Business Moves

National

Keystone Agency Partners, Warburg Pincus

Private equity firm Warburg Pincus will acquire a majority stake in insurance broker and agency network Keystone Agency Partners (Keystone).

Keystone was formed in 2020, in partnership with Keystone Insurers Group Inc. and Bain Capital LP.

Bain Capital will retain minority ownership in Keystone through a new investment from Bain Capital Insurance.

Keystone is a national retail broker and agency network, comprised of 28 platform partners and more than 350 independent network partners that together write more than $8 billion in annual premiums.

The transaction is expected to close in Q3 2025 and is subject to regulatory approvals. Financial details of the transaction were not disclosed.

White Mountains Insurance Group, Distinguished Programs

White Mountains Insurance Group has a deal in place to acquire about 50% of Distinguished Programs for $230 million.

With the buy of the outstanding equity shares, White Mountains will own 51% of Distinguished, an independent program manager and managing general agency for specialty insurance. The Bermuda-based holding company owned 1% of Distinguished outstanding equity interests before this transaction.

Founded in 1995, New York-based Distinguished will continue to be led by CEO Bill Malloy, President Jason Rotman, and CEO Steve Sitterly.

Aquiline Capital Partners, the current controlling equityholder of Distinguished, will continue to hold a significant minority interest.

The transaction is expected to close in the third quarter of 2025, subject to regulatory approvals.

East

World Insurance Associates LLC, Healey & Associates

World Insurance Associates LLC acquired the business of Healey & Associates of Portland, Maine.

Healey has offered employee benefits throughout New England since 1982, with a focus on the non-profit sector.

World Insurance Associates is a financial services organization headquartered in Iselin, New Jersey, with more than 300 offices across the U.S. and the U.K.

Terms of the transaction were not disclosed.

Smith Brothers Insurance LLC, Charter Oak Agency

Glastonbury, Connecticut-based Smith Brothers Insurance LLC acquired Charter Oak Agency. Charter Oak Agency, an independent insurance agency with offices in Westport and Derby, Connecticut, will retain these locations.

Marissa Barbera, president and owner of Charter Oak Insurance Agency, and her team will join Smith Brothers Insurance. Smith Brothers Insurance is an independently operated insurance broker with more than 250 professionals, licensed in every state with offices throughout Connecticut, Massachusetts, New Jersey, and New York.

Midwest

WalkerHughes, Apogee Insurance Solutions LLC

Apogee Insurance Solutions LLC, a St. Peters, Missouri-based insurance agency, joined WalkerHughes Insurance, a privately held, founder-led retail insurance brokerage headquartered in Indianapolis, Indiana.

This marks WalkerHughes’ second acquisition in Missouri and a continued step forward in its regional expansion strategy.

Apogee, which specializes in personal lines and commercial insurance, serves the St. Louis metro area. Agency owner Kyle Heywood is exiting the business. Longtime team members Jessica Grotewiel and Amanda Knott will be integrated into the WalkerHughes Missouri operations.

Inszone Insurance Services, Snell-Nelson Insurance Agency Inc.

Inszone Insurance Services acquired Snell-Nelson Insurance Agency Inc, an agency based in Ashland, Kansas, with additional operations throughout Kansas and Oklahoma. Snell-Nelson has 40 years of history and experience in the region.

Lemonade Expands Auto to Indiana

Lemonade expanded its Lemonade Car insurance product statewide in Indiana. With this addition, Lemonade Car is now available in states representing approximately 42% of the U.S. car insurance market.

Lemonade Car’s sequential in-force premium growth outpaced the rest of Lemonade’s book for Q1 2025.

Reliance Global Group Sells Fortman Insurance Services

Reliance Global Group announced it has completed an asset sale of Ottawa, Ohio-based Fortman Insurance Services, wholly owned subsidiary, for $5 million.

Reliance didn’t disclose the buyer of Fortman.

Reliance sold Fortman at a value above the initial purchase price Reliance purchased the agency for in 2019.

Southeast

NFP, Levine Group LLC

Global insurance and benefits broker NFP acquired Levine Group LLC, a financial services firm based in Brentwood, Tennessee.

Levine Group has served Nashville and the surrounding area since 1963. The firm offers investment management, retirement plan consulting, employee benefits, and insurance.

