Business Moves

January 13, 2020

National

Cigna, New York Life

Health insurer Cigna Corp. said has agreed to sell its disability insurance and accidental death coverage unit for company employees to New York Life Insurance Co for $6.3 billion.

The company said it expects to use the net proceeds of about $5.3 billion for share repurchases and repayment of debt in 2020 and raised its share repurchase authority by $3 billion to $4 billion.

East

Relation Insurance Services, S.T. Good Insurance

Relation Insurance Services, a privately owned insurance brokerage that offers property and casualty, risk management, employee benefits and TPA-consulting services through its family of brands across the U.S., has acquired S.T. Good Insurance Inc., an insurance brokerage in Delaware and the tri-state area.

This acquisition further expands Relation’s national footprint and is Relation’s first acquisition in the region.

Led by Jeffrey Good, S.T. Good is headquartered in Newark, Del., and has been providing commercial insurance services to middle market clients for more than 40 years. S.T. Good employees will continue operating out of the firm’s existing location in Newark.

The acquisition marks Relation’s fifth this year as the company continues to deepen its specialty service offerings, broaden its national footprint and continue its steady growth trajectory.

Alera Group, HR inTune

Alera Group, a national employee benefits, property and casualty, risk management and wealth management firm, has acquired the business assets of HR inTune, effective October 1, 2019.

HR inTune, located in Berwyn, Penn., is a human resource consulting firm that helps to address complex workforce management needs through different configurations of HR outsourcing. The firm offers an array of HR services, including compensation program implementation, HR compliance, leadership training, technology analysis and support, and more.

HR inTune joins Alera Group through its Philadelphia location. The HR inTune service team will continue serving clients in their current roles.

Based in Deerfield, Ill., Alera Group’s more than 1,800 employees serve thousands of clients nationally in employee benefits, property and casualty, risk management and wealth management.

Element Risk Management, Barnes & Phillips Insurance & Financial Services, Crawford Insurance Company, Brenner Insurance

Element Risk Management has acquired three new insurance agencies in Virginia and Pennsylvania.

Barnes & Phillips Insurance & Financial Services of Woodstock, Va., Crawford Insurance Company of Strasburg, Va., and Brenner Insurance in Hollidaysburg, Penn., are now part of the Element Risk family.

Before joining Element Risk, Barnes & Phillips served customers in Virginia’s Shenandoah Valley for more than 50 years. The staff will remain in place to continue serving customers in Woodstock, New Market and the surrounding area. Barnes & Phillips President Blake Phillips will move into a new role as vice president of Commerical Lines.

The staff at Crawford Insurance Company, also located in the Shenandoah Valley, remains unchanged as well. They will continue their presence in the community, remaining in their office on East King Street.

Family-owned and operated since 1919, Brenner Insurance is the most recent agency to join Element Risk. Its staff will also remain in place at its Uptown Hollidaysburg, Penn., office.

Element Risk Management is an independent insurance agency based out of West Chester, Penn. Element provides personal, commercial and specialty insurance, as well as risk management.

Midwest

High Street Insurance Partners, InPro Insurance Gro

High Street Insurance Partners, an insurance brokerage platform owned by the private equity firm Huron Capital, has acquired InPro Insurance Group, an independent insurance agency in Troy, Mich..

InPro provides commercial, group and personal insurance to businesses ranging from local governments to maintenance services and industrial manufacturing.

The acquisition is High Street’s first in Southeast Michigan and gives the company access to InPro’s diverse customer base. InPro President Dave Goodman will remain active in his current role at InPro and is expected to serve as a valuable resource as High Street looks for additional partners across the region.

InPro is the seventh acquisition for Traverse City, Michigan-based High Street since its formation by Huron Capital in mid-2018.

Based in Detroit, Huron Capital is an operationally focused private equity firm with a long history of growing lower middle-market companies through its proprietary ExecFactor and buy-and-build investment models.

USI Insurance Services, Marcotte Insurance Agency

USI Insurance Services has acquired the Omaha, Neb.-based benefits, retirement and risk management advisory firm, Marcotte Insurance Agency Inc.

