Business Moves

National

White Mountains Insurance, Bamboo

White Mountains Insurance is selling a controlling interest in insurance distribution platform Bamboo to European private equity firm CVC in a deal that values the company at $1.75 billion.

White Mountains bought a majority stake in Bamboo in January 2024 for nearly $300 million.

Bamboo was launched in 2018 by leader John Chu. The company provides residential homeowners’ insurance and related products.

White Mountains is holding company that owns and manages businesses in the insurance and financial services industries.

The company will retain a 15% fully diluted equity stake in Bamboo post-closing, worth $250 million.

The deal is expected to close by the end of the year.

East

ALKEME Insurance, Alliance Brokerage Corp.

California-based ALKEME Insurance acquired Alliance Brokerage Corp., a Melville, New York-based property/casualty agency. The acquisition strengthens

ALKEME’s presence on the East Coast, adding insurance and risk management expertise in both real estate and construction insurance.

Alliance Brokerage Corp. serves a range of clients. Alan and Jonathan Zack head the firm.

ALKEME, Gotham Brokerage Co., Gotham Brokerage

California-based ALKEME Insurance acquired Gotham Brokerage Co., a New York City insurance agency founded 60 years ago. Gotham specializes in insurance for condos, co-ops, and apartments with a concentration in the high-value real estate markets of Brooklyn and Manhattan. The acquisition enhances ALKEME’s personal insurance capabilities.

Northern Neck Insurance Co., Frederick Mutual Insurance Co.

Northern Neck Insurance Co. and Frederick Mutual Insurance Co. intend to affiliate, pending regulatory approval, in a move to grow across the Mid-Atlantic region.

The partnership will unite Northern Neck’s personal lines focus with Frederick Mutual’s commercial lines experience. The insurers will continue to operate under their existing brands. Together, the companies will have more than 90 employees and 450 independent agency locations in Virginia, Maryland, Pennsylvania, Delaware, the District of Columbia, and North Carolina.

Frederick Mutual Insurance Co. is jointly owned by Frederick Mutual Group, Inc., a stock corporation with majority ownership, and Mutual Capital Investment Fund (MCIF). Northern Neck has agreed to purchase MCIF’s preferred stock. Upon closing, the preferred stock will convert to common stock. After the transaction closes, management intends to pool results for both companies.

As part of the agreement, Northern Neck will enter into a management agreement with Frederick Mutual, with Peter Cammarata as president and CEO of both organizations and Northern Neck’s board of directors providing unified governance.

The transaction is expected to close before the end of 2025.

Novacore, Minglewood Risk

Novacore, the specialty insurance managing general agent (MGA) formerly the U.S. commercial division of NSM Insurance Group, will acquire Minglewood Risk, an MGA specializing in habitational and real estate coverages.

Founded in Langhorne, Pennsylvania, with core markets in New York, New Jersey, Pennsylvania, Colorado and California, Minglewood Risk specializes in commercial package and excess and umbrella insurance for residential real estate.

Minglewood Risk will become part of Novacore’s real estate segment, with a focus on expanding into the five boroughs of New York City. Novacore partners with more than 20,000 agents nationwide and offers more than 15 specialty programs.

Terms of the deal were not disclosed.

Midwest

The MEMIC Group, The Dakota Group

Workers’ compensation specialist The MEMIC Group, led by parent company Maine Employers’ Mutual Insurance Company, entered into an agreement to acquire The Dakota Group, including Risk Administration Services, Inc. and its four affiliated insurance services companies.

The combining of the companies will make The MEMIC Group the third largest multi-state workers’ compensation specialist in the U.S., with estimated combined 2025 writings of more than $600 million and coverage for more than 25,000 employers nationwide.

Both companies are rated A (Excellent) by A.M. Best.

This acquisition includes the purchase of The Dakota Group’s subsidiary-affiliated service companies, including OHARA LLC, TLC Advantage LLC, and Precision Bill Review LLC. These entities provide both insurance coverage and cost-containment services, such as case management, PPO networks, and medical bill review, to a broad client base across the Midwest.

The transaction also includes Risk Administration Services, Inc. (RAS), which serves as attorney-in-fact to the reciprocal insurer Dakota Truck Underwriters (DTU), as well as a controlling interest in First Dakota Indemnity Company, which is managed by RAS.

With a significant presence in the upper Midwest, The Dakota Group has a growing market share in workers’ compensation that aligns with The MEMIC Group’s growth along the Eastern seaboard.

