Business Moves

July 20, 2015

Alliant, Preferred Concepts

Specialty insurance brokerage Alliant Insurance Services has expanded its managing general agent (MGA) practice through the acquisition of Preferred Concepts, an insurance program underwriter and wholesale broker based in New York with additional offices in New Jersey and Connecticut. Terms of the acquisition were not disclosed.

Preferred Concepts will join Alliant’s MGA and program administrator subsidiary, Alliant Specialty Insurance Services (ASIS). Under the leadership of Sean McConlogue, ASIS partners with a network of retail agents across the country to distribute various products to middle-market clients.

Alliant said the executive leadership team of Preferred Concepts will continue to operate the firm under its existing name and that Preferred Concepts’ client services and business development teams will remain in place.

Hub International, HDH

Hub International Limited acquired Pittsburgh-based The HDH Group (HDH). Terms of the acquisition were not disclosed.

HDH will establish a new regional operation for Hub that will serve as a platform for future expansion in western Pennsylvania and Ohio, the announcement said.

HDH is a property/casualty, employee benefits and personal lines brokerage with locations in Pittsburgh, Erie and Harrisburg, Pa.

HDH’s leadership, Bryan C. Hondru, chairman, and Frank G. Mikan, CEO, will join Hub, as well as Anthony J. Kocis, executive vice president, who will become president of the new Hub regional operations. Kocis will report to Jack McGrath, Central Region president, Hub International.

The Hilb Group, Cornerstone, Gencorp

The Hilb Group, a Richmond, Va.-based middle market insurance agency, acquired two New England insurance brokerage firms: Cornerstone Group, a benefit advisory firm in Warwick, R.I.; and Gencorp Insurance Group, a property/casualty and employee benefits broker in East Greenwich, R.I. Terms of the transaction were not disclosed.

The Hilb Group said operations of Cornerstone Group and Gencorp Insurance Group will be combined and will serve as the platform for the Hilb Group’s future expansion in New England. Cornerstone Group and Gencorp will continue to do business under their current operating names. Their existing management and leadership teams will remain intact and the equity partners of both firms will continue to be partners in the consolidated company.

AssuredPartners, StoudtAdvisors, WorkforceTactix

AssuredPartners Inc. has acquired StoudtAdvisors in Lancaster, Pa. Terms of the transaction were not disclosed.

StoudtAdvisors is an independent insurance broker specializing in employee benefits programs and human resources consulting services in the central Pennsylvania region. StoudtAdvisors will continue to operate from its existing Lancaster office under the local leadership of CEO and president David Stoudt.

AssuredPartners also announced its acquisition of WorkforceTactix Inc., an independent employee benefits and HR professional services consulting firm with offices in Sparks and Salisbury, Md. Terms of the transaction were not disclosed.

AssuredPartners said the transaction will help expand its presence in the Maryland and Mid-Atlantic region.

WorkforceTactix’s 36 associates will join Crawford Advisors, an AssuredPartners subsidiary in Hunt Valley, Md., but will continue to operate from their existing locations in Sparks and Salisbury.

Arthur J. Gallagher, Monument

Arthur J. Gallagher & Co. has acquired Monument LLC, a program administrator headquartered in Malvern, Pa., with an additional office in Newport Beach, Calif. Terms of the transaction were not disclosed.

Monument is a program administrator that provides group and large firm self-insured, workers’ compensation programs for its retail insurance broker clients.

Monument President and CEO David G. Bramwell and his team will continue to operate out of their current Malvern and Newport Beach locations under the direction of Joel Cavaness, president of Risk Placement Services Inc. (RPS), a subsidiary of Arthur J. Gallagher & Co.

Marsh & Mclennan, J.W. Terrill

Marsh & McLennan Agency LLC (MMA), a subsidiary of Marsh, has acquired St. Louis, Mo.-based J.W. Terrill, one of the largest independent agencies in the Midwest. Terms of the transaction were not disclosed.

This acquisition is MMA’s first in Missouri.

Founded in 1972, J.W. Terrill provides commercial and personal insurance, surety bonds, risk management and loss control, employee benefits, and benefits administration services to clients throughout the United States. It has approximately 195 employees and generates $32 million in revenues.

All of J.W. Terrill’s employees and leadership, including CEO Andrew Thome, will join MMA’s upper Midwest region and continue to operate out of its office in St. Louis.

Brown & Brown, Strategic Benefit Advisors

Brown & Brown Inc. announced that its subsidiary Brown & Brown of Massachusetts LLC has acquired certain assets of Strategic Benefit Advisors Inc., a health and welfare benefit advisory and brokerage firm in Southborough, Mass. Terms of the transaction were not disclosed.

