Business Moves

USI, Kinloch

New York-based insurance broker USI Holdings has acquired the New Jersey operation of Kinloch Holdings Inc. The unit, based in West Orange, New Jersey, specializes in commercial property casualty and employee benefits insurance for middle-market businesses and is expected to contribute approximately $5.1 million in revenues to USI on an annual basis. Terms of the deal were not disclosed.

Brown & Brown, Mavum

Florida-based national insurance broker Brown & Brown has acquired the assets of Mavum Consulting, LLC and Mavum Risk Management, LLC of Indianapolis. With annualized revenues of approximately $1.3 million, Mavum Consulting and Mavum Risk Management provide insurance products and services to businesses and individuals throughout the greater Indianapolis metropolitan area.

Brightway, General Insurance

Brightway Insurance recently acquired General Insurance Concepts, a 20-year-old property/casualty insurance agency offering personal and commercial lines of insurance. The company’s offices, located in Orange Park, Fla., will become Brightway’s 23rd northeast Florida location. Brightway Insurance operates 70 Florida offices with more than 300 associates and insures more than 75,000 Florida households.

RetailFirst Insurance

The Florida Retail Federation Self Insurers Fund reported that it is converting to RetailFirst Insurance Co., a stock insurance company within a mutual holding company system.

The Florida Office of Insurance Regulation approved the plan to reorganize in June 2010, pending a majority of fund members voting in favor of the plan. The conversion was approved by the board of trustees on Nov. 12, 2010, and finalized with the Florida Secretary of State’s office on Nov. 17, 2010, the company said.

The day-to-day operations of RetailFirst will continue to be managed by Summit Consulting Inc., a workers’ compensation management subsidiary of Liberty Mutual Insurance.

The company said business submissions are now being accepted through independent agents. Information on agency appointments is available by calling Summit’s Agency Relations department at 1-800-282-7648.

William Kundrat, Jr., chairman of the board for RetailFirst, said the new structure positions the company to offer additional workers’ compensation products and services. RetailFirst insures more than 7,500 businesses throughout Florida and has a policyholder surplus in excess of $100 million.

Capson

Capson Physicians Insurance Co., a new online medical malpractice insurance provider, has expanded its services to Texas, Kentucky and Idaho healthcare providers.

Capson said its online purchase model eliminates the typical 15-page application. Capson also said it is able to offer physicians savings of as much as 20 percent off their existing policies.

Topics Florida