The Dakota Group is the leading voluntary workers’ compensation writer in South Dakota and a top writer in Minnesota, Iowa, Kansas, and Nebraska.

The transaction is subject to regulatory approval and is expected to be finalized in early January 2026.

World Insurance Associates LLC, ACB Insurance Inc.

World Insurance Associates LLC acquired the business of ACB Insurance Inc. (“ACB”) of Indianapolis, Indiana on June 1, 2025. Terms of the transaction were not disclosed.

ACB provides insurance to individuals, families and businesses. The agency is led by Corey Kunkleman, who joined ACB in 2003 as president.

WalkerHughes, Brady Benefits

WalkerHughes Insurance added Brady Benefits, a Fort Wayne-based Employee Benefits brokerage, to its growing Midwest platform.

Brady Benefits, led by Matt Brady, specializes in group health and ancillary benefits. Brady and his team, including Shannon Martin and Angie Lash, will join WalkerHughes,

South Central

Inzone Insurance Services, Arkansas Best Insurance Agency Inc.

Inszone Insurance Services announced its expansion into Arkansas through the acquisition of Arkansas Best Insurance Agency, Inc., an independent agency based in Hot Springs, Arkansas.

Founded in 1905, Arkansas Best Insurance Agency has served clients across Arkansas and neighboring states for well over a century. Michael Lipton has served as primary owner for 15 years.

Arkansas Best Insurance Agency has operated as a generalist, providing insurance solutions for businesses of all sizes while also maintaining a presence in personal lines.

Amynta Group, Global Surety LLC

Amynta Group has entered into a definitive agreement to acquire Global Surety, LLC, International Sureties Limited and International Sureties SARL (collectively, “International Sureties”), a commercial surety broker based in New Orleans, Louisiana.

The transaction is subject to regulatory approvals and is expected to close during the fourth quarter of 2025. Terms of the transaction were not disclosed.

International Sureties, founded in 1972, is a specialty surety broker, providing a broad range of commercial surety products, including admiralty, court, bankruptcy, logistics and license and permit bonds.

The company provides surety bond services for a wide variety of industries operating from offices in New Orleans, the UK and Belgium.

Clark Fitz-Hugh, president and CEO of International Sureties, will continue to lead the business.

Southeast

King Risk Partners, LH Griffith & Co.

King Risk Partners, headquartered in Gainesville, Florida, acquired LH Griffith & Co., an agency with offices in Walterboro and Goose Creek, in southeast South Carolina.

The Griffith agency was founded 25 years ago. Heath Griffith is principal. The merger will guarantee continuity of service to parts of coastal South Carolina.

King now has offices in 16 cities in North and South Carolina.

Gifford Carr Insurance Group, Omni One Insurance Agency

Gifford Carr Insurance Group, headquartered in Ottowa, Ontario, made its first expansion outside of Canada by acquiring Omni One Insurance Agency, part of the Team Aubuchon group, based in Coral Gables, Florida.

The Florida agency will operate as Omni One Insurance, by Gifford Carr, and the firm’s team will remain on board. The agency offers home, auto, commercial and other lines of property-casualty insurance.

Matthew Carr is listed as president of Gifford Carr and as CEO at Omni One.

West

Farmer Woods Group, iinsure

Farmer Woods Group acquired iinsure, based in Scottsdale, Arizona.

iinsure clients will continue working directly with Jeff Martin, owner of iinsure, while also gaining access to Farmer Woods Group’s resources.

iinsure is an independent, multi-line insurance agency specializing in complex commercial and personal profiles.

Farmer Woods Group is a Leavitt Group affiliate based in Phoenix, Arizona. Leavitt Group a privately held insurance brokerage with a network of more than 85 agencies and 250 locations across 28 states.

The McGowan Companies, Limit

The McGowan Companies acquired Limit, a digital wholesale insurance brokerage headquartered in Covina, California, via an asset purchase agreement.

After the transaction is closed, Limit will continue to operate under the “Limit” brand, within The McGowan Companies envelope, led by Shea McNamara, Limit’s facility director. All Limit staff will remain in place.

Limit has two divisions: Limit Wholesale and Limit AI. Limit Wholesale is an Artificial Intelligence-enabled, digital, wholesale insurance brokerage that specializes in cyber liability and technology errors and omissions.

The McGowan Companies is an insurance broker and intermediary located in Fairview Park, Ohio.