NFP, an Aon company, has more than 8,000 employees in the U.S., Puerto Rico, Canada, the U.K., and Ireland. Michael Levine, who leads Levine Group, will join NFP, working with Mike Schneider, president of NFP’s central and West regions. Trevor Coe and Zach Levine will also join NFP.

Terms of the deal were not disclosed.

Afore Insurance Services LLC, TailoredRisk Insurance Advisors

Georgia-based Afore Insurance Services LLC acquired Naples, Florida-based TailoredRisk Insurance Advisors, LLC.

All of TailoredRisk’s employees will join Afore, and TailoredRisk will eventually operate under the Afore name.

Afore also appointed TailoredRisk’s principal, John Paolini, to the role of executive vice president of its national personal lines division. Paolini will fill the vacancy created by Andrew Muller’s recent elevation to executive vice president of strategy and partnerships.

Afore has acquired more than 50 agencies and has more than 20 offices nationwide.

Hancock Claims Consultants, Knight’s Solutions

Hancock Claims Consultants, a 22-year-old claims adjusting firm with offices in Georgia and Kentucky, acquired Knight’s Solutions, an inspection firm that works claims in the Midwest and Southeast.

Neither company is a public adjuster firm, but they work for property insurers, providing inspections and claims adjusting.

Terms of the deal were not disclosed.

Knight’s, with offices in Mobile, Alabama, and Bardstown, Kentucky, also offers ladder assist services, providing roof inspections on steep or tall buildings for insurance adjusters. Ryan Knight is the owner.

Hancock also has offices in Bardstown and Alpharetta, Georgia, and works for insurers across the country.

The firms plan to complete operational integration over the next 90 days. Ryan Knight will report to Ray Tant, Hancock’s senior vice president of inspections and estimating.

Patriot Growth Insurance Services, Legacy Insurance Services

Florida-based Legacy Insurance Solutions joined Patriot Growth Insurance Services, a national insurance brokerage and partnership platform headquartered in Fort Washington, Pennsylvania.

Founded in 2011, Legacy is a family-founded insurance agency with offices in Tallahassee and Palm Beach Gardens, Florida.

Patriot Growth was founded in 2019.

Terms of the deal were not disclosed.

King Risk Partners, Cummings Insurance Agency

King Risk Partners, a national insurance brokerage with home offices in Gainesville, Florida, has acquired Cummings Insurance Agency in Aiken, South Carolina.

Ted Cummings is principal of the agency, founded in 2014 and specializing in agricultural and equestrian clients.

The agency is not affiliated with other Cummings insurance agencies in Alabama, Florida, and Pennsylvania.

Marsh McLennan Agency, Excel Insurance

Marsh McLennan Agency, part of the global Marsh insurance brokerage and services companies, acquired Excel Insurance, in Medley, Florida.

Excel was founded in 2020 and provides property/casualty solutions, including auto, watercraft, commercial coverage, homeowners, and workers’ compensation insurance, for small businesses and residents in south Florida.

All Excel employees, including President Jacob Pared, will now join MMA in its existing Doral office.

West

Trucordia, Vegas Valley Benefit Plans

Trucordia acquired the business of Vegas Valley Benefit Plans, a provider of employee benefits and insurance services based in Las Vegas, Nevada.

Trucordia is the group name for an insurance brokerage headquartered in Lindon, Utah, offering commercial and personal lines, life and health, and employee benefits insurance services.

Trucordia, Fuhriman Insurance

Trucordia also acquired the Fuhriman Insurance business.

Based in Boise, Idaho, Fuhriman Insurance offers insurance solutions for auto, home, commercial, life, umbrella, renters, workers’ compensation, toys, and pest control.

International

CRC Group, Atrium Underwriting Group Ltd.

CRC Group, the Charlotte, North Carolina-based wholesale specialty insurance distributor, has entered a definitive agreement to acquire Lloyd’s managing agency Atrium Underwriting Group Ltd. from investment funds managed by Stone Point Capital and other investors.

Atrium will retain its brand name and independence under the leadership of its current management team within the CRC Group, making its first investment outside of North America. Atrium manages Syndicate 609 and writes specialty insurance and reinsurance across property, casualty, and specialty business groups.

Financial details of the transaction were not disclosed. It is expected to close in the third quarter, subject to customary closing conditions and regulatory approvals.