Business Moves

October 21, 2019

East

The Hilb Group, Damiano Agency, Handy-Apple Valley

The Hilb Group LLC has acquired Rhode Island-based Damiano Agency. The transaction became effective July 1, 2019.

For more than 30 years, DA has been delivering property and casualty insurance for businesses and individuals in the Rhode Island area.

Paul Damiano, agency leader, and his associates will join THG’s existing Providence, R.I., location and bring added property and casualty expertise to THG’s New England operations.

In a separate transaction, THG has acquired Massachusetts-based Handy-Apple Valley LLC. The transaction became effective July 1, 2019.

Located in Worcester, Mass., HAV provides personal and commercial insurance. As a part of the transaction, HAV will join THG’s New England operations in its existing Worcester, Mass., location.

THG is a middle-market insurance agency headquartered in Richmond, Va., and is a portfolio company of Boston-based private equity firm, Abry Partners. THG seeks to grow through targeted acquisitions in the middle-market insurance brokerage space. The company now has more than 80 offices in 20 states.

Risk Strategies, Reiff & Associates

Risk Strategies, a privately held, national insurance brokerage and risk management firm, has acquired Reiff & Associates, a full-service brokerage firm focused on risk and insurance for companies in the entertainment industry.

Founded in 1983 and based in New York, Reiff & Associates provides customized risk management and insurance for theater, television, film and media production, staging and rigging, live music and special events.

Initially focused on advising independent films and television producers, Reiff & Associates has expanded to serve larger producers, as well as firms involved with music, concert and entertainment support businesses. Its executive staff has more than 50 years of collective experience in entertainment, media and arts insurance.

The addition of Reiff & Associates will strengthen Risk Strategies’ expertise in the entertainment space, while adding expertise in other areas such as music, staging and rigging and special events.

The Doctors Company, Hospitals Insurance Company, FOJP Service Corp.

The Doctors Company has completed the purchase of Hospitals Insurance Company (HIC), a New York-admitted and licensed insurance company, and FOJP Service Corp., a New York service organization that provides third-party comprehensive insurance and risk management advisory services to HIC-insured hospitals. The purchase price is $650 million, subject to closing adjustments.

Proceeds from the transaction will be returned to the not-for-profit hospitals that owned and founded HIC and FOJP more than 30 years ago — The Mount Sinai Hospital and Beth Israel Medical Center, Montefiore Health System and Maimonides Medical Center.

The close of this transaction is also the inception of Healthcare Risk Advisors (HRA), a new business unit within the TDC Group, which will succeed FOJP and focus on third-party comprehensive insurance and risk management advisory services, including management of the self-insured programs of large healthcare organizations in New York and beyond.

HIC will continue to exist as an admitted New York-domiciled insurer providing coverage for hospitals, physicians affiliated with HIC’s insured hospitals, and long-term care facilities and social services agencies.

HIC and FOJP employees will become part of HRA and continue to provide the same services to HIC, member hospitals, long-term care facilities and social services agencies as prior to the transaction.

HRA and HIC will be led by Noeleen Doelger as chief operating and financial officer, and Robert A. Kauffman as president. Walter Harris, who served as president and CEO of HIC and FOJP prior to the transaction, will assume a consulting role with the TDC Group and report to Richard E. Anderson, chairman and CEO of The Doctors Company.

Midwest

Arthur J. Gallagher & Co., LSG Insurance Partners

Arthur J. Gallagher & Co. is acquiring Bloomfield Hills, Mich.-based LSG Insurance Partners.

Founded in 1968, LSG Insurance is an independent insurance, risk management and consulting services agency. LSG offers a range of employee benefits, commercial property/casualty, private client, and merger and acquisition services and coverages to clients throughout the Midwest and across the United States.

Jay Schreibman, Todd Preston and their associates will continue to operate from their Bloomfield Hills and Milwaukee branch locations under the direction of Tom Lannen, head of Gallagher’s Great Lakes region employee benefits consulting and brokerage operations, and Cindy LaMantia, head of Gallagher’s Great Lakes region retail property/casualty brokerage operations.

The acquisition is subject to customary closing conditions and is expected to close in the fourth quarter of 2019.

Arthur J. Gallagher & Co., a global insurance brokerage, risk management and consulting services firm, is headquartered in Rolling Meadows, Ill.

Holmes Murphy, Global Captive Management

Waukee, Iowa-based Holmes Murphy, an employee-owned and controlled insurance brokerage, has expanded its footprint into the international space by acquiring Global Captive Management (GCM).

