Business Moves

May 7, 2018

Sedgwick, Cunningham Lindsey

Memphis, Tenn.-based global claims services firm Sedgwick has finalized the acquisition of competitor global loss adjusting and claims management firm, Cunningham Lindsey and its subsidiaries.

Sedgwick purchased its competitor from CVC Capital Partners, a private investor group that has owned a majority ownership in Cunningham Lindsey since 2012.

Details of the sale were not disclosed.

The acquisition brings Sedgwick nearly 6,000 Cunningham Lindsey employees in 65 countries who support businesses, insurance companies, brokers and policyholders. The combined firm will have 21,000 employees.

The services Cunningham Lindsey delivers, which include property loss adjusting, third-party claims administration, global account management, forensic engineering, and restoration and repair consulting, complement the capabilities of Sedgwick and Vericlaim.

Most of the combined organization, including the subsidiaries of Sedgwick, Vericlaim and Cunningham Lindsey, will operate globally under the Sedgwick brand name.

Dave North, Sedgwick’s president and CEO, will continue to lead the company’s executive council, now comprising global chief financial officer Henry Lyons, group presidents Mike Arbour and Bob Peterson, and Jane Tutoki, who previously served as global CEO of Cunningham Lindsey and has been appointed vice chair.

Worldwide Facilities, Tennant Risk Services Insurance Agency

Worldwide Facilities has acquired Tennant Risk Services Insurance Agency LLC.

Worldwide Facilities is a Los Angeles-based national wholesale insurance brokerage and managing general agency. Tennant Risk Services Insurance Agency is a West Hartford, Conn.-based wholesale insurance broker and underwriting manager specializing in the placement of professional liability and specialty insurance coverages.

Tennant offers its products and services across the U.S. through retail agents and brokers. Tennant CEO Robert Sargent joins Worldwide Facilities as executive vice president following the transaction, where he will continue to manage his team as well as assume a company leadership role as part of Worldwide Facilities’ senior management.

This transaction represents an expansion of Worldwide Facilities’ footprint in the professional liability space, where Tennant has expertise and products in the E&O, D&O, EPLI and cyber lines of business.

It broadens the markets and products available to the retail brokers and agents served by Worldwide Facilities, as well as the underwriting opportunities for Worldwide Facilities’ markets.

IAT Insurance Group, IFIC Surety Group

IAT Insurance Group has reached a definitive agreement to acquire IFIC Surety Group Inc. for an undisclosed amount.

The acquisition signals IAT’s entry into the surety market. The closing of the transaction is subject to customary regulatory approvals.

IFIC Surety Group is headquartered in Newark, N.J., and operates in 24 locations throughout the U.S. The company consists of International Fidelity Insurance Company and its subsidiary, Allegheny Casualty Company. It writes contract, commercial, bail, customs, specialty and subdivision bonds. Writings in each of these areas are spread throughout the U.S. and produced through independent agencies specializing in surety.

IAT is a privately owned, specialty insurance company providing property and casualty products for businesses and individuals. With 700 employees and 13 offices across the country, it goes to market through six business units: Commercial Transportation, Specialty, Programs, Inland Marine, Surplus Lines Excess and Assumed Reinsurance.

IAT plans to maintain the IFIC brand following the acquisition.

Jones Day served as legal advisor, and Keefe, Bruyette & Woods Inc., a Stifel Company, served as financial advisor to IFIC in the transaction. Poyner Spruill served as legal advisor to IAT in the transaction.

Cook Maran & Associates, Rosenthal Insurance Group

Cook Maran & Associates has acquired Rosenthal Insurance Group Inc.

Cook Maran is a New York and New Jersey insurance broker, and the New York metropolitan area platform for Prime Risk Partners. Rosenthal is a Wayne, N.J.-based agency specializing in employee benefits.

Following the acquisition, Rosenthal employees will move to Cook Maran’s Fair Lawn, N.J. office.

Rosenthal has more than 40 years of experience advising businesses on customized, cost-effective insurance solutions for employers and plan administrators. In merging with Cook Maran, Rosenthal also broadens the PRP offering.

Additionally, Cook Maran Chairman and CEO Len Scioscia stated that the Rosenthal acquisition continues to strengthen Cook Maran’s portfolio in employee benefits.

Smith Brothers Insurance, Bailey Agencies Insurance

Smith Brothers Insurance LLC has purchased the assets of Bailey Agencies Insurance of Groton, Conn.

Bailey was founded in 1890 by Henry Bailey to help protect families and businesses throughout the Southeastern Connecticut region. Owned and operated by the Scott family since 1980, Bailey Agencies Insurance has been a long-term fixture on the Southeast Connecticut shoreline.

With headquarters in Glastonbury, Conn., Smith Brothers is an independently operated broker in the U.S. and has offices throughout Connecticut, Massachusetts and New Jersey. Founded in Hartford, Conn., in 1971 by brothers Bob and Brian Smith, it seeks to help organizations and individuals manage risk, protect assets and grow.

Following the transaction, Bailey Agencies Insurance has moved to the Smith Brothers office in Niantic, Conn.

John Scott IV, former Bailey Agencies Insurance principal, said the company will help Bailey perpetuate a longstanding agency, deliver broader market scope and access and add to its client offerings.

Scott will continue his role as commercial lines producer and, along with two other insurance professionals, will work from the Smith Brothers’ Niantic office.

Smith Brothers’ long-term strategic focus is to grow along the shoreline to help protect families and businesses in the unique requirements of a coastal environment, said Jared Carillo, Smith Brothers’ director of foundation accounts, in a press release.

Specialty Program Group, Norman-Spencer Agency

Specialty Program Group LLC, an insurance holding company for specialty brokerages and underwriting facilities, acquired the assets of Ohio-based Norman-Spencer Agency’s crane program, personal lines watercraft program and commercial lines recreational marine program divisions. Terms of the acquisition were not disclosed.

With offices across the country, NSA’s personal lines watercraft program and commercial lines recreational marine program divisions focus on providing solutions for personal and commercial recreational marine risks including personal watercraft, yachts, marinas, boat dealers, yacht brokers, boat repair businesses, and yacht clubs.

Specialty Program Group is headquartered in Summit, New Jersey.

Arthur J. Gallagher, Integrity Transportation Insurance

Arthur J. Gallagher & Co. has acquired Houston-based Integrity Transportation Insurance Agency LLC. Terms of the transaction were not disclosed.

Integrity Transportation Insurance Agency is a retail property/casualty broker serving Texas-based transportation clients, primarily long-haul truckers.

Hudson Knox III and his associates will continue to operate from their current location under the direction of Bret VanderVoort, head of Gallagher’s South Central retail property/casualty brokerage operations.

Arthur J. Gallagher & Co., an international insurance brokerage and risk management services firm, is headquartered in Rolling Meadows, Illinois.

USI Southwest, Trisura Specialty

USI Southwest has finalized an exclusive Intermodal Truck Insurance Program with Hybrid US fronting carrier Trisura Specialty.

The program targets intermodal transportation companies in Texas with plans to expand to other regions of the United States over time.

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Insurance Journal West May 7, 2018
May 7, 2018
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