Business Moves

August 6, 2018

BNC Insurance Agency, Murray, Schoen & Homer

BNC Insurance Agency Inc., an independently owned retail brokerage firm with headquarters in Rye Brook, N.Y., has acquired Murray, Schoen & Homer Inc., also located in Rye Brook, N.Y. Terms of the transaction were not disclosed.

MSH has been in business since 1906. The six employees of MSH, which include the agency principals Robert Homer and Leslie Homer, have all joined BNC in the transaction.

Founded in 1997, the transaction brings BNC to roughly 85 employees.

Risk Strategies, Oxford Risk Management Group

Risk Strategies, a Boston, Mass.-headquartered, privately held national insurance brokerage and risk management firm, has acquired Oxford Risk Management Group, a Sparks, Md.-based provider of alternative risk and captive insurance and consulting. Terms of the deal were not disclosed.

Established in 2010, Oxford Risk Management Group specializes in conducting captive feasibility analysis, coordination and management of turn-key captive insurance company arrangements, both domestically and internationally. The company is led by its founding principals, Michael DiMayo and Kevin Myers.

Following the acquisition, the Oxford brand and team will continue operating as usual with the company’s expertise continuing to be available to its referral channels as it becomes a resource for Risk Strategies’ clients as well.

Cook Maran & Associates, Joseph P. Price Agency

Cook Maran & Associates, a New York and New Jersey insurance broker and the New York metropolitan area platform for Prime Risk Partners, has acquired Joseph P. Price Agency.

Price is a Long Island, N.Y.-based insurance agency that has provided customized commercial, personal and employee benefit products for more than 25 years.

As a result of the merger with Cook Maran, Price broadens the offering of PRP. Price employees will eventually move from the agency’s Holtsville, N.Y., location to Cook Maran’s Melville, N.Y., office.

Price has also built a specialty practice in risk management for public and special libraries. Beyond property and casualty, Price provides expertise in specialty coverage for valuable and large collections, mobile libraries, cyber security and protection for directors, officers and employees.

Core Assurance Partners,E.L. Creech & Co.

Core Assurance Partners, a financial services company headquartered in Hampton Roads, Va., has acquired E. L. Creech & Co. Inc., a fourth-generation, family-owned property and casualty firm based in Virginia Beach, Va., where it will maintain its offices. Terms of the transaction between the two privately held companies were not disclosed.

The combined organization will continue to serve clients in Hampton Roads, Va., and the Mid-Atlantic region with expertise in insurance and risk management for real estate, hospitality, construction, automotive and maritime industry sectors, complemented by a Private Client Services practice.

Core Assurance Partners offers insurance and risk management products to businesses in the Mid-Atlantic region. Launched in 2017 by a team of insurance entrepreneurs, the privately held firm is expanding its core competencies across industries.

TrueNorth, Gateway Insurance Services

TrueNorth Companies has acquired Iowa-based Gateway Insurance Services, which will adopt the TrueNorth name and brand.

With locations in Ames and Iowa Falls, Gateway Insurance Services has been committed to providing quality insurance products to both communities for nearly 35 years. Like TrueNorth, John Langeland and the Gateway team have established a strong reputation built on faithful service, strategic insight and personalized solutions.

Throughout the transition, Langeland will work closely with TrueNorth Risk Management Specialist Lane Danielsen, to expand the TrueNorth name and firm presence in the Central Iowa area.

Headquartered in Cedar Rapids, Iowa, TrueNorth has offices spanning six states.

Holmes Murphy, Cobb Strecker Dunphy & Zimmermann

Holmes Murphy has joined forces with privately owned Cobb Strecker Dunphy & Zimmermann Inc., based in Minneapolis, Minn.

Holmes Murphy said the merger is its largest to date and strengthens the firm’s depth in the property/casualty and, more specifically, construction and surety industries.

CSDZ was initially founded in 1919 as a construction contract surety organization and has since grown into a nationally recognized specialty risk management organization.

CSDZ will continue to operate on a stand-alone basis and will remain in its three locations of Minneapolis, Minnesota; Salt Lake City, Utah; and Madison, Wisconsin. CSDZ’s Jerry Ouimet will maintain his current role as president overseeing the same day-to-day operations he has been leading for years. CSDZ Chairman and CEO R. Scott Egginton is taking on the role of chairman emeritus of CSDZ and will continue to be involved with both client and partner relations.

The merger adds more than 100 employees to the Holmes Murphy team.

Marsh & McLennan, Klein Agency

Marsh & McLennan Agency LLC, the middle market agency subsidiary of Marsh, has acquired Klein Agency Inc., a St. Paul, Minnesota-based surety and property/casualty agency specializing in the construction industry.

Klein Agency is a third-generation family run agency. It has focused for more than 50 years on helping construction companies with their surety bonding, as well as personal and business insurance needs. All of Klein’s employees and leadership will join MMA and continue operating out of Klein’s existing office.

Marsh & McLennan Agency LLC is a subsidiary of Marsh established in 2008 to serve as a platform for the middle market.

Chatham Insurance Services, DOXA Insurance Holdings

Chatham Insurance Services Inc. (Chatham), a provider of errors and omissions insurance to the managed care industry, has been acquired by DOXA Insurance Holdings LLC (DOXA).

Chatham will continue its operations under the leadership of Jeff Stetson and his staff, retain the Chatham name, and remain headquartered in Schaumburg, Ill.

Chatham began operations in 2002 by Jeff Stetson and Jim Cannella, experts in underwriting in the managed care industry since 1987.

The firm is an independent underwriter solely focused on management liability insurance and managed care coverage across the U.S.

Chatham targets all sizes of publicly and privately held companies as well as nonprofit organizations in need of managed care insurance services.

DOXA Insurance Holdings is a Midwest-domiciled private equity fund that acquires small to medium managing general agents.

INSURICA, Employer Solutions Group

Insurance broker INSURICA, headquartered in Oklahoma City, has acquired employee benefits provider Employer Solutions Group, based in Austin, Texas.

ESG operates throughout Texas under the leadership of Michael Bakonyi and Thomas Seuthe. The entire ESG team will be joining Austin Branch Manager Devin Stewart at INSURICA’s Austin office complex.

The effective date for the deal was June 1, 2018.

With annual revenues topping $100 million, INSURICA employs over 530 employees in 30 offices located throughout Oklahoma, Texas, Arkansas, Colorado, Arizona and California.

AssuredPartners, Hutson Insurance Group

AssuredPartners Inc. has acquired the Hutson Insurance Group located in Plano, Texas.

The Hutson Insurance Group is a full-service insurance broker that has served the Plano and the North Texas marketplace for over 20 years under the leadership of Brian and Kim Hutson.

Headquartered in Lake Mary, Florida, and led by Jim Henderson and Tom Riley, AssuredPartners Inc. acquires and invests in insurance brokerage businesses (property and casualty, employee benefits, surety and MGU’s) across the United States and in London.

Topics Texas Iowa Marsh McLennan

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