2006:a big year for P&C buyers and sellers of all shapes and sizes

December 24, 2006

JANUARY

Hallmark Acquires

Fort Worth, Texas-based Hallmark Financial Services Inc. has completed its acquisition of Aerospace Holdings LLC, which markets general aviation insurance products. Hallmark underwrites non-standard personal automobile insurance.

American National Bank Acquires Dallas-based Sleeper, Sewell

The American National Bank of Texas of Terrell, Texas, has acquired Dallas-based insurance agency Sleeper, Sewell & Co., which wrote $60 million in premiums.

Duncan, Fraser & Bridges Acquires Amarillo, Texas-based Agency

Duncan, Fraser & Bridges Insurance Agency Inc., a member of Combined Agents of America LLC, has purchased Amarillo, Texas-based independent insurance agency, Edmond, Deaton & Stephens. The purchase represents $10 million in premium.

Hallmark Completes Acquisition of Texas General Agency

Hallmark Financial Services Inc. closed its acquisition of Texas General Agency Inc. and certain affiliates. TGA is a managing general agency for commercial automobile and general liability risks. The acquisition also included TGA’s wholly owned subsidiary, Gulf States Insurance Co.; TGA Special Risk Inc.; and Pan American Acceptance Corp. Hallmark required $14.6 million for the deal.

TD Banknorth Acquires Me.’s Boothby & Bartlett Agency

TD Banknorth Insurance Agency Inc. finalized its acquisition of Boothby & Bartlett Co., an agency in Waterville.

Jacobs Financial Group Acquires West Virginia Fire and Casualty Co.

Jacobs Financial Group Inc. has acquired all of the stock of West Virginia Fire and Casualty Co. from The Celina Mutual Insurance Co. of Celina, Ohio for $2.9 million.

Brown & Brown Completes Axiom Intermediaries Acquisition

The acquisition of the assets of Axiom Intermediaries LLC of Stony Creek, N.C. has been completed by Brown & Brown Inc. of Daytona Beach, Fla. Axiom, with $14 million in revenues, is a reinsurance intermediary.

FEBRUARY

M&T Buys Maryland’s Hess Egan

M&T Insurance Agency Inc. has acquired Hess Egan Hagerty & L’Hommedieu Inc., a commercial insurance and surety brokerage based in Chevy Chase, Md.

HRH Purchasing Del. Agency

Hilb Rogal & Hobbs Co. signed an agreement to buy Zutz Associates Inc., a large Delaware independent insurance agency. Zutz had 2005 gross revenues of $11.3 million and premium volume over $100 million.

U.S. Risk Insurance Acquires Lighthouse Underwriters

U.S. Risk Insurance Group in Dallas, Texas, is acquiring Lighthouse Underwriters LLC of Anandale, Va. The combined companies will have more than $400 million in premium.

Seattle Financial Group Completes Purchase of Turnure & Associates

Seattle Financial Group, a mortgage banker, reported the acquisition of Turnure & Associates, a property and casualty insurance broker, creating Seattle Insurance Group.

MARCH

Willis Adds N.Y. Gueits, Adams

Willis Group Holdings Limited reported the acquisition of Gueits, Adams & Co. in New York City. The firm specializes in jewelers block and has revenues of $4 million.

Bollinger Acquires 3 N.J. Agencies

Bollinger Inc. acquired three insurance agencies with common ownership: The Hitchner Agency, Elmer, N.J.; Tri County Insurors, Pennsville, N.J.; and the Barton F. Sharp Agency located in Bridgeton, N.J. The combined commission revenues of the three agencies was in excess of $3.75 million in 2005. With this acquisition, Bollinger’s projected revenues for 2006 will exceed $100 million.

Eastern Bank Grows in Mass. with Howland Agency

Eastern Insurance Group acquired Howland’s Insurance Agency in Rockland, Mass. Eastern is a subsidiary of Eastern Bank.

St. Louis, Mo.’s First Bank to Acquire Adrian N. Baker & Co.

First Bank, a wholly owned subsidiary of First Banks Inc. in St. Louis, acquired Clayton, Mo.-based privately-owned insurance brokerage Adrian N. Baker & Co.

AIG Acquires Travel Guard

A subsidiary of American International Group Inc. is buying Travel Guard International, a seller of travel insurance programs and emergency travel assistance, from the Noel Group of Stevens Point, Wisc. AIG will also acquire Mercury International, Travel Guard Americas and the Travel Guard Canada brands from the Noel Group.

