Business Moves

November 2, 2015

Kelso, Risk Strategies

Risk Strategies Co., a Boston-Based insurance and benefits brokerage, and Kelso & Co., a New York-based private equity firm, have signed a definitive agreement whereby Kelso will acquire a majority stake in Risk Strategies from Kohlberg & Co. Terms of the transaction, which is subject to customary closing conditions, were not disclosed.

Kohlberg & Co. a private equity firm based in Mount Kisco, N.Y., had first acquired a majority stake in Risk Strategies in June 2013.

Kelso & Co. will invest “substantial additional equity capital” to support Risk Strategies’ growth initiatives. The transaction will help Risk Strategies enhance its client resources, add new teams of professionals in several segments and continue its strategic mergers and acquisitions activities to create additional growth opportunities, the announcement said.

As part of the transaction, industry veteran Vic Krauze, who previously served as chair of Willis North America until earlier this year, will join Risk Strategies’ board of directors.

Risk Strategies’ leadership team – led by CEO and Founder Michael Christian – will remain intact. Risk Strategies management and employees will retain significant ownership, the announcement said.

People’s United, Kesten-Brown
People’s United Bank N.A., a Bridgeport, Conn.-based regional bank with nearly 400 retail locations, announced that its subsidiary, People’s United Insurance Agency, has acquired Kesten-Brown Insurance, a Bridgeport-based insurance brokerage.

People’s United Bank said the acquisition will diversify revenues through additional noninterest income, as well as bolster its insurance business.

People’s United Insurance Agency provides personal insurance, employee benefits and commercial insurance through a team of approximately 155 professionals. It has offices in Bridgeport and Hartford, Conn.; Boston and Springfield, Mass.; Portsmouth, N.H.; Smithtown, N.Y.; and Burlington and Rutland, Vt.

Church Mutual, Penn. School Boards Association
Church Mutual Insurance Co., a Merrill, Wis.-based insurer of religious organizations, has agreed to acquire the insurance operations of the Pennsylvania School Boards Association, including School Boards Insurance Company of Pennsylvania Inc. and School Claims Services LLC. Terms of the transaction were not disclosed.

School Boards Insurance Company of Pennsylvania, based in Mechanicsburg, Pa., writes tailored property, general liability, boiler and machinery, commercial auto, errors and omissions (school leaders legal liability), excess liability and workers’ compensation coverages to meet the needs of its Pennsylvania public schools policyholder base.

School Claims Services, based in New Cumberland, Pa., provides third-party claims administration, risk management services, employee benefits programs and marketing.

The acquisition is expected to close during the second quarter of 2016.

TowneBank, Invincia Insurance, Total Insurance, B.H. Baird
TowneBank, a Portsmouth, Va.-based community banking and financial services company, has acquired three insurance agencies in Virginia: Invincia Insurance Solutions in Chesterfield; Total Insurance Planning in Midlothian; and B.H. Baird Insurance in Warsaw. Terms of the transactions were not disclosed.

The three acquired agencies will become part of Towne Insurance in Virginia Beach, Va., a wholly owned subsidiary of TowneBank. The agencies will continue to operate under their present names, leadership, and locations.

TowneBank said these new additions will help with its expansion to Richmond and central Virginia. Towne Insurance’s team will grow to more than 300 professionals and 25 offices providing service throughout Virginia and North Carolina.

Invincia Insurance Solutions in Chesterfield is an independent insurance agency established in 2006 by Frank Beale, president. Total Insurance Planning in Midlothian is an independent agency established in 2004 by Jeff Swanson, president. B.H. Baird Insurance, led by Rick Farmar, president, was founded in 1895 and serves the central Virginia and northern Neck communities.

Hub, Oxford Coverage

Hub International Ltd., a global insurance brokerage, has acquired the operations of Oxford Coverage in Brooklyn, N.Y. Terms of the acquisition were not disclosed.

Oxford Coverage specializes in providing commercial lines insurance services for the nursing home and assisted living industry. Joining Hub International will allow the firm to offer clients more robust coverage options, access to additional markets, and additional value-added services. Oxford President Joseph Schwartz and his staff will join Hub as part of the transaction.

AssuredPartners, Wilson H. Flock

AssuredPartners Inc. announced that its subsidiary, AssuredPartners of New Jersey, has acquired Wilson H. Flock Insurance Inc., an independent agency based in Wyoming, Pa. Terms of the transaction were not disclosed.

Established in 1937, Wilson H. Flock specializes in coverage for individuals, businesses, and life insurance products. The agency reports approximately $1.4 million in revenue.

