Business Moves

August 16, 2010

Arthur J. Gallagher, Specialised Broking

Chicago-based global insurance brokerage firm Arthur J. Gallagher & Co. has acquired the remaining 60 percent equity interest in Specialised Broking Associates Pty. Ltd, (SBA) headquartered in Perth, Western Australia. Terms of the transaction were not disclosed. In October 2008, Gallagher acquired a 40 percent equity interest in SBA with the option to increase its ownership to 100 percent.

SBA provides risk management and commercial property/casualty insurance services to its Australian and international clients. SBA specializes in mining, energy, construction and corporate industries.

TPG, Vertafore

TPG Capital has completed the acquisition of Vertafore, a provider of software and services to the insurance industry. The deal was first announced on June 10, 2010. TPG purchased the company from Hellman & Friedman and its co-investor JMI Equity for a total consideration of $1.4 billion.

Vertafore provides software and information to independent agents, brokers, managing general agents, carriers and reinsurers.

TPG Capital is the global buyout group of TPG, a private investment firm.

Arthur J. Gallagher, Benefits Unlimited

Arthur J. Gallagher & Co. has acquired Benefits Unlimited Inc. in Houston, Texas. Terms of the transaction were not disclosed.

Benefits Unlimited offers employee benefits consulting and brokerage services for its Texas clients. Specialties include group health and welfare, executive benefits, flex/cobra and retirement plans with an emphasis on planning, design, implementation, cost containment and plan administration for group businesses.

Patti Tuma and her associates will continue to operate in their current location under the direction of John Neumaier, South Central Regional executive vice president of Gallagher’s employee benefit consulting and brokerage operations.

PMA, Old Republic

Pennsylvania insurance regulators have given their approval to a planned acquisition of PMA Capital Cos. by Old Republic International Corp. Pennsylvania is the statutory regulator for PMA, which is based in Blue Bell.

Marsh, Kroll, Altegrity

Marsh & McLennan Companies Inc. (MMC) reports that it has completed the sale of Kroll Inc. to Altegrity Inc, an international screening and security solutions company owned by global private equity firm Providence Equity Partners. The sale agreement was originally announced on June 7, 2010. MMC sold Kroll to Altegrity in an all-cash transaction valued at $1.13 billion.

Arison, Benefits Solution

Louisville, Ky.-based insurance and benefits broker Arison Insurance Services Inc. has acquired London, Ky.-based insurance broker, Benefits Solutions LLC. The acquisition creates Arison’s seventh regional office in Kentucky. Terms were not disclosed.

David Combs, former chief ex ecutive officer of Benefit Solutions, has been named director of Ancillary Products for Arison. Combs has 10 years of experience in the insurance industry. After working for a worksite firm, he established his own agency in January 2006.

The agency’s additional staff will be retained.

Formerly a wholly owned subsidiary of Anthem Insurance, Arison was purchased by Assurance Investment Partners in July 2008.

Bollinger, Szerlip Associates

New Jersey-based insurance broker Bollinger Inc. has acquired David Szerlip Associates of Berkeley Heights, N.J., a specialist in programs for nonprofits. The firm’s clients ranged from large, international nonprofits to small start-ups.

David Szerlip will continue with Bollinger and serve as senior vice president. He and his staff will relocate to Bollinger’s Short Hills location.

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