Financial Services Acquisitions in 2018

WebBank has agreed to acquire National Partners PFco, a Denver-based premium finance company and subsidiary of MLF Financial Group, in a deal expected to close in early 2019 pending regulatory approval. The acquisition gives WebBank its first entry into insurance premium finance, expanding its product capabilities and access to independent insurance agents, while National Partners will remain operationally in place as a WebBank subsidiary.

Radian Group Inc. has acquired Independent Settlement Services, a national appraisal and title management services provider, adding its Vendor Information Bridge (VIBe) technology to Radian’s real estate services. Independent Settlement Services will continue operating under its brand from its Pittsburgh office with existing management remaining in place as it transitions into Radian’s Real Estate Services business.

USI Insurance Services has acquired Wilbraham, Massachusetts–based The Gaudreau Group; terms were not disclosed. The Gaudreau Group, a nearly century-old commercial insurance, employee benefits and personal risk firm that insures more than 6,000 businesses and families across 14 states, will join USI's New England operations and its president Jules O. Gaudreau will join USI's New England regional management team.

Cinven's Sixth Fund has agreed to acquire the Viridium Group and provide equity for Viridium to acquire Generali Lebensversicherung AG, creating a leading consolidator in the German life insurance market. The combination will bring together roughly 5 million policies and around €55–60 billion of assets under management, with Generali Deutschland retaining a 10.1% stake and Hannover Re reinvesting in the combined entity.

A consortium led by Allianz with participation from BlackRock, Generali Financial Holdings, Hannover Re and T&D Holdings completed the acquisition of Viridium Group from Cinven (Cinven Fund 5) for approximately €3.5 billion. Viridium, a leading German life‑insurance consolidation platform headquartered in Neu‑Isenburg, Hesse, was sold as a full exit/realisation of Cinven’s investment after significant portfolio and platform build‑out.

Ultimus Fund Solutions acquired Woodfield Fund Administration, a privately owned private fund administration firm headquartered in Chicago, Illinois. The acquisition expands Ultimus’ private fund administration and middle-office capabilities, increases assets under administration to more than $75 billion and will result in a combined firm serving over 140 clients with nearly 200 employees.

H.W. Kaufman Group Inc. has acquired Frisco-based premium financing company Stonemark Inc., merging Kaufman’s Royal Premium subsidiary with Stonemark under the Stonemark brand. Stonemark’s CEO Elizabeth Davies will lead the combined organization, which aims to expand premium financing services for retail insurance brokers and agents across the U.S. and Canada.

Narrow Gauge Capital completed a majority acquisition of Class Appraisal, LLC, a Troy, Michigan-based provider of residential real estate valuation and appraisal management services. ICG Strategic Equity and Aberdeen Standard Investments co-invested alongside Narrow Gauge to support Class Appraisal’s continued investment in its service offering and growth.