Business Moves

National

Munich Re Group, At-Bay Inc.

Munich Re Group agreed to acquire cyber insurtech At-Bay Inc. for $575 million.

The cyber insurance and managed detection and response (MDR) provider primarily serving small- to medium-sized enterprises in the U.S. will be overseen by Hartford Steam Boiler (HSB), part of Munich Re’s Global Specialty Insurance business. HSB has been a partner of At-Bay since its founding in 2017.

The transaction is expected to close in Q1 2027. At-Bay currently employs approximately 280 employees in the U.S. and Israel and has gross written premiums totaling $278 million.

Willis Re, BMS Re

To establish an operational presence in the U.S., reinsurance broker Willis Re is acquiring BMS Re, US.

The deal includes BMS Intermediaries Inc. and BMS Capital Advisory LLC, as well as the associated U.S. reinsurance broking team based in London. Terms were not disclosed.

Independent reinsurance platform BMS Re, US, part of BMS Group, is focused on property/casualty, with expertise in complex lines including property catastrophe, medical malpractice and workers’ compensation. It offers reinsurance and capital solutions with local market expertise, and a strong client base across regional and super regional carriers, and MGA and programs. BMS Group said the agreement excludes the U.K., Latin America, Bermuda, and Global Facultative business, which remain a core component of the brokerage.

Lockton Launches US Aviation Practice

Brokerage Lockton launched a U.S. Aviation Practice to help aviation and aerospace organizations navigate increasingly complex operational, regulatory, geopolitical, and insurance market challenges.

Taylor Anderson has been appointed to lead the practice. The promotion follows seven years as Lockton’s senior vice president, defense & aerospace for the southeastern U.S.

Lockton said the new aviation practice strengthens coordination among Lockton’s aviation specialists and industry resources–including aligning with the firm’s global network–to deliver tailored risk advisory, insurance placement, and strategic risk management solutions for clients across the global aviation and aerospace ecosystem.

East

Davis & Towle Insurance Group, Allied Insurance Agency

New Hampshire-based Davis & Towle Insurance Group acquired Allied Insurance Agency in Bow, New Hampshire.

As a result of the merger, Allied Insurance will assume the Davis & Towle name and move to Davis & Towle’s Concord location.

The deal comes just three months after Davis & Towle acquired Turner Liberty Insurance in Farmington.

Davis & Towle is a third-generation, family-owned, independent insurance agency founded in 1954 that has expanded to 14 affiliated agencies throughout the state.

FM, FortressFire

Commercial property insurer FM acquired FortressFire, a provider of wildfire intelligence solutions for homes, businesses and communities.

FortressFire will operate as an independent, wholly owned division of Johnston, Rhode Island-based FM and will continue its work to quantify ignition risk through fire physics, leading to verifiable mitigation recommendations and monitoring. Terms of the deal were not disclosed.

San Mateo, California-based FortressFire enables insurers and property owners to better understand and manage wildfire risk down to an individual property level. Its wildfire intelligence solutions include aerial wildfire reports, monitoring, analytics, ground inspections and mitigation assessments to provide actionable, structure-specific insights and mitigation recommendations.

DOXA, LimitFi

Specialty insurance platform DOXA acquired LimitFi, a platform for capital and credit-risk insurance products. Connecticut-based LimitFi specializes in default-risk transfer and alternative credit products including non-payment insurance. The platform connects banks and lenders seeking capital relief and risk transfer with insurance and reinsurance capital providers, with a focus on higher-value specialty transactions in often underserved markets. Terms were not disclosed.

LimitFi brings credit insurance, private capital and structured finance expertise to DOXA and is supported by specialists in credit, analytics, and portfolio management.

Following the acquisition, LimitFi co-founders Adam Budnick and Zach Smith will continue to lead LimitFi, as co-presidents of the business. LimitFi employees will also remain in place.

Seltzer Group, Trego Insurance Agency

Seltzer Group Partners acquired Trego Insurance Agency in Wyomissing, Pennsylvania. Founded as an independent agency in 2020 and led by Steve Trego, Trego serves commercial and personal lines clients across Pennsylvania and in several surrounding states.

