Business Moves

Aspen, AgriLogic

Specialty insurer Aspen Insurance has acquired AgriLogic Insurance Services and certain affiliates for cash in a transaction that further diversifies Aspen’s specialty insurance business.

AgriLogic, headquartered in Overland, Kan., is a specialist U.S. crop insurer and agricultural consultant that reported estimated gross written premiums of $185 million in 2015.

Terms of the deal were not disclosed.

AgriLogic President and CEO Joe Davis will continue in his role, reporting to Brian Boornazian, chairman, Aspen Re and AgriLogic will form part of Aspen’s existing reinsurance operations, led by Michael Dicker, group head of Agriculture.

AIG, Advisor Group, Lightyear

American International Group Inc. has agreed to sell AIG Advisor Group to investment funds affiliated with Lightyear Capital LLC, a private equity firm specializing in financial services investing, and PSP Investments, one of Canada’s largest pension investment managers. Terms of the deal were not disclosed.

The transaction is expected to close in the second quarter of 2016, subject to regulatory approvals.

AIG Advisor Group is among the largest networks of independent broker-dealers in the United States, with more than 5,200 independent advisors and more than 800 full-time employees. Advisor Group is comprised of four broker-dealers, FSC Securities Corp., Atlanta; Royal Alliance Associates, New York; SagePoint Financial, Phoenix; and Woodbury Financial Services, Oakdale, Minn.

Lightyear Capital has raised over $2.5 billion of capital and makes primarily control investments in North America-based, middle-market financial services companies.

PSP Investments is one of Canada’s largest pension investment managers, with CAD$112 billion of assets under management as at March 31, 2015.

Kaplansky, Doherty & White

Kaplansky Insurance, an independent agency based in Needham, Mass., has acquired Doherty & White Insurance Agency in Quincy, Mass. Terms of the transaction were not disclosed.

Founded in 1983, Doherty & White Insurance Agency has been a family-owned and operated agency, offering insurance services for local residents and businesses.

Kaplansky Insurance provides personal and commercial insurance services through 11 locations in eastern and central Massachusetts, insuring approximately 24,000 clients. Kaplansky Insurance has acquired 22 agencies since its inception.

USI Insurance, CBDI, Healthcare Liability Solutions

USI Insurance Services has acquired CBDI Inc., an employee benefits wholesale brokerage operation based in Mount Laurel, N.J. Terms of the transaction were not disclosed.

CBDI will become part of Emerson Reid LLC, USI’s employee benefits wholesale brokerage division.

More than 26 staff members at CBDI have transitioned over to Emerson Reid and USI as part of the transaction. The staff members will remain at their current Mount Laurel location.

In another deal, USI also acquired Healthcare Liability Solutions LLC (HLS), located in Houston, Texas.

HLS is a property/casualty brokerage for healthcare organizations and providers specializing in professional liability insurance.

Terms of the transaction were not disclosed.

HLS President Denise D. Barnes and her team will join USI.

Based in Valhalla, N.Y., USI is an insurance brokerage and consulting firm with over $1 billion in revenue and more than 4,400 employees.

AssuredPartners, Roehrs & Co.

AssuredPartners Inc. has acquired Roehrs & Co. Inc., an independent agency based in Exton, Pa. Terms of the transaction were not disclosed.

Roehrs & Co. was founded in 1923 by Walter E. Roehrs Sr., and current operations are under the leadership of CEO Gil Roehrs. The agency focuses on commercial property/casualty, employee benefits, and personal insurance offerings, and offers expertise in the wood products industry.

In addition, Roehrs & Co. is endorsed by USRowing, the national governing body for the sport of rowing and offers specialized insurance products to its members. The Roehrs team of 12 will maintain its presence in its main Exton office as well as in the Greenville, S.C., office.

Based in Lake Mary, Fla., AssuredPartners acquires and invests in insurance brokerage businesses across the U.S. and in London.

U.S. Risk Insurance Group, American Underwriting Managers

U.S. Risk Insurance Group Inc., has acquired Southlake, Texas-based managing general agency and wholesale insurance broker, American Underwriting Managers (AUM).

