahovic Agency
Stahlka Agency Inc., an independent insurance agency with offices in Williamsville and Orchard Park, N.Y., announced its acquisition of the Prahovic Agency in Lake View, N.Y. Terms of the transaction were not disclosed.
The Prahovic Agency has been providing small-business and personal insurance services to the Southtowns region, an area of towns south of Buffalo, N.Y.
As part of the transaction, Stephen Prahovic, former principal of the Prahovic Agency, has joined Stahlka Agency at Stahlka’s Orchard Park office in the Southtowns region.
Stahlka Agency has been providing commercial and personal insurance and financial products since 1957. Stahlka Agency is a member of the EMS Group, a group of affiliated agencies based in Williamsville.
USI, Construction Agency Professionals
USI Insurance Services has acquired the construction insurance and surety business of Chester, N.J.-based KORE Group Inc., doing business as Construction Agency Professionals (CAP). This business and its employees will join USI’s West Orange, N.J., office. Terms of the transaction were not disclosed.
CAP is a retail insurance broker providing insurance and surety products to construction companies and contractors.