APRIL

Hub Finalizes Purchase of 3 Agencies from Citizens Financial

Hub International Limited has closed its acquisition of three insurance brokerages from Citizens Financial Group Inc. for $80 million. The three are: Citizens Clair Insurance Group, in Norristown, Pa.; Brewer & Lord, based in Norwell, Mass; and Feitelberg Insurance, based in Fall River, Mass. They had combined revenue of $45 million in 2005.

NBIS Acquires Special Risk Services

NBIS, the exclusive underwriting manager for ProBuilders Specialty Insurance Co., RRG, has acquired Special Risk Services Group LLC., a Chicago based specialty program underwriter in the crane-rigging and heavy haul transportation industry.

Heffernan Merges with Advanced Insurance of Orange, Calif.

Heffernan Insurance Brokers, based in Walnut Creek, Calif., is merging with Advanced Insurance of Orange, Calif. Advanced Insurance’s specialty matches Heffernan’s nonprofit and church market focus.

CBIZ Acquires Burnham, Colman, Kaelin and Walker Agency

CBIZ Inc. has acquired Burnham, Colman, Kaelin & Walker of St. Joseph, Mo., an agency specializing in agriculture, construction and printing industries. BCK&W recorded $5 million in annual revenue. CBIZ provides professional business services.

Acordia Acquires Calif. Broker Edward C. Brodie

Acordia Inc., an insurance subsidiary of Wells Fargo & Co. writing in excess of $8.5 billion of premiums, acquired Edward C. Brodie Insurance Brokers Inc. in Sacramento, Calif.

MAY

Odyssey Investment Buys York Insurance Services

Odyssey Investment Partners LLC completed its acquisition of York Insurance Services Group Inc. of Parsippany, N.J. York is an outsourcer of specialty claims management.

Beecher Carlson, SawyerFoster Group Join Forces

Atlanta-based Beecher Carlson and the SawyerFoster Insurance Group of Gulfport, Miss., have joined forces. SawyerFoster is an independent agency focused on hospitality, gaming, health care, marine and construction industries.

Brown & Brown Buys Ideal Insurance Agency

Fla.-based Brown & Brown Inc. announced the acquisition of Ideal Insurance Agency Inc., a retail and wholesale organization with revenues of $3.1 million from serving public and quasi-public entities in Illinois.

Hub Intl. Northeast Acquires N.Y.’s Hirsch Wolf & Co.

Hub International Northeast acquired Hirsch Wolf & Co. LLC, a Brooklyn-based property and casualty insurance brokerage with special expertise in the health care industry and $7 million in revenues.

Community Banks Closes on Purchase of Pa.’s Wiley Agency

Community Banks Inc. has completed its acquisition of Wiley Insurance Agency Inc., located in Mt. Joy, Pa. Wiley has now become a part of CommunityBanks Insurance Services LLC.

Ohio-based International Excess Acquires WSIB Motorsports

Cleveland-based International Excess Companies has bought WSIB Motorsports Insurance of Indianapolis, Ind. WSIB offers coverage for professional, semi-professional and amateur race teams.

Aon Subsidiary Acquires JLT Services

Affinity Insurance Services Inc., a subsidiary of Aon Corp., acquired a division of JLT Services Corp. specializing in program administration for association insurance programs.

Berkshire Hathaway Completes Acquisition of Applied Underwriters

Berkshire Hathaway completed its acquisition of Applied Underwriters, an integrated workers’ compensation service firm and all of its subsidiaries including its North American Casualty insurance companies.

JUNE

AXA Concludes Sale of AXA RE

France’s largest insurer, AXA Group, concluded an agreement to cede its reinsurance operation – AXA Re and its subsidiaries – to Paris Re Holdings Limited. The deal will produce around $154 million in capital gains.

Swiss Re Completes GE Insurance Solutions Acquisition

Swiss Re and General Electric completed the sale of GE’s reinsurance business, GE Insurance Solutions, including Employers Reinsurance Corp. (ERC), to Swiss Re for about $7.4 billion, plus the assumption of $1.7 billion in GEIS debt. Swiss Re noted that the acquisition creates the world’s largest global reinsurer. The operating companies included in the transaction are: Employers Reinsurance Corp., GE Frankona Reinsurance Limited (UK), GE Frankona Ruckversicherungs-Aktiengesellschaft, GE Reinsurance Corp., Westport Insurance Corp. and First Specialty Insurance Corp.

Bollinger Acquires 2 More N.J. Agencies- Hopgood and Windsor

Bollinger Inc., a national privately held insurance broker, has acquired Windsor Benefit Consultants Inc. and James E. Hopgood & Associates of Denville, N.J.

rthur J. Gallagher & Co. Acquires Lemac & Associates

Risk Placement Services Inc., a subsidiary of Arthur J. Gallagher & Co., has acquired Lemac & Associates Inc., a wholesaler in Los Angeles.