For 17 years AUM has served the needs of retail insurance agents and insureds alike primarily in Texas and surrounding states.

U.S. Risk, a specialty lines underwriting manager and wholesale broker, is headquartered in Dallas.

Ascende, EPIC

Houston, Texas-based human capital and employee benefits consulting firm, Ascende Inc. (Ascende), has joined forces with national retail insurance brokerage and employee benefits consulting firm, EPIC Insurance Brokers & Consultants.

Founded in 1995, Ascende specializes in a variety of human capital related fields, including health and welfare, benefit plan administration, retirement, investment advisory, pharmacy management, wellness, communications, global benefit solutions, mergers and acquisitions consulting, and human resources consulting services.

California-based EPIC noted that Ascende significantly expands its employee benefit capabilities nationally, adding nearly 100 professionals and a strong client base in the Southwest.

Confie, Most Insurance, Duane Sammons

Confie, a national provider of personal and commercial lines insurance, has acquired Most Insurance LLC of Tampa, Fla.

Established by Bob Most in 1973, Most Insurance is a family-owned and operated business. With three locations in the metro-Tampa area – Armenia, Fish Hawk, and Dade City – Most’s primary focus is preferred personal auto/home and small commercial insurance. Bob Most’s sons Craig and Eric will remain with the company and continue to manage the agency operations going forward.

Most Insurance will serve as a preferred platform to further build the company’s presence in the Tampa area, according to Valeria Rico, CEO of Confie.

In another deal, Confie also acquired the Duane Sammons Insurance Center Inc. of Bellingham, Wash.

Duane Sammons provides personal and small commercial insurance lines. The former owner of Duane Sammons will remain with Confie.

Established in 2008, Confie is a California-based national insurance distribution company primarily focused on personal lines and small commercial insurance. Today, Confie has more than 680 retail locations and generates annual revenues of approximately $500 million. Confie is a portfolio company of ABRY Partners.

Wallace Welch & Willingham, Sondregger Insurance

Wallace Welch & Willingham (W3) has acquired Sondregger Insurance, an independent agency based in St. Petersburg, Fla. The acquisition was made final on Dec. 9, 2015.

Sondregger Insurance specializes in personal and business insurance. The agency brings one employee and approximately 800 clients. Sondregger’s book of business consists primarily of homeowners policies with a number of commercial, auto and life as well. Clients will continue to work with their agent and will be serviced out of W3’s current downtown St. Petersburg location.

Founded in 1925, Wallace Welch & Willingham is an independent insurance agency offering coverage to businesses and individuals, including commercial, homeowners, auto, boat and life insurance, as well as employee benefits coverage.

Hub, RPG

Hub International Limited, a global insurance brokerage, has acquired the assets of RPG Solutions Inc. of North Carolina. Terms of the acquisition were not disclosed.

Based in Raleigh, RPG specializes in providing employee benefits, HR Services and training and development. Phil Gruber, CEO and founder of RPG, will join Hub Southeast and report to Tim Love, president of Employee Benefits for HUB Southeast. RPG President, Stacey Mangum, who leads RPG’s integrated HR and benefits model, will continue to report to Gruber.

Headquartered in Chicago, Hub International Limited provides property/casualty, life and health, employee benefits, investment and risk management products and services from offices located throughout North America.

Brown & Brown, BayRisk Insurance Brokers

Brown & Brown Insurance Services of California Inc., a subsidiary of Brown & Brown Inc., has acquired certain assets of San Francisco, Calif.-based BayRisk Insurance Brokers Inc.

Following the transaction, the BayRisk team will relocate to Brown & Brown’s existing Lafayette, Calif., office, a branch location of Brown & Brown’s “Sitzmann Morris & Lavis” profit center. The combined operations will operate under the leadership of Matthew M. Sitzmann, executive vice president of Brown & Brown Insurance Services of California.

BayRisk provides property/casualty insurance products and services, including specialty programs for mobile food service vendors, restaurants, technology companies, apartments and recreational marine, to clients throughout California. The company reported annual revenues of $2.5 million.

Brown & Brown Inc., through its subsidiaries, offers a range of insurance and related services.

Topics California USA Texas AIG