Business Moves

November 16, 2015

Odyssey, Integro

New York private equity firm Odyssey Investment Partners has completed its acquisition of specialty insurance brokerage Integro Ltd. Financial details of the transaction, first announced in August, were not disclosed.

Integro said its management team led by William Goldstein, John Sutton, Toby Humphreys and Marc Kunney remains in place, and certain members of the management team and other employees remain shareholders in the company. Goldstein, previously president of Integro, has been named CEO.

Founded in 2005, Integro is the eighth-largest private insurance agency in the United States in terms of property/casualty written premium, according to Insurance Journal. New York-based Integro serves clients in 125 countries from 40 offices across the globe.

Smith Brothers, Bayberry Insurance

Smith Brothers Insurance, an independent agency based in Glastonbury, Conn., has acquired the assets of Bayberry Insurance in Groton, Conn. Terms of the transaction were not disclosed.

Founded in 1989, Bayberry Insurance is an independent agency providing personal and business insurance services in the southeastern Connecticut region. Bayberry Insurance will operate as an affiliate of Smith Brothers Insurance and will maintain its Groton office. Bayberry has a staff of two; both are joining Smith Brothers.

Smith Brothers Insurance, founded in 1971, has more than 150 staff members and offices in Chester, Glastonbury, Groton, Niantic, Somers and Windsor Locks, Conn.; and Easthampton, Mass.

Ameriana Insurance Agency, Pfenninger, Claxton and Estelle Insurance Group

Ameriana Bancorp has agreed to sell Ameriana Insurance Agency (AIA) to Pfenninger, Claxton and Estelle Insurance Group of New Castle, Ind. The transaction, valued at $1.95 million, is expected to close in the fourth quarter of 2015 subject to conditions.

Ameriana Bancorp is a bank holding company. In addition to Ameriana Insurance Agency, subsidiaries include Ameriana Bank and Ameriana Financial Services, which offers securities and insurance products through LPL Financial.

Arthur J. Gallagher & Co., Ohio’s Sigma II Insurance Agency

Arthur J. Gallagher & Co. has acquired Sigma II Insurance Agency in Independence, Ohio. Terms were not disclosed.

Founded in 1988, Sigma II Insurance Agency is an employee benefits consultant that offers a full range of employee benefits products and consulting services to commercial and individual clients throughout the Midwest. The firm provides group health, welfare and ancillary benefits, executive benefits and individual health insurance, and specializes in the professional, manufacturing and service industries.

Sophocles Sophocleous, Joseph Hiles and their colleagues will continue to operate from the greater Cleveland location under the direction of William Ziebell, head of Gallagher’s North Central employee benefit brokerage and consulting operations.

GDP Advisors, The Insurance Connection of Texas

McKinney, Texas-based GDP Advisors has acquired The Insurance Connection of Texas (ICT).

Located in Frisco, Texas, ICT has been owned and operated by Lori and Chris Gardner and specializes in general/commercial liability, individual auto, home and life insurance.

Lori Gardner will be an integral part of the migration of ICT’s portfolio and will join GDP Advisors.

This is the fourth acquisition for GDP Advisors.

Alper Services, Jun Zhou Insurance Agency

Alper Services has formed an alliance with Jun Zhou Insurance Agency, a Chicago-based agency specializing in risk management and financial services for high net worth Chinese-American individuals and middle-market Chinese-American companies.

Jun Zhou Insurance Agency will operate as a division of Alper Services, bringing Alper’s considerable experience in insuring multinational companies and its global network of premier insurance providers to its leading Chinese-American clients in the hospitality, manufacturing, and commercial real estate industries.

Hub, Employee Benefits Group

Hub International Ltd. has acquired the assets of Spokane, Wash.-based Employee Benefits Group Inc. Terms of the deal were not disclosed.

EBG specializes in employee benefits for mid-size and large companies with a focus on self-funded health plans.

Marsha Allen, president, will join Hub Northwest and report to Tim Kennedy, a practice leader for Hub Northwest.

Chicago-based Hub provides property/casualty, life and health, employee benefits, investment and risk management products and services.

Was this article valuable?

Here are more articles you may enjoy.

From This Issue

Insurance Journal West November 16, 2015
November 16, 2015
Insurance Journal West Magazine

Top Personal Lines Retail Agencies; Assisted Living / Long Term Care; Contractors & Builders