Founded in 2002 by Mark Abate and Michael Deneen, Strategic Benefit Advisors provides health and welfare benefit advisory and brokerage services to organizations with large employee populations. Strategic Benefit Advisors will continue to operate out of its existing headquarters located in Southborough under the leadership of Abate and Deneen. The firm has annual revenues of approximately $11.5 million.

Fidelis Group Holdings

Fidelis Group Holdings LLC (FGH), with its subsidiary company Continental Underwriters Ltd. (CUL), a national marine insurance coverage and service provider, announced the recent opening of its new flagship office located in Lower Manhattan, New York City.

The new location will serve as the group’s Inland Marine Division and Excess Marine Liabilities hub.

Based in Covington, La., Fidelis Group Holdings is a provider of primary, excess, cargo and inland marine insurance for hull and maritime liability coverages (P&I) for vessel owners, ship builders, terminal operators, fleet operators, stevedores, cargo handlers, marine contractors and a variety of other maritime insurance products.

Integro, Lemme Insurance

Integro Ltd. has acquired Lemme Insurance Group Inc. based in Arlington Heights, Ill. Details of the transaction were not disclosed.

Lemme, a boutique insurance brokerage and consulting firm, was formed in 1998 by Mario Lemme, who previously spent the majority of his insurance career with Minet.

Lemme provides specialty insurance brokerage services to U.S. and Canadian accounting, consulting and law firms.

Lemme’s team will lead Integro’s national practice for professional services firms and will continue to serve clients from their suburban Chicago office.

Fosun, Meadowbrook

Fosun International Limited and Meadowbrook Insurance Group Inc. on July 7 announced the completion of Fosun’s previously announced acquisition of Meadowbrook.

The completion of the transaction follows the receipt of Meadowbrook shareholder approval as well as all necessary regulatory approvals. In December 2014, Fosun, a Chinese investment group, agreed to acquire Meadowbrook for $433 million.

“The successful completion of this transaction constitutes an important milestone for Fosun’s investments in the United States financial industry,” said Guo Guangchang, chairman of Fosun.

Meadowbrook, based in Southfield, Mich., is a specialty program management market. Meadowbrook includes several agencies, claims and loss prevention facilities, self-insured management organizations and six underwriting companies.

Berkshire Hathaway, PLICO

Berkshire Hathaway’s MedPro Group has agreed to acquire Oklahoma healthcare liability insurer PLICO Inc., which is owned by the Oklahoma State Medical Association (OSMA). Terms were not disclosed.

The boards of each entity have approved OSMA’s sale to MedPro of 100 percent ownership of PLICO in an all-cash transaction, which is subject only to customary closing conditions and regulatory approvals and is expected to close in the third quarter, according to the announcement.

Based in Oklahoma City, PLICO serves approximately 2,200 healthcare providers in Oklahoma; it has annualized gross written premiums of about $30 million.

Redpoint, Safeway County Mutual

Redpoint Insurance Group LLC has acquired Safeway County Mutual Insurance Co. in Dallas, Texas. Terms of the transaction were not disclosed.

Safeway County Mutual Insurance will operate under the name Redpoint County Mutual Insurance Co.

Redpoint County Mutual will specialize in writing private passenger and commercial automobile insurance in Texas. The company is headquartered in Dallas with administrative offices in Austin.

Christopher A. McClellan, the CEO of Redpoint Insurance Group, will serve as CEO and president of Redpoint County Mutual. Wyatt Blackburn, president of Redpoint Insurance Group, will serve as treasurer of Redpoint County Mutual.

Captive Strategies, Aceterrus

Innovative Captive Strategies has acquired Aceterrus Insurance Resources of Bigfork, Mont.

Aceterrus will operate as a subsidiary of Innovative Captive Strategies. The Aceterrus office and team members will remain intact.

Terms of the deal were not disclosed.

Aceterrus is an independent captive management firm that provides risk consulting, licensing and administrative services.

Innovative Captive Strategies is a captive consultant based in West Des Moines, Iowa.

Lovell Minnick, Worldwide Facilities

Los Angeles, Calif.-based Worldwide Facilities LLC has received a large investment from private equity firm Lovell Minnick Partners.

Following the deal, Worldwide Facilities will continue to be majority-owned by its employees. The terms were not disclosed.

Waller Helms Advisors LLC served as financial advisor, and Musick, Peeler & Garrett LLP acted as legal counsel to Worldwide Facilities. Keefe, Bruyette & Woods Inc. served as financial advisor, and Kirkland & Ellis LLP served as legal counsel to Lovell Minnick Partners.

Worldwide Facilities is a national wholesale insurance brokerage company.

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