Insurance Acquisitions in 2015

Arthur J. Gallagher & Co. (AJG) acquired Centennial Insurance Agency, LLC, a Pueblo, Colorado-based retail insurance broker founded in 1982 that provides commercial property/casualty, risk management consulting and personal lines across the Western United States. The Centennial leadership team (Mark Swanson, David Swanson, Doug Helzer and Tom Ratzlaff) will continue to operate in their Colorado and New Mexico locations as part of Gallagher's Western region retail property/casualty brokerage operations. Terms were not disclosed.

Arthur J. Gallagher & Co. acquired McPherson Benefits Group, a Madison, Mississippi-based employee benefits consulting and brokerage firm. The acquisition strengthens Gallagher's South Central employee benefits operations and expands its presence in Mississippi; terms were not disclosed.

Woodruff Sawyer, a San Francisco–based insurance brokerage, will acquire Capstone Insurance, LLC of Boston, Massachusetts to expand its geographic presence and capabilities. Capstone’s principals — Matt Field, Sean Coady and Dan McMullen — will lead the Boston office through the transition; the deal is expected to close by year-end.

All Risks Ltd. has acquired Specialty Risk Underwriters, a St. Petersburg, Florida-based national program administrator specializing in accident insurance and comprehensive packages for sports organizations, schools, colleges, camps and special events. The founders, Kent and JoAnna Lynch, joined All Risks’ Alive Risk division and will operate from the St. Petersburg office; terms were not disclosed.

Marsh & McLennan Agency LLC (MMA) has acquired Dawson Insurance Agency, a 98-year-old family-owned insurance agency based in Fargo, North Dakota. Dawson Insurance generates $10 million in revenue and has 58 employees who will join MMA's upper Midwest region; the deal gives MMA entry into the North Dakota market.

Hub International Limited has acquired the assets of Johnson & Wood Insurance Services, Inc., a Carlsbad, California-based multi-line insurance agency. Johnson & Wood's leadership will join Hub California as the firm continues to expand its geographic footprint and product capabilities in commercial, personal and employee-benefit insurance lines. Terms were not disclosed.

Marsh & McLennan Agency LLC (MMA) has acquired Tequesta Insurance Advisors, a Florida-based personal, commercial, and employee benefits insurance provider. Tequesta, which generates approximately $10 million in annual revenue and has about 50 employees, will continue operating from its Tequesta, Florida office with all employees joining MMA; terms were not disclosed.

Hub International Limited (Hub) has acquired Pippel Insurance Agency, Inc., a multi-line insurance brokerage based in Palmer, Alaska. Pippel will join Hub’s Northwest operations and leader Dan Crawford will join Hub as Vice President of Operations to support an expanded local presence in the Anchorage and Matanuska-Susitna Valley market; terms were not disclosed.

Hub International Limited has acquired BW Insurance Agency, Inc. (BWIA), a Bank of the West subsidiary that operates a multi-line property & casualty, personal and employee benefits insurance brokerage across more than 40 offices in eight states. BWIA will be integrated into Hub's regional operations (including Hub Mountain, Hub Colorado, Hub Northwest and Hub Midwest) to broaden Hub's geographic footprint and expand carrier and product access for BWIA's clients; terms were not disclosed.

Marsh & McLennan Agency LLC (MMA) has acquired Cline Wood Agency, a specialty insurance brokerage based in Leawood, Kansas that serves commercial transportation and agribusiness clients. Cline Wood generates approximately $15 million in annual revenues and has 73 employees across offices in Leawood, Kansas; Arlington, Texas; and St. Louis, Missouri; terms were not disclosed.

Southfield Capital partnered with Vanguard Dealer Services' management team (led by CEO Jim Polley) to acquire Vanguard Dealer Services, a Fairfield, New Jersey-based administrator of vehicle service contracts and F&I products. Management rolled equity and will continue in operating roles; East West Bank provided senior debt and Fidus Investment Corporation provided subordinated debt.

Hub International Midwest, a regional arm of Hub International Limited, has acquired substantially all of the assets of Wisconsin-based Murphy Group Holdings. Terms were not disclosed; the Murphy team will continue operating from its Madison-area locations in Waunakee and Waukesha with CEO August Felker remaining in place and reporting into Hub Midwest leadership.

Hub International Limited has acquired Pittsburgh-based The HDH Group, Inc. HDH will form a new Hub regional operation to serve as a platform for expansion into Western Pennsylvania and Ohio; HDH leadership will join Hub and the firm will expand Hub's employee benefits and risk services offerings.

Marsh & McLennan Agency LLC (MMA) has acquired J.W. Terrill, a St. Louis-based independent insurance agency. The deal expands MMA's national footprint into Missouri; J.W. Terrill’s ~195 employees and leadership will join MMA’s upper Midwest region and continue operating from the St. Louis office. Terms were not disclosed.