M.J. Kelly Company Acquires Fort Worth’s Russell Grace

The Arkansas division of M.J. Kelly Co., an insurance brokerage firm headquartered in Springfield, Mo., agreed to purchase certain assets of Russell Grace Inc., Fort Worth, Texas, a wholesale broker. M. J. Kelly Co. is also a wholesale brokerage.

Swiss Re Completes FPK Sale to J.C. Flowers & Co. LLC

Swiss Re has completed the sale of its wholly owned subsidiary Fox-Pitt, Kelton to an investor group led by J.C. Flowers & Co. LLC and by FPK management. Swiss Re will hold a minority interest in the new company.

JULY

ACE Sells Run-Off Reinsurance Units

ACE Limited has sold three run-off reinsurance subsidiaries to Randall & Quilter Investment Holdings Ltd., an international insurance management firm. The agreement concerns the sale of ACE American Reinsurance Co., Brandywine Reinsurance Co. (UK) Ltd. and Brandywine Reinsurance Co. S.A.-N.V. to Randall & Quilter. It was approved by the U.K.’s Financial Services Authority and the Pennsylvania Insurance Department.

Markel/IUM Acquires The Brittany Insurance Services

Investors Underwriting Managers Inc., The Markel Group of Companies, has added The Brittany Insurance Services Inc. to its group. The Brittany is a program administrator writing property business in California.

Arthur J. Gallagher & Co. Acquires S.P. Tarantino Insurance Brokerage

Arthur J. Gallagher & Co. of Illinois has acquired S.P. Tarantino Insurance Brokerage Inc. of San Francisco. Tarantino specializes in the restaurant, hospitality, manufacturing, trucking and property-owner industries.

Brown & Brown Acquires Kentucky-based Anderson Group

Brown & Brown Inc. of Daytona Beach and Tampa, Fla. Tacquired The Anderson Group of Owensboro, Ky., and its revenues of $1.2 million.

Wachovia Insurance Services Enters Miami Market

Wachovia Insurance Services in Charlotte, N.C., has acquired Miami, Fla.-based U.S. Insurance Underwriters in a deal that provides Wachovia its first entry into the Miami market.

Berkshire Hathaway Unit Buys Calif. Workers’ Comp Firms

Columbia Insurance Co., a member of the Berkshire Hathaway Group, has agreed to acquire American All-Risk Insurance Services and American Commercial Claim Administrators, both subsidiaries of Acacia Pacific Holdings. AARIS and ACCA provide underwriting, operational, and claims management services for California workers’ compensation business.

AUGUST

HRH Completes Thilman & Filippini Acquisition

Hilb Rogal & Hobbs Co. completed its acquisition of Chicago-based Thilman & Filippini LLC. Thilman Filippini had revenues of approximately $24 million in 2005.

AIG Completes Acquisition of Taiwan’s Central Insurance

American International Group has completed its acquisition of 100 per cent of the common shares of Central Insurance Co. Ltd. in Taiwan. Central Insurance is ranked sixth by gross premium written in Taiwan.

Lockton to Acquire Forbes International

Lockton Inc. will acquire Alexander Forbes International Risk Services, the brokerage operation of Alexander Forbes Ltd. Lockton said the $170 million transaction would make it the largest independent, privately owned global insurance broker with more than $600 million in revenues.

SEPTEMBER

AXA’s Acquisition of Winterthur Approved

France’s AXA Group has received approvals from U.S., Swiss and the European Commission antitrust authorities for its $9.89 billion agreement to acquire Winterthur Swiss Insurance Co. from Credit Suisse.

CRM Holdings to Acquire Embarcadero Insurance

CRM Holdings Ltd., a provider of services and reinsurance to self-insured workers’ compensation groups, signed a stock purchase agreement to acquire privately-held Embarcadero Insurance Holdings Inc. for approximately $45 million. Embarcadero, through its wholly-owned subsidiary, Majestic Insurance Co., writes workers’ compensation.

Mich. Hylant Group Merges with R.W. Barss & Associates

Michigan’s Hylant Group Inc., merged with R.W. Barss & Associates, a Grand Rapids benefits firm.

Wis. Phoenix Group Adds Union Bank Insurance Group of Ill.

The Phoenix Group, an independent insurance agency in Ripon, Wis., purchased Union Bank Insurance Group, based in Peru, Ill.