Trego joined the Keystone Insurance Group agency network as a partner in 2020. By joining Keystone, the agency gains access to more than 80 commercial lines and 25 personal lines carriers and is able to offer its commercial clients employee benefits, including group health insurance. Seltzer is one of the original three agencies that joined resources to form Keystone in 1983. The acquisition gives Seltzer a physical presence in Berks County, a market the agency already serves. Founded in 1948 in Orwigsburg, Seltzer now has 11 other locations in eastern Pennsylvania and one in Florida.

Midwest

Sunstar Insurance Group, RJR Faribo Insurance Agency

Sunstar Insurance Group announced it has acquired RJR Faribo Insurance Agency, an independent agency serving clients in Minnesota.

The collaboration marks Sunstar’s entry into Minnesota. With locations in Eden Prairie and Faribault, RJR Faribo traces its roots to the 1930s, with the present company formed in 1986. RJR’s 22 employees will join Sunstar.

Marsh McLennan Agency, Accel Holdings Inc.

Marsh McLennan Agency (MMA)reached an agreement to acquire Accel Holdings Inc., a leading diversified independent insurance and advisory firm headquartered in Waverly, Iowa.

Terms of the acquisition, which is expected to close in the third quarter, were not disclosed.

The Accel Group was founded in 1936 and operates seven offices across Iowa, Illinois, Missouri, and Kansas, and has over 130 employees, all of whom are expected to join MMA from their current locations.

South Central

OpenRoad Expands to 40 States

Dallas, Texas-based OpenRoad Insurance, a provider of specialized insurance for classic and collector vehicles and related coverages, said it is now licensed in 40 U.S. states, up from 35 since March.

OpenRoad launched two years ago.

The latest states added to OpenRoad Insurance’s portfolio include: New York; New Hampshire; Vermont; North Carolina; and Delaware. Texas remains its largest state by insured volume. The company plans to expand into 48 continental states.

Southeast

Oakbridge Partners with Valentine

Oakbridge Insurance, ranked as one of the 50 largest independent U.S. brokerages, has signed an agreement with Valentine Insurance in Memphis. The deal is a strategic partnership/joint venture, not a true acquisition. The Memphis agency will be known as “Valentine Insurance, an Oakbridge Partner.”

The move will expand the firms’ integrated advisory and risk management approach. Valentine, which also has an office in Nashville, provides property/casualty and employee benefits solutions across the Mid-South, specializing in habitational, hospitality, and dealer open-lot insurance. Henry Lindeman is CEO.

Thoma Bravo to Take Accelerant Private

Accelerant announced that the private equity firm Thoma Bravo will take the insurance marketplace platform private in an all-cash deal worth more than $4 billion, just over a year after its New York listing.

Founded in 2018 by a group of industry veterans, Accelerant operates as an insurance marketplace connecting niche underwriters with institutional investors, using data to make the process faster and cheaper.

Mangrove Property Insurance Launches Reinsurance Sidecar

St. Petersburg, Florida-based Mangrove Property Insurance, launched two years ago, has created its own reinsurance sidecar, the company announced. Grove Re Ltd., domiciled in Bermuda, will be a Class 3A insurer, designed to support Mangrove’s risk management and underwriting.

King Risk, The Roberts Agency Inc.

Florida-based King Risk Partners has acquired The Roberts Agency Inc., an independent insurance agency based in Bloomfield, Connecticut.

The Roberts Agency provides construction insurance and a range of commercial insurance, specialty coverage, benefits, and homebuilders programs.

King Risk Partners now has more than 50 locations on the Eastern seaboard from New Hampshire to Florida, including six in Massachusetts, six in Connecticut, two in New Hampshire and one in Rhode Island.

West

Inszone Insurance Services, Two Fong’s Inc.

Inszone Insurance Services acquired Two Fong’s Inc. in California. Founded in 1982 and acquired by its current leadership, Al and Pete Fong, in 2000, Two Fong’s has maintained a presence across the Bay Area, specializing in commercial property and lessor’s risk. Sacramento, California-based Inszone is an insurance brokerage firm offering a range of property/casualty and employee benefits services.

Bolt Launches Connected Distribution

Insurtech bolt launched Connected Distribution, an AI-powered insurance distribution platform enabling access across all lines for distribution partners.

The new operating model combines customer data, workflows and integrated market access into a single AI-powered connected system. The platform is designed to help distribution partners like independent agencies, brokerages, carriers and consumers reduce manual work, move faster, and connect the distribution lifecycle. Conversational AI is designed to engage customers across voice, SMS, chat and email, capturing structured data from interactions, and combining it with customer, risk and account history.