Business Moves

National

Arthur J. Gallagher, Clements Worldwide

Global insurance broker Arthur J. Gallagher & Co. has acquired Washington, D.C.-based Clements Worldwide.

Clements is an international insurance broker serving expats, diplomats and military personnel, as well as offering commercial coverages for nonprofits, contractors, embassies and schools.

In addition to its Washington, D.C., office, Clements operates out of London, Dublin, Gibraltar and Dubai.

Jon Clements and his team will remain in their current locations under the direction of Bumpy Triche, head of Gallagher’s Mid-South retail property/casualty brokerage operations.

Arthur J. Gallagher & Co. is headquartered in Rolling Meadows, Illinois, and operates in approximately 130 countries.

Arthur J. Gallagher, Cadence Insurance

Arthur J. Gallagher & Co. signed a definitive agreement with Cadence Bank to acquire Cadence Insurance Inc. for $904 million cash.

Baton Rouge, Louisiana-headquartered Cadence Insurance offers a suite of commercial property/casualty, employee benefits, and personal lines products to clients from 34 offices in nine different states across the Southeast, including Texas.

The Cadence Insurance team of about 800 led by Markham McKnight and Chris Boone will operate under the direction of Bumpy Triche, head of Gallagher’s Mid-South retail property/casualty brokerage operations and Robby White, head of Gallagher’s South-Central region employee benefits consulting and brokerage operations.

The acquisition is expected to close during the fourth quarter, pending regulatory approval. Gallagher will become the preferred insurance broking partner of Cadence Bank.

East

Lawley, Shoff Darby Companies

Buffalo, New York-based independent agency Lawley has acquired Connecticut-based Shoff Darby Companies Inc.

Through the transaction, Lawley will add four locations and 75 employees in Connecticut, as well as increase insurance and benefit products and services available to clients.

Lawley has a team of more than 500 associates offering property, casualty, surety and benefits insurance programs. It has branch offices across New York and in New Jersey.

Founded in 1887, Shoff Darby has offices in Norwalk, Shelton, Stamford and North Haven, Connecticut.

Arthur J. Gallagher, Rosenzweig Insurance Agency

Arthur J. Gallagher & Co. has acquired Mineola, New York-based Rosenzweig Insurance Agency Inc., an insurance broker with pharmacy expertise serving small and medium-sized businesses.

Larry Rosenzweig, Lynn Rosenzweig Derby and their team will remain in their current location and operate as part of Gallagher Agency Alliance under the direction of Jen Tadin, managing director of Gallagher’s Global Small Business practice.

Gallagher Agency Alliance is a newly-launched merger and acquisitions model targeting agencies that specialize in small business property/casualty insurance and employee benefits.

Arthur J. Gallagher is a global insurance brokerage headquartered in Rolling Meadows, Illinois.

RMS Insurance Brokerage, Clancy & Clancy Brokerage

RMS Insurance Brokerage LLC has acquired Garden City, New York-based Clancy & Clancy Brokerage LTD (C&C).

An independent insurance agency founded in 1956 by the late Maureen and Cummin Clancy, C&C offers commercial and personal lines insurance throughout the New York region.

Principal Maura Clancy said that joining RMS companies will accelerate the agency’s “growth and operational capabilities.” She will report to Mark D. Derrenberger, president and CEO of RMS.

RMS Insurance Brokerage, which is also headquartered in Garden City, serves as a nationwide managing general agent, wholesale broker, risk management consultant, and claims administrator.

Risk Strategies, Fairmount Benefits Co.

Boston-based national specialty insurance broker Risk Strategies has acquired Fairmount Benefits Co., a Philadelphia-based specialty firm focused on employee benefit programs and technology for corporate employers.

Fairmount Benefits has established specializations in funding mechanisms, pharmacy cost management, benefit technologies and employee engagement.

A woman-owned business, Fairmount Benefits was established in 2020 when founders and long-term Megro Benefits Co. employees Cheryl Kiley and Ronnie Beth Stanley bought out and rebranded the firm. In addition to their 20-year tenure with Megro benefits, Kiley and Stanley also have experience in corporate healthcare and pharmaceuticals.

At Megro Benefits, the firm historically served clients in the southeastern Pennsylvania, New Jersey and New York regions. Following the buyout and rebranding to Fairmount Benefits, the firm expanded its reach and now serves clients throughout the country and across a range of industries.

Midwest

Arthur J. Gallagher, Meadowbrook Insurance Agency

Arthur J. Gallagher & Co. acquired the assets of Southfield, Michigan-based Meadowbrook Insurance Agency.

