Business Moves

November 7, 2016

Verisk Analytics, Analyze Re

Data firm Verisk Analytics Inc. has acquired Halifax, Novia Scotia-based Analyze Re, a software analytics provider for the reinsurance and insurance industries founded in 2013.

Analyze Re will become part of Boston-based AIR Worldwide, the Verisk Analytics catastrophe risk modeling business, and will enable AIR to provide its clients with additional real-time pricing, exposure management and enterprise portfolio roll-up capabilities.

Bill Churney, president of AIR Worldwide, said Analyze Re’s advanced analytics will complement AIR’s existing software.

Analyze Re says its PRIME product helps reinsurers improve complex reinsurance portfolios and insurers design reinsurance coverage to optimize coverage.

Analyze Re founder and CEO Adrian Bentley co-founded Analyze Re along with Oliver Baltzer and Shivam Rajdev. The three left Flagstone Re after it was acquired by Validus in 2012.

According to crunchbase, Analyze Re raised $1.4 million in November, 2013, with Innovacorp as lead investor.

Northwest Insurance Services, Winans Insurance & Employee Benefits

Northwest Insurance Services has signed a definitive agreement to acquire Winans Insurance & Employee Benefits.

As part of the acquisition, the entire Winans team will continue to operate from its current office. Winans’ owner, David G. Winans, will become vice president of Northwest Insurance Services, serving Northwestern Pennsylvania and New York’s Southern tier.

Northwest Insurance Services is a Warren, Pa., headquartered subsidiary of Northwest Bank. Founded in 1896, Northwest Bank is a full-service financial institution offering business and personal banking products, employee benefits and wealth management services, and the fulfillment of business and personal insurance needs.

Winans Insurance & Employees Benefits is a property and casualty insurance and employee benefits firm also located in Warren. Founded in 1927, it has grown through a series of acquisitions to be one of the largest insurance agencies in its area.

Tarpey Insurance Group Inc., TSB Insurance Services

Tarpey Insurance Group Inc. has acquired TSB Insurance Services. TSB Insurance Services will be relocated to Tarpey Insurance Group’s home office.

Tarpey Insurance Group is a family owned and operated independent insurance agency headquartered in Wakefield, Mass. The three-generation agency has additional offices in Melrose, Saugus, Newton and Lexington.

The agency represents several national and regional companies offering insurance products to both businesses and individuals.

The Windham Group, Logical IME

The Windham Group has launched Logical IME, an independent medical examination company that serves workers’ compensation payers.

Based in Manchester, N.H., Logical IME provides independent medical exams (IMEs), as well as peer review, functional capacity examinations, permanency ratings and record review. Operating as a business affiliate of Windham Group, Logical IME has its own separate management team and staff.

Typical IMEs are conducted by physicians who specialize in treating a certain condition and have not previously cared for the injured employee. They involve a comprehensive medical record review and physical examination. IME reports render opinions on diagnosis and treatment, and are often used to determine return-to-work capacity and disability ratings, identify treatment options, and help settle claims.

Logical IME was created to manage and streamline the process and provide pricing transparency to the industry. It seeks to simplify the process by working to identify physician examiners, schedule appointments, arrange transportation and translation services, and manage other details.

It is rolling out services regionally, starting with New England, and plans to provide services nationally in the next six to 12 months.

NSM Insurance Group, Vantage Holdings

NSM Insurance Group has acquired Vantage Holdings. The acquisition is subject to FCA approval.

NSM Insurance Group is a Conshohocken, Pa.-based insurance program administrator. This move marks its first international acquisition and will serve as a platform for expanding NSM’s presence in U.K. markets.

Vantage Holdings, which includes Vantage Insurance Services and Classic Insurance Services, is an industry-specific insurance program administrator that was established in 2004 and is based in the U.K. The Classic Insurance Services program, which specializes in insuring classic cars, classic motor trade and high-net-worth collections, is the fourth collector car insurance program to be added to NSM’s portfolio. Additionally, Vantage Insurance Services is one of the largest insurers of outdoor leisure and tour operator liability in the U.K.

Going forward, NSM Insurance Group is seeking to acquire additional niche specific insurance businesses and program managers.

The Hilb Group, Fundamental Insurance & Retirement Planning

The Hilb Group LLC (THG) has acquired Indianapolis-based Fundamental Insurance & Retirement Planning Inc. (FIRP).

FIRP provides a range of insurance offerings including property and casualty, life and health for businesses and individuals. All of FIRP’s employees, including President Michael Weisemann, are joining THG and will continue to operate out of their four offices located throughout Indiana under their existing name.

With this acquisition, THG expands its footprint into the Midwest and establishes its commitment to building a distinguished network of nationwide agency partners.

THG is headquartered in Richmond, Va., and is a portfolio company of Boston-based ABRY Partners.

Acrisure

Grand Rapids, Mich.-based Acrisure LLC has signed a definitive agreement for a management-led buyout of the company, led by Greg Williams, Acrisure’s CEO and co-founder, and a consortium of minority investors.

Acrisure management and its operating partners are acquiring control of the company from Genstar Capital. Genstar acquired Acrisure in 2013 and has worked with Williams and the Acrisure management team to expand Acrisure’s geographic footprint and to broaden its insurance offerings.

Under Genstar’s ownership, the company acquired more than 138 retail insurance brokerages and generated industry-leading organic growth. Annual revenues today exceed $670 million.

Acrisure is a retail insurance brokerage offering risk management and consulting solutions, including property/casualty, employee benefits, human resource outsourcing, loss and claims management, surety bonding and personal lines coverage.

Confie, Alamo Auto Insurance

Confie, a national provider of personal and commercial lines insurance, has acquired Hulme Corp., dba Alamo Auto Insurance of East Texas.

Founded in 2001 and based in Tyler, Texas, Alamo Auto focuses on providing non-standard auto insurance.

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Insurance Journal West November 7, 2016
November 7, 2016
Insurance Journal West Magazine

Focus on Professional Liability / PLUS; Habitational / Dwellings; Agents’ E&O Survey