Evergreen Insurance & Risk Management, a Monsey, New York, based insurance brokerage for investment real estate, has acquired the assets of Sheridan & Co. Group LLC and T.J. Sheridan & Co. Inc. Terms of the deal, which closed in September, were not disclosed.
Sheridan is a commercial lines insurance provider headquartered in northern New Jersey, with a concentration on investment property insurance, real estate insurance and condo association insurance. Tom Sheridan, president and CEO of Sheridan and a 41 year insurance industry veteran, will continue at Evergreen on a consulting basis following the acquisition.
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This acquisition closely follows Evergreen’s July relocation to its new office space in Monsey, New York, to accommodate past growth and future expansion plans.
Confie, First Stop Insurance, Absolute Insurance Agency
Confie, a national provider of personal and commercial lines insurance, has acquired the BMR Agency LLC dba First Stop Insurance in Washington Park, Ill.
First Stop Insurance specializes in non-standard auto insurance.
In a separate deal, Confie announced the acquisition of Absolute Insurance Agency Inc., in Miami.
Absolute, established in 1989, focuses on providing non-standard auto insurance.
Confie has completed 14 acquisitions thus far in 2016.
CEO of Confie, Valeria Rico, said the company continues to seek out additional agencies that will add to its retail locations.
Confie is a national insurance distribution company primarily focused on personal lines and small commercial insurance.
Confie is a portfolio company of ABRY Partners and is headquartered in Huntington Beach, Calif.
Chicago Underwriting Group Inc., Old Republic Professional Liability Inc.
Chicago Underwriting Group Inc., the professional liability underwriting division of Old Republic Insurance Co., is changing its name to Old Republic Professional Liability Inc.
The company said the new name more clearly identifies with its ultimate parent, Old Republic International Corp. and its family of multi-line insurance companies.
Formed in 1983, Old Republic Professional Liability is a specialist in Directors & Officers (D&O) liability insurance for American businesses and other institutions. While serving a variety of industries, the company retains as clients a large number of technology, biotechnology and life science firms. It currently insures 50 percent of the NASDAQ 100 Index and 60 percent of the NASDAQ Biotechnology Index.
Higginbotham, Davis Insurance Agency
Fort Worth, Texas-based Higginbotham and Davis Insurance Agency, headquartered in Lufkin, have merged.
Davis Insurance is an independent broker with a workforce of 26 in its Lufkin home office and Amarillo branch. The union adds East Texas and Panhandle offices to Higginbotham and grows it to 800 professionals and 26 locations statewide.
This is the fourth merger Higginbotham has completed this year as part of a growth initiative started in 2008. The firm is continually expanding across Texas by partnering with brokers that add capacity to serve more customers and widen its footprint.
The merger with Davis Insurance marks Higginbotham’s entrance into the Panhandle with the Amarillo office and expands its eastern presence with the Lufkin office.
Both firms offer personal and commercial insurance and employee benefits. Higginbotham has practice groups for industry specialization, and Davis Insurance has developed niche expertise in forest products insurance during 44 years of experience in the sector.
Ira and Vera Davis started Davis Insurance in 1949 from their home in Lufkin. Three generations of Davis men and women have led the firm’s growth to more than 3,000 accounts.
Davis Insurance will continue operating under the leadership of Managing Directors Larry Davis and Mike Davis.
SWBC Insurance Services, Levy & Levy & Lefton Insurance Agency
San Antonio-based SWBC Insurance Services, a division of SWBC, has acquired Levy & Levy & Lefton Insurance Agency, one of the oldest independent insurance agencies in San Antonio.
David Lefton, principal of Levy & Levy & Lefton, will join the SWBC family and continue to serve his clients.
Levy & Levy & Lefton was founded in 1919 by Ernest M. Levy. David Lefton joined his father, Arthur Lefton, at the firm in 1969 after graduating from the University of Texas. The company was built on a solid reputation and customer referrals.
Lefton is joining the company as vice president of SWBC Insurance Services.
USI, Johnson & Bryan
USI Insurance Services has entered into an agreement in principle to acquire Johnson & Bryan, a retail property/casualty and employee benefits insurance brokerage firm based in Atlanta.
The acquisition will expand USI’s footprint into a new city and market where the company said it is looking to invest and grow.
All employees at Johnson & Bryan will be offered employment by USI. The parties expect to reach a definitive agreement and close the transaction early fourth quarter of 2016.
Terms of the agreement in principle were not disclosed.
USI is a local and national insurance brokerage and consulting firm, delivering property and casualty, employee benefits, personal risk and retirement solutions throughout the United States. The company is headquartered in Valhalla, N.Y.
Johnson & Bryan has been serving the Atlanta community since 1931 with a myriad of insurance and risk management services for businesses and individuals alike.
Global Risk Partners, SLK General
Global Risk Partners Ltd. (GRP), the London-based insurance broking and managing general agent investment vehicle, has acquired the commercial and personal insurance broker, SLK General Insurance Services Ltd., based in Ely, Cambridgeshire in the U.K.
SLK Insurance’s management team will continue to lead the business.
Shaun Locke, managing director of SLK General Insurance Services Ltd., said: “Joining Global Risk Partners is an ideal solution for our business and with their support we can accelerate our growth plans.”
London-based GRP currently handles about £400 million ($504.6 million) of insurance premium.
GRP is an investment vehicle aimed at brokers and managing general agents (MGAs) trading in the UK retail and global, specialty insurance markets. Established in 2013 by Peter Cullum, chairman, and David Margrett, chief executive, GRP acquires businesses, teams and portfolios that have niche, non-commoditized and specialty propositions. It is backed by private equity firm Penta Capital LLP.
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