Carlyle, Alera Group
New York-based investment firm The Carlyle Group led a $150 million investment for Deerfield, Ill.-based Alera Group, the property and casualty, employee benefits insurance broker that is a privately-held company and backed by Genstar Capital and Alera employees.
Alera plans to use proceeds from the investment to support ongoing growth and acquisition activities. Since inception in 2017, Alera has been one of the fastest growing companies in the insurance brokerage industry, according to Alan Levitz, Alera’s CEO.
Alera opened its doors in 2017 with more than 20,00 clients, $158 million in annual revenues and 750 employees in 40 offices across 15 states. It was formed by 24 independent insurance firms with investment from Genstar Capital, a middle market private equity firm, and brokerage assistance from consulting and investment banking firm Marsh, Berry & Co. Today, Alera has more than 100 locations and 1,800 employees.
Carlyle’s Global Credit segment made the investment with capital from its $2.4 billion Credit Opportunities Fund that closed last year.
Alex Popov, Carlyle’s co-head of Illiquid Credit Strategies, said Carlyle leveraged its expertise in insurance brokerage and an existing relationship with Genstar to “structure a customized financing solution for Alera in an otherwise challenging economic environment.”
Ryan Specialty Group, All Risks
Specialty insurance brokerages Ryan Specialty Group and All Risks have closed on the merger of the two firms into Ryan Specialty Group.
The deal unites Chicago-based Ryan Specialty Group and its nearly $12 billion in premium, and All Risks, headquartered in Delray Beach, Fla., which has close to $2.6 billion in premium.
The combination will have roughly 3,300 employees and more than 70 offices across the United States, the United Kingdom and Europe.
Only AmWINS and CRC Insurance Services are larger than RSG and All Risks in the wholesale brokerage space.
Both brokers have national footprints, while RSG also does business in Europe. Both have track records in wholesale distribution and managed underwriting businesses in the form of managing general underwriters, programs and delegated binding authorities.
Details of the agreement to merge, which was first announced in June, were not disclosed.
All Risks executives Nick Cortezi, CEO, and Matt Nichols, president, will continue in senior executive roles in the merged firm.
RSG, which is celebrating its 10th anniversary, consists of RT Specialty, a wholesale brokerage firm, and RSG Underwriting Managers, a specialty underwriting organization within which there are 21 specialized managing general underwriters.
All Risks, which started in 1964, is a national wholesale broker, managing general agency, and program administrator with offices across the country and more than 850 employees.
J.P. Morgan served as sole M&A advisor to Ryan Specialty Group. J.P. Morgan, Barclays and BMO Capital Markets served as financial advisors to Ryan Specialty Group.
Hippo, Spinnaker Insurance Co.
Hippo, an insurtech managing general agent focused on home insurance, has completed its acquisition of Spinnaker Insurance Co. with an expansion into additional states next on its plate.
The deal, first announced in June, follows a multi-year partnership between the companies.
Spinnaker is a New Jersey-based national property and casualty insurer, with a license to do business in all 50 states. Hippo noted at the time of its acquisition announcement that Spinnaker has been its largest carrier platform partner since 2017. With Spinnaker and its other carrier partners, Hippo provides home insurance policies in more than 31 states.
Plans call for Spinnaker to join the Hippo “family of companies.” They include Sheltr, a San Francisco-based technology-enabled services startup designed to provide home wellness checkups. Hippo will continue as a managing independent agent. Spinnaker will operate independently under the Hippo umbrella while still serving third-party administrators and driving the growth of its program platform.
After two acquisitions, Hippo is eyeing an initial public offering. The company closed a $150 million financing round in July. CEO Assaf Wand said the company will be ready to go public in 2021.
BCA Insurance Group, NJM Insurance Group
BCA Insurance Group has contracted with NJM Insurance Group as an NJM Premier Agent, expanding its ability to connect the business needs of its clients with NJM’s insurance solutions.
As an NJM Premier Agent, BCA can provide access to all NJM Business Insurance products, including commercial auto and commercial general liability insurance in New Jersey and workers’ compensation insurance in Connecticut, Delaware, Maryland, New Jersey, New York and Pennsylvania.
This partnership will also allow BCA to offer any new insurance products NJM introduces as it continues to roll out its plan for geographic and commercial product expansion in the future, according to a company press release.
