Business Moves

National

Ignyte and Novacore Spin Off From NSM Commercial Business Sale

Ignyte and Novacore have launched following the recent sale of NSM Insurance Group’s U.S. commercial business to investment firm New Mountain Capital.

Conshohocken, Pennsylvania-based NSM had said it would become two separate entities as a result of the sale, and on April 17 Ignyte was introduced as a specialty insurance platform and led by NSM founder Geof McKernan as well as Bill McKernan and Marc Castellucci.

Ignyte is a portfolio company of investment firm Carlyle since 2022. Ignyte is now home to a growing global portfolio of specialty insurance brands spanning collector car, travel medical, international student health, leased equipment and other embedded insurance products.

On April 22, the U.S. commercial business was relaunched as Novacore, an independent specialty insurance provider backed by New Mountain. Novacore will continue with more than 20,000 agent partners nationwide, a portfolio of more than 15 specialty programs, and a premier retail agency. Novacore also added Chase Clark as chief operating officer and chief underwriting officer. Additionally, Phil Dwyer joined as executive vice president of corporate development.

International

Helvetia and Baloise

Helvetia and Baloise plan to merge to create Switzerland’s second-largest insurance group with a combined business volume of 20 billion Swiss francs ($24.69 billion).

The new group, to be called Helvetia Baloise Holding, will become one of the ten largest insurers in Europe, under what the two companies called a “merger of equals” with an even spread of senior executives and board members.

The deal, which is expected to be completed in the fourth quarter of 2025, is the latest in the insurance sector after Belgium’s Ageas agreed to buy British car and home insurer esure for 1.3 billion pounds.

Helvetia CEO Fabian Rupprecht will take the helm of the new firm while Thomas von Planta, currently chairman at Baloise, will lead the combined group’s board of directors.

The exchange ratio will be 1.0119 new Helvetia shares for each Baloise share, with shareholders asked to give their approval at special meetings on May 23. Helvetia shareholders will hold 53% of the combined group, which will have a logo based on the one used by Baloise, whose base in Basel will be also be the new head office.

In addition to the companies’ existing cost improvement plans, the merger is expected to generate annual savings of around 350 million Swiss francs ($433 million) before taxes. Around two thirds of the savings will come from cuts to the 22,000-strong combined workforce, although the company said it was too early to give a figure.

AXIS Launches Cyber in Canada

AXIS Capital Holdings Limited , today announced the launched an insurance policy offering customizable cyber and specialist liability coverage to companies in Canada with up to $2bn in revenue.

The AXIS Cyber Technology and Miscellaneous Professional Liability (ACTM) policy is designed to protect businesses and avoid potential gaps in insurance coverage by enabling policyholders to cover multiple risks within one comprehensive policy.

East

Hub International Limited, Allegiant Global Partners Inc.

Global insurance broker Hub International Limited reported it has acquired the assets of Allegiant Global Partners Inc. (AGP) of Boston.

AGP is a health, welfare and risk consulting firm serving global employers. AGP serves the needs of international nongovernmental organizations (NGOs), higher education institutions and domestic nonprofits.

Hub said AGP’s expertise in the nonprofit and education industries complements its existing specialty and global benefits capabilities.

Jay Bride, AGP founder and chief executive officer, Denis Guay, president, and the AGP team will join Hub National Employee Benefits and Hub New England, AGP will be referred to as AGP, a Hub International company.

Terms of the transaction were not disclosed.

Headquartered in Chicago, Hub has more than 19,000 employees in offices located throughout North America.

Midwest

Inzone Insurance Services, Davidson Insurance Agency Group LLC

Inszone Insurance Services acquired Davidson Insurance Agency Group LLC. Located in Missouri, Davidson Insurance Agency has served local businesses, families, and individuals since its founding in 1970.

Originally established by Carrick Davidson in 1970, Davidson Insurance Agency has been family-owned and operated for over five decades. Carrick’s son, Dick Davidson, joined the agency in 1977, eventually purchasing it from his father in 1987. Davidson Insurance Agency specializes in tailored insurance solutions, particularly within the small commercial business sector.

CIBA Expands NexEdge in Midwest and Southeast Territories

CIBA, a commercial real estate insurance program headquartered in Glendale, California,expanded its NexEdge individual limits property product to the Upper Midwest and Southeast regions.

