Business Moves

May 21, 2018

Alliant Insurance Services, Crystal & Company

Alliant Insurance Services, a Newport Beach, Calif.-headquartered specialty insurance brokerage firm, has entered into a definitive agreement to acquire New York-based Crystal & Company.

Terms of the agreement were not disclosed.

Following the transaction, The Crystal & Company team will continue to service clients from its 11 offices throughout the U.S. while combining forces with Alliant to provide a cohesive offering to its collective client base.

The agreement will serve to expand Alliant’s national footprint and areas of expertise, according to a company press release.

According to Crystal & Company Chairman and CEO Jim Crystal, the new alignment will also foster Crystal & Company’s growth and provide a stronger service platform for its client base.

Founded in 1933, Crystal & Company provides insurance and employee benefits consulting services to a global client base. Currently in its third generation of Crystal family leadership, the firm operates in the financial institutions space, as well as other industry verticals that include energy, technology, real estate, hospitality, consumer products and retail. In addition, the firm has a private client service operation that will enhance Alliant’s presence in that space.

Alliant provides a comprehensive set of property and casualty and employee benefits products and services to clients globally, with positions in construction, public entities, tribal nations, financial institutions, healthcare, energy, law firms, real estate and other industry groups.

DFW Capital Partners, ReSource Pro

DFW Capital Partners, a 35-year-old private equity firm based in New Jersey, has completed an investment in ReSource Pro, becoming the company’s majority owner.

ReSource Pro, a New York-based provider of operations efficiency and business process solutions for the insurance industry, will continue as a stand-alone entity with its existing management team that is tasked with expanding the company’s operations. Terms of the transaction were not disclosed.

DFW’s strategy has been to invest in middle market companies with strong management teams and consistent annual revenue growth, said DFW Managing Partner Keith W. Pennell in a ReSource Pro press release.

With service operations across the U.S., China and India, ReSource Pro is focused on operational efficiency and analytics as drivers of growth for insurance organizations. The company was founded in 2004.

Specialty Program Group, New Heights Insurance Solutions

Specialty Program Group LLC, an insurance holding company for specialty brokerages and underwriting facilities, has launched Eastern Pennsylvania-based New Heights Insurance Solutions (New Heights).

New Heights President Megan Rose joined SPG as part of its Norman-Spencer Crane acquisition and will run the newly created platform.

With more than 25 years of experience in the construction insurance space, New Heights provides resources and services to the crane and boom industry.

Headquartered in Summit, N.J., SPG focuses on expanding program underwriting and specialty businesses.

“The creation of New Heights is important for SPG and will launch our construction platform,” said SPG President and CEO Chris Treanor in a company press release. “We believe in the team’s ability to build durable solutions for the unique needs of the construction client, starting with crane and expanding into related niches.”

AssuredPartners, National Insurance Services

AssuredPartners Inc. has acquired National Insurance Services, headquartered in Brookfield, Wisc.

NIS is trusted by more than 2,500 public sector organizations in 29 states for employee benefits consulting and brokerage services such as medical, dental, life, disability and vision insurance. In addition, as many as 600 schools, cities and counties have entrusted the Retirement Income Division with more than 700 million dollars in deposits on behalf of employees and retirees in 403(b) plans, health reimbursement and flexible spending arrangements, employee benefit trusts and retirement incentive payouts.

The staff of 129 will continue operations under NIS’ President and CEO Bruce Miller. NIS will continue its focus on the school and other public-sector markets and will provide additional distribution for AssuredPartners in the public sector.

NIS has additional locations in Eden Prairie, Minn.; Canonsburg, Penn.; Indianapolis, Ind.; Kalamazoo, Sterling Heights and Ann Arbor, Mich.; and Omaha, Nebraska.

AssuredPartners, Cornerstone Insurance Group

In another transaction, AssuredPartners Inc. has acquired Cornerstone Insurance Group, based in St. Louis, Mo.

Cornerstone is a full-service insurance firm providing employee benefits, risk management and personal insurance solutions.

The agency, which has offices in St. Louis and Southern Illinois, also supports clients with non-insurance resources in payroll, human resources, wellness, loss control and more.

The staff of 85 will continue operations under Managing Partners Richard Steinbaum and Cody Wilson.

By combining insurance and benefits products with non-insurance services, Cornerstone provides businesses of all sizes with solutions that support their broader business goals.

AssuredPartners said the Cornerstone acquisition is its 200th since the company was founded in 2011.

Headquartered in Lake Mary, Fla., AssuredPartners is led by Jim Henderson and Tom Riley.

Associated Banc-Corp, Anderson Insurance & Investment Agency

Green Bay, Wisc.-based Associated Banc-Corp announced its Associated Benefits and Risk Consulting group will acquire Anderson Insurance & Investment Agency Inc., an independent insurance agency based in Minneapolis, Minn.

The transaction is expected to close next month. Terms of the transaction were not disclosed.

ABRC is a multi-line insurance and Midwest-based consulting firm with more than 400 employees.

Anderson, which was founded in 1927, adds a range of complementary services and significant expertise in workers’ compensation and executive risk management services.

Based on 2017 financials, and the March 1, 2018, acquisition of Diversified Insurance Solutions, the company believes the addition of Anderson will solidify ABRC’s position among the top 45 insurance brokerage firms in the U.S.

As part of the proposed transaction, key Anderson executives will maintain leadership roles.

Along with current ABRC senior leadership, the team will be responsible for the integration and expansion of the business.

H.W. Kaufman Group, Stonemark

H.W. Kaufman Group has acquired Dallas-based premium financing firm, Stonemark Inc., with plans to merge it into Kaufman subsidiary, Royal Premium.

The merger will create a new organization under the Stonemark brand.

Stonemark recorded more than $125 million in annual loan volume in 2017, according to Kaufman’s announcement.

Elizabeth Davies, who serves as Stonemark’s CEO and whose family founded the company more than 30 years ago, will lead the combined organization as president. Laura Tate, who served as chief operating officer, will assume the role of chief administrative officer.

Stonemark will maintain the group’s associates at its current location in Dallas, Texas. The Royal Premium Detroit/Farmington Hills, Mich., office will operate under the Stonemark name.

The new Stonemark organization expects to offer insurance premium financing services for the property and casualty broker or agent in commercial, professional and personal lines.

As part of the acquisition, Stonemark will also deploy premium financing specialists throughout more than 60 Kaufman and Burns & Wilcox offices.

This marks the 18th acquisition by H.W. Kaufman Group since 2010.

Higginbotham, Butler Carson Tate Insurance

Higginbotham and Butler Carson Tate Insurance have merged operations in Lubbock, Texas.

This is Higginbotham’s second office in Lubbock, having entered the market in 2015 when it merged with another locally managed independent insurance agency.

The two offices and their combined 18 insurance and financial services professionals will work in unison to deliver a single-source product to west Texas businesses and families.

Butler Carson Tate Insurance will expand services to include group life, health and disability plans by collaborating with employee benefits broker and managing director Jeff Fowler at Higginbotham in Lubbock.

James Tate, president, will continue supervising Butler Carson Tate Insurance as managing director, with John Carson as vice president.

Butler Carson Tate opened in 1973 to broker business and personal property/casualty insurance in Lubbock, Texas.

Higginbotham is headquartered in Fort Worth, Texas, and operates 29 offices in Texas and Oklahoma City, most of which were established agencies that joined the firm.

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