Prime Risk Partners Inc., a portfolio company of Thomas H. Lee Partners, has acquired Cook Maran & Associates, one of the largest independent insurance agencies operating in New York and New Jersey. Cook Maran will continue to operate under its current name, retain its five offices and leadership team, and become part of Prime Risk's regional insurance brokerage platform as the firm pursues organic growth and further acquisitions.

Arthur J. Gallagher & Co. (Gallagher) acquired Solid Benefit Guidance (SBG), an employee benefits and pharmacy benefits consulting firm based in Montvale, New Jersey. The acquisition, announced June 5, 2015, expands Gallagher's employee benefit consulting and pharmacy practice capabilities; terms were not disclosed.

Hudson Insurance Company (Hudson Insurance Group) acquired Euclid Managers, LLC (Euclid-KC), an underwriting and claims manager focused on tech, media, manufacturers and miscellaneous professional liability, from Euclid Insurance Services, Inc. and Euclid-KC's management. The Euclid-KC team and operations will join Hudson's Professional Liability group and continue to operate from Kansas City as Hudson transitions the business into its platform.

Risk Strategies Company, a Boston-based national insurance brokerage, has acquired Dubraski & Associates Insurance Services, a San Diego–based healthcare specialty broker. Founder Bob Dubraski will remain as President/CEO of Dubraski and lead Risk Strategies' combined national healthcare practice, a move that expands Risk Strategies' healthcare capabilities and scale (bringing the firm to ~500 employees and over $1 billion in premiums placed).

Marsh & McLennan Agency LLC (MMA) has acquired Dallas-based MHBT Inc., one of the nation's largest independent insurance brokers. MHBT’s 350 employees and five Texas offices will join MMA and the acquisition will serve as MMA’s Southwest regional hub to expand its presence and capabilities in the region.

Affiliates of TRP Capital Partners have acquired a controlling interest in Endurance Dealer Services, LLC and Endurance Warranty Services, LLC (together, Endurance). The transaction is a recapitalization: founders Paul Chernawsky and Jordan Batt will retain significant ownership and continue to operate the business as the company pursues further growth; Colonnade Securities served as exclusive financial adviser to Endurance.

NFP, a national insurance broker and consultant, acquired Hackett Valine & MacDonald, Inc. (HVM), a South Burlington, Vermont brokerage specializing in property & casualty and employee benefits; the transaction closed on May 1, 2015. HVM's leadership team remains in place and will integrate with NFP Property & Casualty to expand NFP's presence and capabilities in the New England region.

Hub International Midwest Limited, a subsidiary of HUB International Limited, has acquired the assets of The Holmes Organisation, a Tulsa, Oklahoma-based multi-line insurance brokerage. The Holmes team will join Hub Midwest and continue operating from offices in Tulsa and Little Rock to expand HUB Midwest's footprint in Oklahoma and Arkansas.

Arthur J. Gallagher & Co. acquired Madison Risk & Insurance Services, a Huntington Beach, California-based retail insurance broker specializing in healthcare industry coverages. The Madison principals — Anthony Bowen, Kathryn Bowen and their associates — will continue to operate from their current location under Gallagher's western retail property/casualty brokerage leadership; terms were not disclosed.

Hub International Limited acquired the assets of Laubacher Insurance Agency, Inc., a full-service property & casualty, employee benefits and personal lines agency with locations in Oxnard and Solvang, California. Terms were not disclosed; owners Tom Laubacher and Harry Crosby will join Hub California as Senior Vice Presidents. The acquisition expands Hub's presence across Ventura, Santa Barbara and San Luis Obispo counties and brings additional farm and ranch insurance expertise to Hub California.

Eagle American Insurance (EAI), supported by Insurance Office of America (IOA) and Dowling Capital Partners (DCP), has acquired Commonwealth Insurance of the Bay Area, a family-owned personal-lines insurance agency founded by Jason Butts in 2002. Commonwealth will continue to operate under its existing brand and staff while gaining access to EAI/IOA carrier relationships and national resources as part of EAI’s succession and expansion strategy.

The Hilb Group, LLC acquired All Lines Insurance Group of Clearwater, Florida, effective May 1, 2015. All Lines is a full-service insurance brokerage specializing in property and casualty insurance for condominium associations across Florida; the acquisition expands The Hilb Group's national program capabilities and adds specialist condominium-association expertise.

Arthur J. Gallagher & Co. (AJG) acquired employee benefits brokerage e3 Financial of Newport Beach, California. The acquisition expands Gallagher's West Coast employee benefits capabilities and integrates e3's HR administration and benefits consulting team into Gallagher's Western benefits operations; financial terms were not disclosed.