As part of the acquisition, 14 Wilson H. Flock employees will join AssuredPartners.

Bailey Place, Cotterill Agency

Bailey Place Insurance, an independent agency with offices in Cortland, Dryden and Ithaca, N.Y., announced that it will acquire the Cotterill Agency Inc., an independent agency based in Dryden, N.Y., effective Dec. 31, 2015. Terms of the transaction were not disclosed.

As part of the acquisition, Bailey Place Insurance has purchased Cotterill Agency’s office building, and Bailey Place’s current Dryden branch office will relocate to the Cotterill building after completing renovation work in early 2016. Cotterill Agency Principals Doug and Brad Cotterill will remain involved during the transition, and two of their long-time employees, Veronica Hall and ChrystleTerwilliger, will be joining the Bailey Place team.

Bailey Place Insurance has 25 employees. With roots tracing back to the late 1850s, Bailey Place provides insurance and risk management services for families, businesses, municipalities, and nonprofit organizations across the central New York region.

M3Insurance, unisonBrokers

Madison, Wis.-based M3 Insurance has joined unisonBrokers, a global broker network offering multinational insurance and risk management services.

M3 said the partnership will enable it to provide internationally operating companies with independent insurance products and services through a network of more than 350 brokers in more than 130 countries.

UnisonBrokers, headquartered in Hamburg, Germany, with a subsidiary in Chicago, partners with select growth-oriented regional brokers such as M3 based on their market position, strength of services, understanding of multinational business, and commitment to high-quality standards.

Capacity Group, Shriver Insurance

The Capacity Group of Companies (Capacity) has acquired an ownership stake in Shriver Insurance Agency, headquartered in Elmhurst, Ill. As a result, Shriver has been renamed Shriver-Capacity Insurance Agency LLC (Shriver-Capacity).

Shriver-Capacity, led by Charlie Shriver, specializes in insurance for public transportation companies. Since its founding in 1963, the firm has distributed insurance products to entities involved in a broad range of public transportation, including buses, motorcoaches, limousines and vans.

The Capacity Group of Companies, based in Mahwah, N.J., is a full-service specialty insurance and financial services organization with approximately 380 employees in 19 retail and wholesale offices.

Parsons Insurance, Alpha Insurance

Parsons Insurance Services, a veteran owned national insurance MGA, has acquired the operations of Alpha Insurance Agency (AIA) in Dallas. Terms of the acquisition were not disclosed.

Alpha Insurance Agency is a brokerage that specializes in providing commercial and personal lines insurance services for small-business owners throughout the Southwest.

AIA President James Sellers and the AIA staff will join Parsons as part of the transaction.

Headquartered in Dallas, Parsons provides property/casualty, life and health, employee benefits products and services.


Fort Worth, Texas-based InsureZone is expanding operations into the Houston metropolitan area.

The new office will be headed by Vice President of Business Development Renee Hooker, who joined InsureZone in April. Other key personnel include commercial underwriters Amy Boyer and Robin Revell; lead customer service representative Sara Groce; and director of Agency Relations Rachel DePue.

InsureZone has two programs available to property/casualty agents. AgentSecure is a wholesaler that provides access to national and regional carriers. It operates in all 50 states, focusing on agencies that are seeking an online suite of tools that will help them be more efficient in growing their agency.

InsureZone Direct is a nationwide alliance of agents. This partnership allows each agency to leverage the benefits of a large, national operation while being able to maintain their agency identity.

York Risk Services, Quick Cat

York Risk Services Group, a provider of claims management, managed care and risk management services, has acquired Brandon, Miss.- based Quick Cat LLC.

Quick Cat provides commercial daily and catastrophe claims services on a national basis and can expand its response capabilities to include international catastrophes when needed. The acquisition will enhance the services and resources York offers to its middle market accounts, expand the bench strength of its specialized loss adjusting services, offering catastrophe support for York’s TPA operations and providing a national catastrophic response option.

Mike Boleware will continue as president of Quick Cat and senior vice president of the York Field Services unit. In these roles, he will be responsible for expanding the Quick Cat organization.

York provides risk management and managed care solutions to a variety of strategic partners, including insurance carriers, self-insureds, brokers, wholesalers, MGAs, programs, risk pools and public entities. York delivers customized claims programs for all lines of business, including property, liability, products liability, ocean and inland marine, environmental, transportation and logistics, construction and workers’ compensation. Based in Parsippany, N.J., York has more than 90 offices in the U.S., as well as an international presence.

Quick Cat provides catastrophic claims management solutions on a national and as-needed international basis.

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