Business Moves

March 7, 2016

The Hilb Group, PriMed Consulting

The Hilb Group, a middle market insurance agency based in Richmond, Va., has acquired PriMed Consulting, an independent agency in Ocean Township, N.J. Terms of the transaction were not disclosed.

Founded in 1998, PriMed Consulting specializes in providing medical malpractice insurance services for physicians in New York and New Jersey.

PriMed President Gabrielle Lamb will continue to lead the agency’s 13 employees under its current name and will serve as a medical malpractice resource to other Hilb offices.

Established in 2009, The Hilb Group currently has more than 400 employees and 40 offices. The Hilb Group is a portfolio company of Boston-based private equity firm, ABRY Partners.

AssuredPartners, Encompass Risk Solutions

AssuredPartners Inc. has acquired Encompass Risk Solutions Inc., an independent agency based in Warminster, Penn., with two additional offices in York, Penn., and Marietta, Ga. Terms of the transaction were not disclosed.

Founded in 2011, Encompass Risk Solutions offers specialized trucking insurance programs. The Encompass team of 15 will continue to provide risk management and insurance services for the transportation industry under the leadership of President Jeff Maconaghy. The agency reports approximately $4.5 million in revenues.

Based in Lake Mary, Fla., AssuredPartners has grown to $550 million in annualized revenue, with over 125 offices in 30 states and a London office.

FBinsure, Hardy & Ponte

FBinsure, an independent insurance agency with nine locations in Massachusetts, has acquired the Hardy & Ponte Insurance Agency, an independent agency in New Bedford, Mass. Terms of the transaction were not disclosed.

FBinsure said Hardy & Ponte’s President Jeffrey A. Hardy will step away from insurance to pursue other endeavors after the transition is complete. Hardy & Ponte’s two other staff members will join FBinsure as full-time employees. Hardy & Ponte’s New Bedford office will be merged into FBinsure’s existing New Bedford location in coming months.

FBinsure is an independent agency based in Taunton, Mass., with eight additional offices in the southeastern Massachusetts region and more than 90 employees. The agency is partly owned by Taunton-based Bristol County Savings Bank.

Patriot National, Mid Atlantic Insurance

Patriot National Inc., a workers’ compensation outsourcing services firm based in Fort Lauderdale, Fla., has acquired Mid Atlantic Insurance Services, a wholesale commercial insurance broker and program administrator in Richmond, Va.

Terms of the transaction were not disclosed.

Mid Atlantic will become part of Patriot Underwriters, a Patriot National subsidiary and a program administrator for workers’ compensation insurance products. Steve Love, president of Mid Atlantic, will report to Paul Halter, executive vice president of Field Operations, Patriot National Inc. and CEO of Patriot Underwriters Inc.

Patriot National will maintain Mid Atlantic’s Richmond office. Mid Atlantic’s 18 employees will join Patriot Underwriters as part of the transaction.

Patriot National is an independent national provider of comprehensive outsourcing services within the workers’ compensation insurance marketplace for insurance companies, employers, local governments and reinsurance captives. Patriot National has approximately 1,200 employees.

United Community Financial Corp., James & Sons Insurance

United Community Financial Corp., holding company of The Home Savings and Loan Co., has completed its acquisition of James & Sons Insurance in Youngstown, Ohio.

This transaction marks the initial step in the formation of The Home Savings Insurance Group.

James & Sons Insurance is a local insurance agency established in 1921.

James & Sons offers a wide variety of insurance products for business and residential customers, which include, auto, homeowners, life-health, commercial, surety bonds, aviation and much more.

USI Insurance Services, Best Insurance

USI Insurance Services has acquired Best Insurance, located in Tamarac, Fla. Best Insurance offers a range of personal insurance products to customers in Florida, Georgia, North Carolina and South Carolina. Terms of the transaction were not disclosed.

James W. Dunn, USI Southeast regional chief executive officer, said Best Insurance will help strengthen the company’s presence in the Southeast where it continues to invest heavily.

USI is headquartered in Valhalla, N.Y., and has over $1.0 billion in revenue, more than 4,400 professionals and operates out of nearly 140 local offices nationwide.

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Insurance Journal West March 7, 2016
March 7, 2016
Insurance Journal West Magazine

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