Business Moves

July 2, 2018

Risk Strategies, Corporate Benefit Audits

Risk Strategies, a privately held, national insurance brokerage and risk management firm, has acquired Corporate Benefit Audits, a firm providing claim outsourcing and audit services to the medical stop loss, managed care and self-funded industries. Terms of the deal were not disclosed.

Founded in 1992 and based just outside of Boston, Mass., CBA offers outsourced claim auditing services ranging from general claim consulting and complex claim reviews to targeted and randomized claim audits. The company’s clients include stop loss carriers, managing general underwriters (MGUs), reinsurance companies and self-funded employers. CBA works with both plan sponsors and their reinsurance partners to ensure the integrity of stop loss claim adjudication and payment.

Risk Strategies employee benefits practice has grown through targeted acquisitions of companies with expertise in the implementation of a practical, non-traditional approach to benefits programs. Risk Strategies serves commercial companies, non-profits, public entities and individuals.

Talcott Resolution, Cornell Capital

Talcott Resolution, The Hartford’s run-off life and annuity businesses, has been acquired by an investor group led by Cornell Capital LLC, Atlas Merchant Capital LLC, TRB Advisors LP, Global Atlantic Financial Group, Pine Brook and J. Safra Group.

Although Talcott Resolution is no longer affiliated with The Hartford Financial Services Group Inc. or any of its subsidiaries, The Hartford will retain a 9.7 percent ownership interest in Talcott Resolution.

Talcott Resolution will now be an independent, stand-alone insurance company headquartered in Windsor, Conn., with an office in Woodbury, Minn. As part of the transaction, approximately 375 employees of The Hartford are now employees of Talcott Resolution.

Starkweather & Shepley Insurance Brokerage, East Boston Savings Bank

Starkweather & Shepley Insurance Brokerage Inc. and East Boston Savings Bank have formed a strategic alliance, offering a full line of commercial, personal and life insurance products.

The two firms have a mutual client base throughout New England.

Established in 1879, S&S provides commercial and personal insurance, health and employee benefits, surety bonding and risk management services. These services are provided nationally and internationally through its partnership with Assurex Global. S&S has a local presence in Malden, Mass., and 15 office locations.

EBSB is a Massachusetts-chartered stock savings bank originally founded in 1848. It is a wholly owned subsidiary of Meridian Bancorp Inc.

Hub International Limited, Flather & Perkins Inc.

Hub International Limited, a global insurance brokerage, has acquired the shares of Flather & Perkins Inc. Terms of the acquisition were not disclosed.

Headquartered in Washington, D.C., and founded in 1917, Flather & Perkins handles commercial and personal insurance for a variety of nationwide clients including museums, galleries, collections and fine arts dealers.

Flather & Perkins President Bruce Perkins will join Hub Mid-Atlantic and report to Hub Mid-Atlantic President Norman Breitenbach.

Hub International Limited is headquartered in Chicago, Ill.

Affinity Worldwide, First Consulting and Administration

A group of investors that own Affinity Worldwide and National Real Estate Insurance Group (NREIG) and led by Tim Norris, has purchased First Consulting and Administration Inc., a Kansas City-based insurance compliance service company.

Established in 1969, First Consulting and Administration previously was owned and managed by Francine Fetyko. The purchase was finalized in May. The terms were not disclosed.

First Consulting and Administration provides compliance services including drafting, filing, licensing and other operational compliance consulting to life/health and property/casualty insurance firms. First Consulting and Administration will retain its current name and location in Kansas City.

AssuredPartners, Bell Insurance

AssuredPartners Inc. has acquired Dallas-based Bell Insurance.

Bell Insurance has delivered quality insurance products and services to individuals and businesses throughout Texas for over 30 years. The team of 23 will continue operations under the leadership of President Vince Bell.

Bell Insurance reports approximately $4 million in revenues.

Headquartered in Lake Mary, Fla., AssuredPartners acquires and invests in insurance brokerage businesses across the U.S. and in London.

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Insurance Journal West July 2, 2018
July 2, 2018
Insurance Journal West Magazine

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