The expansion builds on the success of the program’s initial launch of NexEdge in the Western States. CIBA said the expansion reinforces tits commitment to delivering tailored insurance solutions to its broker partners and their clients across the country.

NexEdge has now expanded its dedicated limits product to include properties in the following states. Expansion includes Iowa, Illinois, Michigan, Minnesota, North Dakota, Ohio, South Dakota and Wisconsin in the upper Midwest and Kentucky, Tennessee, Mississippi, Alabama, Georgia, South Carolina, North Carolina and Florida in the Southeast.

The expansion is supported by AZGUARD® Insurance Company, member of Berkshire Hathaway GUARD Insurance Companies and a non-admitted carrier in CA, NY, and other states.

All Berkshire Hathaway GUARD subsidiaries are rated A+ Superior by A.M. Best (reaffirmed July 2024) and backed by the financial strength of the renowned Berkshire Hathaway Group.

With AZGUARD® Insurance Company already providing support for CIBA’s General Liability product, this expansion represents a natural and seamless continuation of our established partnership.

South Central

Risk Strategies, GMC Advisors LLC

Risk Strategies announced that it has acquired GMC Advisors LLC, based in Houston, Texas. Terms of the deal were not disclosed.

Headed by owner Greg Chubon, GMC Advisors is a specialist in commercial lines insurance products, with a focus on the construction and manufacturing industries, as well as companies in the energy sector.

Founded in 2003, the firm has built a record of consistent growth propelled by specialty knowledge and a focus on helping middle-market companies in target industries.

In addition to construction and manufacturing, GMC Advisors counts clients among engineering, oil and gas, and petrochemical-related firms in the region. Chubon is a 37-year industry veteran who, prior to founding GMC Advisors, held a number of positions for regional and national brokerages including new business development.

Risk Strategies, part of Accession Risk Management Group, is a Boston-based specialty brokerage firm offering comprehensive risk management services, property and casualty insurance and reinsurance placement, employee benefits, private client services, consulting services and financial and wealth solutions.

Southeast

Trawick International Relocates Headquarters to Miami

Trawick International, a longtime provider of travel insurance, student insurance and specialty coverage, is moving its headquarters from the quiet streets of Fairhope, Alabama, to Miami, Florida.

Trawick was founded in 1998, offering student insurance in the U.S. and abroad. It expanded a decade later into travel insurance

In recent years, the firm has added international travel insurance, trip interruption coverage, group health, occupational hazard insurance for independent contractors, and assistance services.

Transatlantic Underwriters Expands With Six New Lines

Transatlantic Underwriters, a specialized wholesale brokerage for trucking and transportation insurance, is making a limited move into broader property-casualty coverage.

The Marietta, Georgia-based firm, founded in 1989, introduced six new lines of business, including commercial general and excess liability; commercial property; inland marine; builder’s risk and garage insurance.

Until now, the brokerage has focused on commercial auto liability, motor truck cargo and automobile damage.

TAU has named Bernadette Flores senior vice president of the P&C division. She has 24 years’ experience in excess and surplus lines, including contractors, garage, habitational and hospitality.

Southern Specialty Underwriters Rebrands as Arbour Specialty

Southern Specialty Underwriters, with offices in Tampa, Florida, and Macon, Georgia, has rebranded to Arbour Specialty, an insurance broker in the Southeast.

Southern Specialty was founded in 2009 and, as Arbour, will continue as a wholesale outlet for specialized commercial and personal insurance coverage. The company is licensed in 13 states.

CRC Group, ARC Excess & Surplus

Independent insurance wholesaler CRC Group, headquartered in Birmingham, Alabama, said it has acquired specialty wholesale distributor ARC Excess & Surplus.

ARC will join CRC Specialty, continuing to operate under its existing leadership team. Terms were not disclosed.

ARC operates six offices in New York, California, Florida, Georgia, New Jersey and Connecticut.

The company has more than $1 billion in annual premiums and serves over 2,000 retail brokers.

Earlier this year CRC Group announced that its TIH brand will be sunsetting and replaced by CRC Group as the company’s corporate brand.

The firm also announced a new divisional structure, operating under two divisions: Specialty + Benefits and Underwriting.