Insurance Divestitures in 2023
Acquisition Volume in Insurance Divestitures in 2023 by Year
Last 5 years
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December 31, 2023
- Buyer
- The McGowan Companies, McGowan Consolidated Insurance Holdings Group, Inc.
- Target
- Parks Plus Underwriting Agency, LLC, Intersure Insurance Brokers Corp.
- Seller
- Parks Plus Underwriting Agency, LLC, Intersure Insurance Brokers Corp.
- Industry
- Insurance
- Location
- United States
- Type
- Divestiture
The McGowan Companies acquired certain assets of Parks Plus Underwriting Agency, LLC and Intersure Insurance Brokers Corp., effective December 31, 2023, under an asset purchase agreement. The acquisition brings a national program manager specializing in complex Property and Inland Marine risks for the amusement and entertainment industry into McGowan’s portfolio while retaining Parks Plus/Intersure staff under existing leadership.
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November 16, 2023
- Buyer
- Arthur J. Gallagher & Co.
- Target
- Coverys Insurance Services (retail agency business)
- Seller
- Coverys Insurance Services
- Industry
- Insurance
- Location
- Michigan, United States
- Type
- Divestiture
Arthur J. Gallagher & Co. acquired certain assets of the retail agency business of Coverys Insurance Services, an East Lansing, Michigan-based insurance broker specializing in medical malpractice and professional liability. Terms were not disclosed and the Coverys Insurance Services team will remain in East Lansing under the direction of Ryan Isaacs as part of Gallagher's Midwest retail P/C brokerage operations.
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November 13, 2023
- Buyer
- Arch U.S. MI Holdings (Arch MI)
- Target
- RMIC Companies, Inc.
- Seller
- Old Republic International Corporation
- Industry
- Insurance
- Location
- North Carolina, United States
- Type
- Divestiture
Arch U.S. MI Holdings (Arch MI), a subsidiary of Arch Capital Group Ltd., has signed a definitive agreement to acquire RMIC Companies, Inc. and its subsidiaries, the run-off mortgage insurance business of Old Republic International Corporation. RMIC's approximately $1.0 billion risk-in-force portfolio will be integrated into Arch MI's U.S. primary mortgage portfolio; the transaction is expected to close in the first half of 2024, subject to regulatory approval.
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- Buyer
- Risk Strategies
- Target
- North Bay business unit of InterWest Insurance Services, LLC
- Seller
- InterWest Insurance Services, LLC
- Industry
- Insurance
- Location
- California, United States
- Type
- Divestiture
Risk Strategies, a national specialty insurance brokerage, acquired the North Bay business unit from InterWest Insurance Services, adding winery-focused specialty capabilities and expertise in commercial, personal lines and employee benefits. The purchase includes offices in Petaluma and Santa Rosa, California, and the Wine Industry Focus Group led by Mike Ryan and Sama Hershey Davis; terms were not disclosed.
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September 12, 2023
- Buyer
- One80 Intermediaries
- Target
- Enviant
- Seller
- Euclid Program Managers
- Industry
- Insurance
- Location
- Texas, United States
- Type
- Divestiture
One80 Intermediaries, a specialty insurance broker based in Boston, acquired the assets of Enviant from Euclid Program Managers. Enviant, headquartered in Houston, provides environmental underwriting, engineering, and claims solutions for commercial clients; terms were not disclosed and Marsh, Berry & Company served as exclusive financial advisor to Enviant.
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- Buyer
- NFP
- Target
- Benefits & Company, Inc.
- Seller
- Clearscope
- Industry
- Insurance
- Location
- Florida, United States
- Type
- Divestiture
NFP has acquired Benefits & Company, Inc., the Florida employee benefits business of Clearscope, in a transaction that closed on August 8, 2023. Benefits & Company, based in Sunrise, Florida, will join NFP's South Florida benefits team (Jessica Gabe joins and reports to Sarah Wollschleger), expanding NFP's presence and capabilities in Florida.
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- Buyer
- HUB International Limited
- Target
- HORAN Health (employee benefits assets of HORAN Associates, Inc. and HORAN Smart Business, LLC)
- Seller
- HORAN Associates, Inc., HORAN Smart Business, LLC
- Industry
- Insurance
- Location
- Ohio, United States
- Type
- Divestiture
Hub International Limited acquired the employee benefits assets of HORAN Associates, Inc. and HORAN Smart Business, LLC (collectively HORAN Health), creating a new regional Hub called Hub Heartland. Nearly 120 HORAN Health employees in Ohio and Northern Kentucky will join Hub, with Valerie Bogdan-Powers leading the new region; HORAN Wealth will remain independent. MarshBerry served as financial advisor to HORAN.
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April 4, 2023
- Buyer
- Alliant Insurance Services, Inc.
- Target
- Windmark Insurance Agency, Inc.
- Seller
- South Plains Financial, Inc., City Bank
- Industry
- Insurance
- Location
- Texas, United States
- Type
- Divestiture
Alliant Insurance Services, a national insurance broker headquartered in Irvine, California, has acquired Windmark Insurance Agency, Inc. (Windmark Crop Division), a crop and agribusiness insurance general agency headquartered in Lubbock, Texas. The seller was South Plains Financial, Inc., parent company of City Bank; the deal closed April 1, 2023 and is intended to expand Alliant’s crop and agribusiness presence in Texas and the Midwest while allowing South Plains to refocus capital on its core banking business.
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March 14, 2023
- Buyer
- Cover Genius
- Target
- Clyde Technologies
- Seller
- Clyde Technologies
- Industry
- Insurance
- Location
- New York, United States
- Type
- Divestiture
Cover Genius has completed an asset acquisition of US-based embedded warranty provider Clyde Technologies to deepen its footprint in the global warranty market and accelerate expansion into the medium-sized e-commerce segment. The deal brings Clyde's merchant partnerships (including Skullcandy, Movado and Dyson) and technology into Cover Genius' XCover platform; Cover Genius expects no impact to Clyde partners' servicing or sales.
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January 10, 2023
- Buyer
- Specialty Program Group LLC
- Target
- Euclid Specialty Managers, LLC (d/b/a Euclid Fiduciary)
- Seller
- Euclid Insurance Services, Inc.
- Industry
- Insurance
- Location
- United States
- Type
- Divestiture
Specialty Program Group LLC (SPG) has acquired the assets of Euclid Specialty Managers, LLC, d/b/a Euclid Fiduciary, from Euclid Insurance Services, Inc. The acquisition brings Euclid Fiduciary's fiduciary liability underwriting capabilities onto SPG's specialty insurance platform; MarshBerry served as financial advisor to Euclid Fiduciary.
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