Business Moves

Confie, Automobile Insurance Specialists Inc., Trinity Insurance LLC, Whitehead Insurance Inc.

Confie has acquired three insurance agencies in Las Vegas, South Florida, and Washington State.

Confie acquired the assets of: Automobile Insurance Specialists Inc. of Las Vegas, whose primary focus since its founding in 2007 is personal auto insurance; Trinity Insurance LLC, operating three locations in South Florida, Homestead, Cutler Bay, and Palmetto Bay that have focused on providing auto insurance since 2009; and Whitehead Insurance Inc., an independent agency based in Yakima, Wash., primarily offering auto insurance since 1955.

Valeria Rico, CEO of Confie, said, “As we continue to expand Confie’s insurance products to new markets, we are also focused on broadening our presence in existing markets we have not fully penetrated. Nevada, Florida, and Washington State are attractive markets, and we are pleased to partner with these leading agencies and integrate them into the Confie family of companies.”

Established in 2008, Confie is a California-based national insurance distribution company focused on personal lines and small commercial insurance. Confie has more than 700 retail locations and generates annual revenues approaching $500 million.

Walsh Duffield, Don Allen Agency

Walsh Duffield Companies Inc., an independent insurance agency based in Buffalo, N.Y., has acquired Don Allen Agency Inc., based in Rochester, N.Y. Terms of the transaction were not disclosed.

This is the third agency acquisition for Walsh Duffield in the Rochester and surrounding region. Walsh Duffield previously acquired the Barry York Agency in Pittsford earlier this year and acquired Stuart G. Smith Agency – now doing business as Walsh Quinn Agency – in Brighton in 2014.

The Don Allen Agency will continue to operate from its current offices in Rochester and Avon, N.Y. Its 28 staff members will join Walsh Duffield as part of the transaction, bringing Walsh Duffield’s employee count to 110.

With the addition of the Don Allen Agency, the Rochester market now represents approximately one-third of the Walsh Duffield book of business.

Founded in 1860, Walsh Duffield is a fourth-generation, family-owned independent agency. With offices in Buffalo, Medina and Rochester regions, Walsh Duffield offers personal and commercial insurance products to clients across upstate New York.

JenCap, Trivedi-Capacity

JenCap Holdings LLC, a portfolio company of private-equity giant Carlyle Group, has acquired Trivedi-Capacity Associates LLC, a specialist managing general agent and wholesaler based in Mahwah, N.J. Terms of the transaction were not disclosed.

Trivedi-Capacity is a provider of specialty programs focused on commercial risks, particularly in the hotel and community association space. It has been in business since 2004.

Trivedi-Capacity’s staff of 10 will be part of the transaction, with Tushar Trivedi remaining as president. They will continue to operate from their current offices in Mahwah and San Diego, Calif., as Trivedi-Capacity Associates LLC, a JenCap Holdings LLC company.

JenCap is a recently formed insurance holding company based in New York City. It serves as a consolidator of specialty insurance distribution and program management businesses, including MGAs, specialty program underwriters, transactional wholesale brokers and captive managers.

JenCap is a holding of Carlyle Global Financial Services Partners II, a $1 billion fund closed in 2014. The fund invests in all verticals of financial services, including asset and wealth management, insurance, capital markets, business services, banks and specialty finance.

People’s United, Eagle Insurance

People’s United Bank, N.A. in Bridgeport, Conn., announced that its subsidiary, People’s United Insurance Agency, has acquired Eagle Insurance Group, a Raynham, Mass.-based insurance brokerage. Terms of the transaction were not disclosed.

Formed in 2010, Eagle Insurance Group provides property/casualty insurance, risk management, and consultation services to a diverse clientele including petroleum marketers, contractors, manufacturers, property managers, and trucking companies.

People’s United Insurance Agency is headquartered in Hartford, Conn. It provides personal insurance, employee benefits and commercial insurance through a team of more than 160 professionals. It has eight locations across Connecticut, Massachusetts, New Hampshire, New York and Vermont.

People’s United Bank, N.A. is part of People’s United Financial Inc., a diversified financial services company with more than $39 billion in assets. People’s United Bank, founded in 1842, is a community-based, regional bank in the Northeast offering commercial and retail banking, as well as wealth management services, through a network of nearly 400 retail locations in Connecticut, Maine, Massachusetts, New Hampshire, New York and Vermont.

UPC, Interboro

United Insurance Holdings Corp. (UPC Insurance), a property/casualty insurance holding company based in St. Petersburg, Fla., completed its acquisition of Interboro Insurance Company in Mineola, N.Y.

UPC Insurance first announced the $57 million deal last September.

Established in 1914, Interboro is the oldest insurance company in New York’s Long Island region. Interboro writes homeowners insurance in New York and South Carolina through a network of more than 600 independent brokers. It is also licensed to write business in Louisiana, Alabama, and Washington, D.C.

Founded in 1999, UPC Insurance is an insurance holding company that sources, writes and services residential and commercial P/C insurance policies using a network of independent agents and a group of wholly owned insurance subsidiaries.

UPC Insurance writes and services P/C insurance in Connecticut, Florida, Georgia, Hawaii, Louisiana, Massachusetts, New Jersey, North Carolina, Rhode Island, South Carolina and Texas, and is licensed to write in Alabama, Delaware, Maryland, Mississippi, New Hampshire, New York and Virginia.

Arthur J. Gallagher & Co., Charles Allen Agency, Insurance Plans Agency

Arthur J. Gallagher & Co. (AJG), acquired the Charles Allen Agency Inc. in Waite Park, Minn. Terms of the transaction were not disclosed.

Founded in 2010, the Charles Allen Agency Inc. (CAA) is a retail insurance broker that provides commercial surety bonding and insurance services in the Midwest. The firm specializes in coverage for the construction industry.

Mark Gresser and his associates will continue to operate from their Waite Park location under the direction of Michael Pesch, head of Gallagher’s Midwest region retail P/C brokerage operation.

In a separate deal, AJG acquired Insurance Plans Agency Inc. (IPA) in South Barrington, Ill. Terms of the transaction were not disclosed.

Established in 1983, IPA is a retail insurance broker providing group employee benefits products and consulting services, and commercial P/C insurance services.

Mark Andrew Varland and his team will continue to operate from their current location under the direction of William Ziebell, head of Gallagher’s North Central employee benefit consulting and brokerage operations.

Topics Florida New York Washington Massachusetts Connecticut A.J. Gallagher New Hampshire