GCM is no stranger to Holmes Murphy, specifically the Innovative Captive Strategies (ICS) subsidiary. GCM manages several of ICS’s captive programs, and the two companies have a history that dates back two decades. In that time, the two leadership teams have built a phenomenal relationship with a like-minded business approach — an aggressive growth strategy and a complementing culture.

GCM, founded in 1982 by Peter MacKay, is considered one of the largest independent captive management companies in the world and is licensed in three locations: Cayman Islands, South Carolina and New Jersey.

Through the acquisition, GCM will continue to operate with its current name, structure and employees. Peter MacKay will continue leading the team and supervise day-to-day operations. Dan Keough and Tom Stewart will join GCM’s leaders to oversee governance and management responsibilities.

South Central

Relation Insurance Services, Premier Consulting Partners LLC

Relation Insurance Services has acquired the Tulsa, Okla.-based insurance brokerage Premier Consulting Partners LLC.

Founded in 2014 by CEO Russell Brown, Premier offers a full suite of property/casualty insurance, employee benefits, human resources consulting and wealth management products and services to commercial and personal clients.

Premier has approximately 40 employees based in the Tulsa area. Under Brown’s leadership, Premier will spearhead Relation’s expansion into the central U.S. region, leveraging Premier’s platform and experienced team to support that effort.

The acquisition of Premier is Relation’s first acquisition in Oklahoma and its fourth this year.

Relation Insurance Services offers property and casualty, risk management, employee benefits, and TPA-consulting services through its family of brands across the United States. Relation is a privately held corporation owned by Aquiline Capital Partners, a private equity firm based in New York and London investing in businesses globally across financial services and technology.

AssuredPartners, Healthcare Consultants

Lake Mary, Fla.-based AssuredPartners Inc. has acquired the employee benefits-focused firm, Healthcare Consultants Inc., located in Houston.

The team of 18 will remain under the operational leadership of David Neider. The agency currently reports $3 million in annualized revenues.

Led by Jim Henderson and Tom Riley, AssuredPartners Inc. acquires and invests in insurance brokerage businesses (property and casualty, employee benefits, surety and MGUs) across the United States and in London.

Southeast

Hub International, Doug Johnson Insurance

Hub International Ltd. has acquired the assets of Doug Johnson Insurance LLC.

Headquartered in Gainesville, Fla., Doug Johnson is an independent insurance agency providing personal, commercial and employee benefits products to clients.

Doug Johnson, CEO and president of Doug Johnson Insurance, is a Gainesville native and former quarterback for the University of Florida and seven-year NFL player. He and the Doug Johnson Insurance team will be joining Hub Florida.

Chris Gardner, CEO of Hub Florida, said the addition the Doug Johnson Insurance team is part of Hub’s ongoing commitment to the Gainesville region and its desire to continue to grow in Florida.

Headquartered in Chicago, Hub International Limited is a full-service global insurance broker providing property and casualty, life and health, employee benefits, investment and risk management products and services. The company is committed to growing organically and through acquisitions to expand its geographic footprint and strengthen industry and product expertise.

Arthur J. Gallagher & Co., Garett-Stotz Co.

Arthur J. Gallagher & Co. has acquired Louisville, Ky.-based Garrett-Stotz Co.

Founded in 1931, Garrett-Stotz is a full-service commercial and personal lines property/casualty and benefits agency. Its areas of specialization include construction/surety, real estate and auto dealers.

Bill Kantlehner III, Tom Mitchell, Don Mucci and their associates will continue to operate from their Louisville location under the direction of Bumpy Triche, head of Gallagher’s Mid-South Region retail property/casualty brokerage operations, and Jerry Roberts, head of Gallagher’s Heartland Region employee benefit consulting and brokerage operations.

West

Hub, LBE Insurance Services

Hub International Ltd. has acquired the assets of Chatsworth, Calif.-based LBA Insurance Services Inc. Lior Avishay, president of LBA, and his colleagues will be joining Hub in Los Angeles.

LBA is a full-service agency providing employee benefits, retirement and consulting services.

AssuredPartners, Tutton Insurance Services

AssuredPartners Inc. has acquired Tutton Insurance Services Inc. in Santa Ana, Calif. The team of 57 will continue to be led by owner Bill Tutton.

Was this article valuable?

Here are more articles you may enjoy.

From This Issue

Insurance Journal West October 21, 2019
October 21, 2019
Insurance Journal West Magazine

Insurtech; Markets:Habitational / Dwellings, Commercial Property