Business Moves

July 18, 2022

National

Vertafore, MGA Systems

Insurance technology vendor Vertafore reports it has acquired MGA Systems, a provider of software for managing general agencies based in Melville, New York.

Vertafore said the acquisition gives its customers access to policy administration and rating programs that will be integrated into Vertafore’s suite, strengthening Vertafore’s offering for MGAs.

MGA Systems, headed by John Bennis, provides two products. IMS is a management system with a suite of policy administration and back-office functionality customizable to specific client needs, and NetRate is an ISO-based rating platform. MGA Systems merged with NetRate Systems in 2020. The company says it builds software programs that fit each client’s needs and budget.

The deal comes following Vertafore’s acquisition of AgencyZoom last year.

East

ReSource Pro, towerIQ

Insurance business services firm ReSource Pro reports it completed the acquisition of towerIQ, a property/casualty insurance focused technology platform designed to streamline workflows and capture market data.

ReSource Pro said the addition of the insurtech will allow its clients to optimize their data collection and improve their productivity, especially across middle to large market, complex and specialty commercial accounts.

The towerIQ cloud platform offers communication, data insights, and exposure gathering for the commercial insurance industry.

The firm was founded by Adam Demos and Dan Hurwitz. TowerIQ CEO Demos will continue to lead the towerIQ team as a director with ReSource Pro, joined by towerIQ’s current staff. According to Epstein, further investments in the towerIQ team are expected in the months ahead.

The transaction closed on June 24, 2022. KBW acted as financial advisor to towerIQ in the transaction.

ReSource Pro provides business process management, strategic advisory services, management, digital and organic growth consulting, training, and compliance services.

Cross Insurance, Northern Benefits

Maine-based insurance agency, Cross Insurance, reported its acquisition of Northern Benefits of Massachusetts.

Northern Benefits, based in Marlborough, specializes in customized benefits brokerage and compliance awareness for small and mid-sized companies in Massachusetts.

Northern Benefits offices will remain in Marlborough while operating as part of Cross Insurance, Coastal Region. Jay Sinacole and Allan Nassif of Northern Benefits will remain with the office.

In April, Cross Insurance announced the acquisition of Newburyport, Massachusetts-based Harold Humphrey Insurance Agency Inc. and its sister agency, Byfield Insurance Agency Inc., both offering personal and small business coverage.

Cross Insurance has grown through the acquisition of more than 120 insurance agencies throughout the Northeast. The company now has more than 1,000 employees in Maine, New Hampshire, Rhode Island, Massachusetts, Connecticut, New York and Florida.

Midwest

Marsh & McLennan, CS Insurance Strategies

Marsh & McLennan Agency LLC acquired CS Insurance Strategies based in Chicago.

CS Insurance Strategies was founded in 2009 by Charles Smith, creating a minority-owned brokerage providing employee health and benefits, business insurance, and risk management consulting services to organizations across the U.S.

CS Insurance Strategies has expertise in municipal, non-profit and minority-owned business.

All 10 of its employees will join Marsh McLennan Agency.

Hilb Group, Howe-LaGrange and Reick Insurance Agencies

The Hilb Group announced it has acquired Indiana-based Howe-LaGrange Insurance Agency and Reick Insurance Agency, expanding the company’s growing presence throughout Indiana and the Midwest.

Based in LaGrange, Indiana, Howe-LaGrange and Reick Agencies have served the area for nearly 140 years — dating back to 1883 — developing a strong reputation of integrity and professionalism while providing broad property/casualty offerings for their clients in both commercial and personal lines. Agency Principal Lou Zabona and his team of insurance professionals will join the Hilb Group’s Midwest regional operations.

The Hilb Group is a property/casualty and employee benefits insurance brokerage and advisory firm headquartered in Richmond, Virginia.

Southeast

First Light, NTIS

First Light Program Managers, a Florida-based managing general agency that specializes in transportation and marine sectors, has acquired NTIS Transportation Insurance Services.

NTIS, a Las Vegas-headquartered wholesaler and MGA specializing in trucking insurance, was founded in 2014 by Brett Moore.

First Light offers products throughout the United States.

West

Arthur J. Gallagher, Surety Associates of Southern California

Arthur J. Gallagher & Co. acquired La Mesa, California-based Wrightman Inc., doing business as Surety Associates of Southern California Insurance Services.

Cyndi Beilman and her associates will continue to operate from their current location under the direction of Scott Firestone, head of Gallagher’s Southwest region retail property/casualty brokerage operations.

SASC is a surety bond agency serving clients across California, Arizona and Nevada.

Arthur J. Gallagher is an global insurance brokerage, risk management and consulting services firm headquartered in Rolling Meadows, Illinois.

PCF, United Underwriters

PCF Insurance Services acquired Utah-based property/casualty managing general agent United Underwriters.

United Underwriters provides agencies across the western United States with P/C MGA services and programs including homeowners, renters, dwelling, commercial, personal umbrella, earthquake and auto insurance.

Lehi, Utah-based PCF is a consultant and insurance brokerage firm offering services including commercial, life and health, employee benefits, and workers’ compensation.

Alera, Compensation Works

Alera Group acquired Compensation Works in Washington.

The Compensation Works team will continue serving clients in their existing roles.

Compensation Works is a national compensation company providing services that support business strategies and human capital initiatives.

Alera Group is an independent national insurance and wealth services firm.

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