NJM is a property and casualty insurer in the Mid-Atlantic region and has been a provider of workers’ compensation insurance in New Jersey for almost a century.
BCA Insurance Group is a full-service independent insurance agency with a focus on New Jersey, Pennsylvania and the Delaware Valley. It has offices in Marlton and Northfield, N.J.
Global Risk Solutions, William Kramer & Associates
Global Risk Solutions Inc. (GRS), a provider of claims adjusting and environmental risk management solutions, has acquired William Kramer & Associates (WKA).
GRS Complex Claims Solutions specializes in large and complex claims, which often involve third-party losses. WKA adjusters have experience in such claims across a range of industries, including oil and gas, energy, mining, manufacturing, and real estate and litigation management.
WKA is based in Avon, Conn., and has offices across the U.S. The acquisition of WKA and its team are part of an ongoing strategy to expand GRS’ product offerings, business lines and market presence throughout the world.
The Hilb Group, Eldredge & Lumpkin Insurance Agency
The Hilb Group LLC has acquired Massachusetts-based Eldredge & Lumpkin Insurance Agency Inc. The transaction became effective on July 1, 2020.
Located in Chatham, Mass., E&L is a full-service agency.
The E&L team, including Owners Alan Long and Pat Long, will join THG of New England and continue to operate out of their existing location following the acquisition.
THG is a middle market insurance agency headquartered in Richmond, Va., and is a portfolio company of global investment firm, The Carlyle Group. The company now has more than 90 offices in 20 states.
Sapiens International Corporation, Delphi Technology
Sapiens International Corporation, a global provider of software solutions for the insurance industry, has entered into a definitive agreement to acquire Delphi Technology Inc., a Boston, Mass.-headquartered vendor of software solutions for property and casualty carriers with a focus on the medical professional liability (MPL)/healthcare professional liability markets.
Delphi, founded in 1989, has more than 100 employees and approximately 40 insurance customers. The company offers core products for MPL, including policy administration, claims management and financial and risk management.
Sapiens will continue to support Delphi’s products and customers following the acquisition and will leverage Delphi’s expertise to enhance its CoreSuite for property and casualty. The acquisition’s primary goal is expanding Sapiens’ presence in the MPL market.
World Insurance Associates, People Insurance Group
World Insurance Associates LLC has acquired Peoples/Commercial Insurance Services LLC (d/b/a Peoples Insurance Group) in Topeka, Kan. The transaction was effective Aug. 1.
Peoples Insurance Group, founded in 1917, is the largest locally owned independent agency in Topeka. The agency offers several lines of insurance, including personal, business, commercial, life, disability and bonds.
Giordano, Halleran & Ciesla provided legal counsel to WIA, and Smith Law Firm provided legal counsel for Peoples Insurance Group. Scali Group LLC advised WIA on the transaction. No other advisors or diligence firms were disclosed.
World Insurance Associates LLC is headquartered in Tinton Falls, N.J.
Houston International Insurance Group
Houston International Insurance Group Ltd. has launched an E&S brokerage business unit to provide liability and property insurance products and services to the wholesale brokerage market.
The unit will be led by Mark Boland, supported by a team of experienced underwriters. Boland has held roles as president of E&S at the Hanover Insurance Group, president of Hermitage Insurance and senior vice president at Endurance. The new unit will add an excess facility in the near future. HIIG is an insurance holding company based in Houston, Texas.
Amynta Group, HIIG
Amynta Group, a provider of property and casualty insurance and warranty protection products and services, has acquired a workers’ compensation insurance book of business from Houston International Insurance Group (HIIG).
This acquisition broadens Amynta’s workers’ compensation practice and geographic presence in the Southwest.
The business will be conducted through Dallas-based Southwest Risk Agency Services, Amynta’s specialty lines insurance broker and binding authority underwriting facility built to serve the needs of independent agents for medium to small commercial accounts.
Sharen Perkins, vice president of the Specialty Workers’ Compensation Division at HIIG, will lead the transition and join Southwest Risk Agency Services.
As part of the transaction, Amynta has partnered with Chicago-based Clear Spring Property and Casualty Co. to provide underwriting capacity for the business.
New York-based Amynta Group operates through three segments: managing general agencies, warranty and specialty risk services.
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