Investment management firm TowerBrook Capital Partners and private equity firm Further Global Capital Management said they have completed the acquisition of ProSight Global, Inc., a New Jersey-based domestic specialty insurance holding company.
As announced in January, the two firms agreed to acquire 100% of the common stock shares of ProSight Global for $586 million cash and move forward with ProSight as a private company. ProSight went public in July 2019.
TowerBrook acquired a majority stake in ProSight, with Further Global serving as a key minority co-investor.
Along with the transaction close, Jonathan Ritz has been named chief executive officer of ProSight. Ritz was previously president of Aspen Insurance Holdings Limited, chief operating officer of Validus Holdings Limited, and CEO of Validus Specialty.
In addition, Stan Galanski is the newly appointed chairman of the board. Galanski was formerly president and CEO of The Navigators Group.
Founded in 2009 and headquartered in Morristown, New Jersey, ProSight is a specialty property/ casualty insurance holding company writing across the U.S.
Hub, Pete Webb Agency
Hub International Limited has acquired the insurance brokerage assets of Pete Webb Agency.
Owner Pete Webb was previously part of Nationwide Mutual Insurance Company’s exclusive distribution model that has transitioned to an independent broker model.
Located in Fredericksburg, Virginia, Pete Webb Agency provides personal and commercial insurance services, including home, auto, life and business.
Webb and his team will be joining Hub Mid-Atlantic and maintaining his agency’s presence at their current location in Fredericksburg.
This addition continues to complement and strengthen Hub’s personal insurance solutions. Since 2019, Hub has added more than 20 agencies that were previously exclusive Nationwide agents and subsequently became independent.
World Insurance Associates, McCue Captains Agency
World Insurance Associates LLC has acquired McCue Captains Agency of Little Silver, New Jersey, on July 1, 2021.
McCue Captains Agency was founded in 1927 as a local independent insurance agent. They specialize in property, liability, life and benefits insurance for both business and personal needs.
Giordano, Halleran & Ciesla provided legal counsel to WIA, and Agency Brokerage Consultants was used for diligence. Ansell Grimm & Aaron PC provided legal counsel to McCue. No other advisors, diligence firms or legal counsel were disclosed.
WIA is headquartered in Tinton Falls, New Jersey, and is a full-service insurance organization. Since its founding in 2012, WIA has completed 107 acquisitions and serves its customers from more than 137 offices in the U.S.
Westfield, a Westfield Center, Ohio-based super-regional property/casualty insurance company with a 173-year history, is entering the specialty insurance business with the launch of Westfield Specialty.
Westfield appointed insurance veteran Jack Kuhn president of the new business. Throughout his career, Kuhn has successfully built and scaled insurance businesses multiple times. He has been responsible for U.S. and global insurance portfolios of more than $6 billion in premiums across the various executive leadership roles he’s held within the insurance industry.
Westfield was founded in 1848.
Keystone Agency Investors, Arachas Group, Mason McBride
Keystone Agency Investors, a private equity backed investment firm that is a majority owner of independent insurance agencies, entered into equity partnerships with Arachas Group LLC in Bartlett, Illinois, and Mason McBride Inc. in Troy, Michigan.
Arachas Group is an independent insurance and risk management company offering business, employee benefits and personal insurance solutions. It was formed in 2017 through the merger of M.L. Sullivan Insurance Agency and Bartlett Insurance Group, and an equity acquisition of Critchell Miller. The combined heritage goes back to the times of the Great Chicago Fire. Today, the company provides insurance solutions across 38 states in North America and serves clients globally.
Mason McBride is an independent insurance and risk management company. It serves all of Michigan, the Great Lakes Region, and beyond. Mason McBride professionals are licensed to provide insurance solutions in 27 states nationwide across all major industries.
Arthur J. Gallagher, R.J. Riordan
Arthur J. Gallagher & Co. acquired Oakbrook, Illinois-based R.J. Riordan & Co.
R.J. Riordan & Co. is a retail property/casualty broker offering a full range of insurance products and services to clients across the Chicago region. It specializes in serving clients in the construction and transportation industries.
The team will be relocating to Gallagher’s retail brokerage operations in Rolling Meadows, Illinois, under the direction of J. Ryan Isaacs, head of Gallagher’s Midwest region retail property/casualty brokerage operations.