Founded in 1927, Marcotte is a multi-line insurance agency that has been serving the Midwest for nearly a century. The agency has 48 employees, in Omaha and Kearney, Neb., all of whom will be joining USI under the continued leadership of Marcotte’s president, David Bushey.

Headquartered in Valhalla, N.Y., USI is an insurance brokerage and consulting firm that delivers property and casualty, employee benefits, personal risk, program and retirement products and services to large risk management clients, middle market companies, smaller firms and individuals.

South Central

Alliant Insurance Services, TCOR Management

Alliant Insurance Services has acquired TCOR Management, a Texas-based risk management firm. The acquisition will expand the Alliant Energy & Marine talent base by 50 specialists and broaden the surety footprint across Texas.

Founded in 1972, TCOR has offices in New Braunfels, Beeville and Tyler, Texas. TCOR provides commercial insurance to the energy and construction industries as well as surety, loss control services, and employee benefits.

Rick Dudney, managing partner of TCOR, along with the entire TCOR team, will join the Alliant Energy & Marine group and continue serving clients from its Texas office locations.

Headquartered in Newport Beach, California, Alliant Insurance Services Inc. provides property and casualty, workers’ compensation, employee benefits, underwriting, surety, and financial products and services to clients nationwide, including agriculture, aviation, construction, energy and marine, environmental, financial institutions, healthcare, law firms, public entities, real estate, and tribal nations.

Alera Group, West Texas Insurance Exchange

Alera Group, an independent national insurance brokerage and wealth management firm, has acquired West Texas Insurance Exchange Inc., located in Odessa, Texas.

West Texas Insurance Exchange serves the insurance needs of many businesses throughout Texas and across the United States. The firm concentrates on the oil and gas industry and the trucking industry, while serving clients in a variety of industries.

Established in 1962, West Texas Insurance Exchange offers expertise in all types of commercial business insurance, including commercial auto, umbrella liability, workers’ compensation insurance, and employee benefits.

All West Texas Insurance Exchange employees will continue operating out of the firm’s existing locations under the name West Texas Insurance Exchange, an Alera Group Company LLC.

Based in Deerfield, Illinois, Alera Group’s over 1,800 employees serve thousands of clients nationally in employee benefits, property and casualty, risk management and wealth management.

Southeast

Brown & Brown, Insurance Management Group

J. Scott Penny, chief acquisitions officer of Brown & Brown Inc., and Mark K. Ackerman, the sole shareholder of Insurance Management Group Inc., announced that Brown & Brown of South Carolina Inc. has acquired substantially all of the assets of IMG.

IMG was founded in 1977 and specializes in providing a wide range of employee benefits and property and casualty insurance products and services to businesses and individuals throughout South Carolina.

Following the acquisition, the IMG team will operate from their existing office as a branch location of Brown & Brown’s South Carolina retail operations under the leadership of Todd Tyler, executive vice president of Brown & Brown of South Carolina. Mike Keeby, a regional president in Brown & Brown’s Retail Segment, will have oversight responsibility over the newly combined South Carolina retail operations.

Brown & Brown Inc. is an insurance brokerage firm, providing risk management to individuals and businesses.

West

AssuredPartners, First Service Insurance Agents & Brokers

AssuredPartners Inc. has acquired First Service Insurance Agents & Brokers Inc. of Roseville, Calif.

The team of 28 First Service Insurance staff will remain under the operational leadership of Doug Lindley and Ed Barr. The agency currently reports $5 million in annualized revenues.

First Service Insurance offers a variety of services, including specialized coverage for contractors.

Lake Mary, Fla., AssuredPartners acquires and invests in insurance brokerage businesses (property/casualty, employee benefits, surety and MGU’s) across the U.S. and in London.

Inszone Insurance, James Swiniuch Agency

Inszone Insurance Services has acquired James Swiniuch Agency Inc. in Tucson, Ariz.

James Swiniuch Agency is focused on writing preferred personal lines insurance in Tucso.

James Swiniuch Agency becomes the fourth acquisition for Inszone Insurance in Arizona, and ninth on the West coast.

Inszone Insurance Services is a privately held Insurance agency based in Sacramento Calif. focused on personal and commercial Insurance for both small and large businesses.

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Insurance Journal West January 13, 2020
January 13, 2020
Insurance Journal West Magazine

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