Meadowbrook Insurance Agency is a retail insurance broker offering a comprehensive range of property/casualty and group benefits services to clients throughout Michigan and in Florida.

As part of the transaction Gallagher will acquire affiliated companies The Protection Center, based in Jackson, Michigan, and Kleinschmidt Agency Inc., based in Ann Arbor, Michigan.

The Meadowbrook Insurance Agency team will operate under the direction of Sean Gallagher, head of Gallagher’s Great Lakes region retail property/casualty brokerage operations, and Tom Lannen, head of Gallagher’s Midwest region employee benefits consulting operations.

Alera Group, Rick Young Insurance

Alera Group has acquired Rick Young Insurance, an insurance agency offering employee benefits services including health insurance, life insurance, Medicare and Medicaid redetermination.

Rochester Hills, Michigan-based Rick Young Insurance offers personalized employee benefits services. This includes tailored health insurance coverage encompassing outpatient care, emergency, maternity care, prescriptions, and preventative services. The agency also provides complimentary Medicare consultations and assists customers in navigating their Medicare plans and determining if supplemental insurance is necessary.

The Rick Young Insurance team will continue serving clients in their existing roles.

Ryan Specialty, AccuRisk Holdings

Ryan Specialty signed a definitive agreement to acquire AccuRisk Holdings LLC, a medical stop loss managing general underwriter.

AccuRisk is headquartered in Chicago and was founded in 2017. It generated approximately $25 million of revenue for the 12 months ended July 31, 2023.

The acquisition is expected to close in December 2023.

Ryan Specialty is a specialty insurance firm based in Chicago.

South Central

Higginbotham, Bourg Insurance

Higginbotham has joined forces with Bourg Insurance, a long-term family business with deep ties to the South Louisiana community.

Founded in 1958 by Claude “Toby” Bourg, Jr. and his wife Edith, Bourg Insurance is a personal and commercial property and casualty, life and health insurance agency located in Donaldsonville, Louisiana, with additional offices in Prairieville, Chauvin and Baton Rouge, Louisiana.

Now a Higginbotham partner agency, Bourg Insurance is run by Toby and Edith’s sons, Brad and Brennan, and son-in-law Chuck Leblanc, as a family and community-oriented business with a strong emphasis on personal lines and small to middle market companies in the real estate, restaurant and construction sectors, among others.

Southeast

TWFG Insurance, Jeff Kincaid Insurance Agency

TWFG Insurance, also known as The Woodlands Financial Group, has acquired the Jeff Kincaid Insurance Agency, which has five offices in North Carolina.

Kincaid, a former Nationwide Mutual Insurance agent, has offices in Hickory, Shelby, Morgantown, Forest City and Marion, North Carolina.

TWFG is headquartered in The Woodlands, Texas, and was founded in 2001 by Gordy Bunch, CEO.

West

Brown & Brown, Pacific Underwriters

A subsidiary of Brown & Brown Inc. has acquired substantially all of the assets of Pacific Underwriters. Following the acquisition, the Pacific Underwriters team will continue doing business from their existing Seattle, Washington, location as part of Brown & Brown’s national programs segment.

Pacific Underwriters acts as a program manager on behalf of certain public utility insurance risk pools in Washington. It also offers insurance services for dental practitioners in the Pacific Northwest.

Brown & Brown is an insurance brokerage firm with roughly 500 locations worldwide.

USI Insurance Services, Cavanah Associates

USI Insurance Services acquired Honolulu, Hawaii-based Cavanah Associates Inc., an independent brokerage firm specializing in commercial and personal risk insurance programs.

USI is an insurance brokerage and consulting firm offering property/casualty, employee benefits, personal risk, program and retirement services to large risk management clients, middle market companies, smaller firms and individuals.

White Mountains Insurance Group, Bamboo Ide8 Insurance Services

White Mountains Insurance Group Ltd. has agreed to acquire a majority stake in Bamboo Ide8 Insurance Services LLC (Bamboo), an MGA focused on the California homeowners insurance market.

White Mountains expects to invest roughly $285 million, including primary capital to support Bamboo’s growth, and to acquire roughly 70% of Bamboo basic shares outstanding.

Bamboo, launched in 2018 by John Chu, provides homeowners’ insurance for more than 100,000 California policyholders using a technology-enabled underwriting platform to select and manage risk.

The transaction is expected to close in the first quarter of 2024, subject to regulatory approvals and other customary closing conditions.

Topics New York Louisiana Washington Michigan Connecticut