USI Buys Home Buyer Accounts from Universal American Agency

USI Holdings Corp. has acquired a book of business from Universal American Insurance Agency Inc., which sells insurance to customers of home builders. The book represents more than $6 million of revenues.

Fla.’s Gallo Agency Acquires Cove Agency Accounts

Gallo Insurance Agency, an Empire Insurance Holdings LLC company in West Palm Beach, Fla., acquired the individual policies of Cove Insurance Agency in Palm Beach Gardens.

BISYS Acquires JCH Insurance Brokers

BISYS Commercial Insurance Services bought JCH Environmental Insurance Brokers, the environmental practice of JCH Insurance Brokers in New York.

Tenn.’s Appalachian Underwriters Acquires CRC Workers Comp Unit

Appalachian Underwriters Inc. has purchased CRC Insurance Service’s guaranteed cost workers’ compensation program. AUI is based in Clinton, Tenn. CRC Insurance Services Inc. is the wholesale insurance subsidiary of Branch Banking and Trust Co.

OCTOBER

Brown & Brown’s Hull Buys DVUA; PRU Acquires Apex

Brown & Brown Inc., through its subsidiaries Hull & Co. Inc., and Program Management Services Inc., has acquired a wholesaler located in the Northeast and a Virginia broker. Hull & Co. Inc. has acquired wholesaler Delaware Valley Underwriting Agency Inc., and its personal lines spin-off, Residential Underwriting Agency Inc. Their aggregate revenues are $15 million. In the other transaction, Public Risk Underwriters acquired Apex Insurance Agency Inc., of Glen Allen, Va., along with Apex Insurance Services of Illinois Inc. and Summit Risk Services Inc. Their aggregate revenues are $5.7 million. Apex writes public and quasi-public entities. Summit provides claims adjusting services for the Apex business. DVUA, RUA and Apex were subsidiaries of Penn Independent Corp., in Hatboro, Pa., a member company of United America Indemnity Ltd.

Praetorian Completes Acquisition of Specialty Insurer Alea

Praetorian Financial Group Inc., a specialty insurer, completed the acquisition of Alea North America Specialty Insurance Co., and renamed it Praetorian Specialty Insurance Co.

Kinloch Holdings Buys N.Y.’s Genatt Associates

Robert Lockhart, former president of Hilb, Rogal & Hobbs, has launched Kinloch Holdings Inc., an insurance brokerage holding company and purchased Long Island-based Genatt Associates, which specializes in the real estate, construction, transportation, health care and hospitality industries. For 2005, the broker’s revenues were $26 million. Genatt will serve as the group’s platform in the Northeast.

Britain’s Royal & Sun Alliance Sells U.S. Business to Management

Britain’s Royal & Sun Alliance Insurance Group PLC said it would sell its Delaware-based U.S. operations to management for $298.9 million. The sale of the unit, Arrowpoint Capital Corp., will result in a loss of about $838.1 million.

AIG Buys Arch Ocean Marine Business

AIG Global Marine, a division of American International Group, has purchased the U.S. Ocean Marine business from Arch Insurance Co.

Gateway Purchases Va.-Based Insurance Center

Gateway Insurance Services Inc. is acquiring Insurance Center Inc., an insurance agency based in Chesapeake, Va. This is Gateway Bank’s first entry into the Virginia insurance market. It has eight offices in North Carolina.

JLT Completes Sale of U.S. Retail to Alliant

London-based broker Jardine Lloyd Thompson Group sold its U.S. based retail property and casualty and employee benefits businesses to California’s Alliant Insurance Services Inc. The consideration was $100 million.

Berkshire Hathaway’s National Indemnity to Back then Acquire Lloyd’s Equitas

Equitas, the Lloyd’s vehicle set up in 1996 to run off asbestos and environmental claims, and Berkshire Hathaway’s subsidiary National Indemnity, agreed on a structure in which National Indemnity will provide up to $7 billion of reinsurance cover and conduct the run-off of liabilities.

National Lloyds to be Bought by American Summit

Waco, Texas-based National Lloyds Insurance Co. and American Summit Insurance Co. are being acquired by Affordable Residential Communities Inc. of Englewood, Colo.

Okla.’s North American Group Expands with Calif., Texas Acquisitions

North American Group, headquartered in Oklahoma City, acquired Abilene, Texas-based CIC Insurance Brokers Inc., and Anaheim, Calif.-based CTK Insurance Services Inc. With $4 million in combined revenue, they bring North American Group’s total revenue to $40 million annually.