Risk Strategies, Centric Actuarial Solutions
National specialty insurance brokerage and risk management firm, Risk Strategies, acquired property/casualty actuarial consulting firm Centric Actuarial Solutions LLC, based in Overland Park, Kansas.
Centric helps clients in a wide variety of industries understand and assess their cost of risk. It has a specialty focus on organizations employing alternative risk programs and approaches, including captives and risk retention groups.
Founded in 2005 by Dustin Gary, Centric’s expertise is grounded in the firm’s hands-on experience in personal and commercial insurance, reinsurance, and the brokerage industry. Centric clients include governmental entities, retail and restaurant businesses, self-insured organizations including corporations and trusts, healthcare organizations, regional insurance companies and private equity firms, among others.
This acquisition of Centric marks Boston-based Risk Strategies’ second actuarial services firm buy, following the 2019 purchase of employee benefits analysis specialist United Health Actuarial Services.
MJ Insurance, ProCourse Fiduciary Advisors
Indianapolis-based risk management and employee benefits agency, MJ Insurance, acquired ProCourse Fiduciary Advisors in Carmel, Indiana.
MJ said the partnership enables the firms to offer a holistic approach to wellness and include retirement plan advisory services. The transaction closed on June 30.
ProCourse, an independent Registered Investment Advisor, specializes in managing retirement plans and financial wellbeing programs — working with employers to make strategic decisions to move the needle and improve financial outcomes. ProCourse founder and CEO, Doug Prince, will continue to serve as CEO of ProCourse with the entire team of 13 remaining in the Carmel location.
ProCourse and MJ have been close partners for nearly a decade and have a shared vision for the future, client-centric mindset and commitment to giving back in the communities in which they live and work.
MJ Insurance has offices in Indianapolis and Phoenix.
Scottish American, Kaliff Insurance
Scottish American acquired Kaliff Insurance of San Antonio, Texas.
Kaliff Insurance was founded by Morris H. Kaliff in 1917. Today, his grandson Mitchell Kaliff is the third-generation leader of the company. Kaliff Insurance provides specialty insurance for festivals, fairs, parades, rodeos, carnivals and more.
Scottish American works with carriers in both admitted and non-admitted markets on the East and West Coasts, as well as in Texas.
Alera Group, Keller Insurance Agency, AGM Benefit Solutions
Alera Group, an independent, national insurance and wealth management firm based in Deerfield, Illinois, acquired Keller Insurance Agency, a firm specializing in commercial property/casualty insurance, with a particular focus in senior living facilities.
Keller Insurance Agency is affiliated with Tulsa, Oklahoma-based Rich & Cartmill Inc. and was founded in 2011 by CEO Russ Keller, who has more than 30 years of insurance industry experience. The Keller Insurance Agency team will continue serving clients in its existing roles.
Alera Group also acquired AGM Benefit Solutions, a provider of voluntary benefits, enrollment services and benefits technology headquartered in Baton Rouge, Louisiana.
AGM Benefit Solutions provides its products and services to clients nationwide. AGM’s expertise in voluntary benefits allows brokers and employers to enhance their benefit offerings.
The AGM Benefit Solutions team will continue serving clients in its existing roles.
Confie, ASAP Insurance
Huntington Beach, California-based personal lines insurance distribution company, Confie, acquired ASAP Insurance in Texas.
With the acquisition of ASAP Insurance, the company broadens its presence in Texas. ASAP stores will join Confie’s standard and personal lines brand structure and be supported by the InsureOne management team moving forward.
Confie also acquired Axiom Insurance in Georgia.
Confie said these new acquisitions will allow it to continue its 2021 Roadmap for Growth strategy.
IMA Financial, Diversified Insurance
IMA Financial Group has acquired Salt Lake City, Utah-based Diversified Insurance Group.
Diversified will retain its name as a division of IMA Inc. Its CEO, Spence Hoole, will remain president of Diversified’s 70-plus employees.
Diversified specializes in insuring initial public offerings. Diversified also includes risk management experts serving clients in the nutraceutical, manufacturing, financial institution, wholesaling and distribution verticals, along with an employee benefits practice.
IMA Financial Group is an brokerage firm specializing in risk management, insurance, employee benefits and wealth management, and it has anchor offices in California, Colorado, Kansas, Michigan, Oregon, Pennsylvania and Texas.
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