Catlin/Wellington Merger to Create Lloyd’s Largest Underwriter

Catlin Group Limited is buying a majority stake in Wellington Underwriting Plc. With gross premiums of $2.4 billion, Catlin will become the largest underwriting operation at Lloyd’s.

Aon Sells Construction Program

Chicago-based Aon Corp. took further steps to exit its property and casualty underwriting business by agreeing to sell its Construction Program Group to Old Republic Insurance Co. for $85 million.

NOVEMBER

Berkshire Bank Buys 5 Western Mass. Agencies

The holding company for Berkshire Bank completed buying five Western Mass. agencies: Reynolds, Barnes & Hebb and McCormick, Smith & Curry of Pittsfield, Minkler Insurance of Stockbridge, and H.S. Andrews of Great Barrington and MassOne
of Greenfield.

Conn.’s Sinclair Group Adds Arthur Noll Agency

Sinclair Insurance Group of Wallingford, Conn., has acquired Arthur Noll Agency of Bloomfield for an undisclosed amount. Noll generates about $3 million in revenues from construction and transportation accounts.

BB&T Insurance to AcquireFla. Agency Wyman, Green & Blalcok

BB&T Insurance Services plans to expand its Florida operation with the acquisition of Wyman, Green & Blalock Inc. of Bradenton.

Ill. Euclid Insurance to Acquire Environmental Insurance Specialists

Euclid Insurance Services will buy Melbourne, Fla.-based Environmental Insurance Specialists, which specializes in waste-hauling and transportation.

USI Closes on Purchase of Kibble & Prentice

USI Holdings Corp. closed on the acquisition of Seattle-based Kibble & Prentice Holding Co., which has $37 million of revenues.

Arthur J. Gallagher Acquires S.C.’s Adams & Associates

Arthur J. Gallagher & Co. acquired Adams & Associates International Ltd. of Columbia, S.C., a retail broker that specializes in missionary and non-profit organizations.

Arrowhead Wholesale and First Capital Group Joins Forces

Arrowhead Wholesale Insurance Services LLC and First Capital Group have merged to form First Capital-AWIS LLC. AWIS, in San Diego, is a program provider of workers’ compensation and other commercial lines. First Capital is a program manager with offices in New York, Chicago and San Francisco.

OneBeacon Purchases National Marine Underwriters

OneBeacon Insurance Group has acquired National Marine Underwriters, a yacht-specialty managing general that is based in Annapolis, Md.

Independent Insurance Investments Buys Omni from The Hartford

Independent Insurance Investments Inc. completed its acquisition of Omni Insurance Group. Omni, an Atlanta-based insurer for high-risk drivers with premiums of $174 million. Independent, which also specializes in high-risk drivers, writes more than $220 million. It bought Omni from The Hartford Financial Services Group Inc. for $100 million.

DECEMBER

Brown & Brown Acquires Two Dallas Agencies

Florida-based Brown & Brown Inc. bought two insurance agencies in Dallas: ProTexn Inc. and Best Practices Insurance Agency Inc., with combined revenues of $1 million.

Atlantic Specialty Lines of Fla. Acquires Gary Markel

Atlantic Specialty Lines of Florida Inc. has acquired the assets of Gary Markel Surplus Lines Brokerage, Inc. ASL offers wholesale excess and surplus lines.

IAG Buying UK’s Equity Insurance Group for $1.12 Billion

Insurance Australia Group Ltd. plans to acquire the U.K.-based Equity Insurance Group, one of the country’s larger motor underwriters and brokers for $1.12 billion.

QBE to Acquire Hannover Re’s U.S. Praetorian Subsidiary

Australia’s QBE Insurance Group agreed to purchase the Praetorian Financial Group, the U.S. operation of Hannover Rueckversicherung AG (Hannover Re) for $800 million.

Converium’s North American Sale to National Indemnity Completed

Swiss-based Converium AG has closed the sale of its North American operations to National Indemnity, a Berkshire Hathaway company. National Indemnity paid $95 million in cash and assumed debts of $200 million.

Ill. Arthur J. Gallagher Acquires William H. Connolly

Itasca, Ill.-based Arthur J. Gallagher & Co. acquired commercial insurance broker William H. Connolly & Co. of Montclair, N.J.

Northeast Bank Acquires Maine’s Palmer Agency

Northeast Bank Insurance Group Inc. has acquired the Palmer Insurance Agency of Turner, Me. Palmer generated $4 million in gross premiums over the past year.

State Auto Mutual Buys Texas Insurer

State Automobile Mutual Insurance Co., Columbus, Ohio, agreed to buy the Beacon Insurance Group, Wichita Falls, Texas, which writes $50 million in Arkansas and Texas.

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