Insurance Acquisitions in 2017

The Hilb Group, LLC (a Richmond-based, PE-backed insurance agency) has acquired Insurance Trustees, Inc., an Indiana-based property & casualty and employee benefits agency, effective December 1, 2017. Insurance Trustees will continue to operate from its Garrett, Indiana office under its existing name, joining THG’s growing platform to strengthen the firm’s geographic presence in Indiana.

Alera Group completed three add-on acquisitions effective December 1, 2017, acquiring Armstrong/Robitaille/Riegle Business and Insurance Solutions (Irvine, CA), Hallberg Commercial Insurers, Inc. (Oak Brook, IL), and the employee benefits division of Walker Higgins Associates (Spartanburg, SC). The acquisitions expand Alera Group’s regional footprints in southern California, the Chicago area, and South Carolina and increase its nationwide network of employee benefits, P&C, risk management and wealth management firms.

Hub International Limited acquired the assets of Desert Empire Insurance Services, Inc., a Palm Desert, California-based independent multi-line insurance brokerage. DEI principals Matt Costello, Paul Lewis and Sal Sandoval will join Hub California; terms were not disclosed and the deal expands Hub’s local footprint and specialty product expertise in the Coachella Valley.

Hub International Limited acquired the assets of Massachusetts-based Summit Financial Corporation and Summit Financial Insurance Agency, Inc., expanding Hub's retirement and employee benefits capabilities in New England. Summit, founded in 1993 and headquartered in Burlington, Massachusetts, will join Hub's New England retirement and benefits operations with its leadership and staff continuing to operate from existing offices.

The Hilb Group, a Richmond-based insurance brokerage and portfolio company of Abry Partners, acquired HR Knowledge (HRK), a Mansfield, Massachusetts-based provider of payroll, employee benefits, and HR management services, effective November 1, 2017. The add-on deal expands THG's benefits and outsourced HR capabilities; HRK's managing directors Ken Bettenhauser and Jeff Garr will continue to operate from Mansfield.

Hub International Limited (HUB) has acquired the assets of North Carolina-based Banyan Consulting Group, Inc., a specialist in employee benefits with offices in Greensboro, Raleigh and Charlotte. Banyan's CEO Alan Overbey will join HUB Carolinas as the transaction expands HUB Carolinas' benefits operations and regional footprint across North and South Carolina. Terms were not disclosed.

Alera Group completed the acquisition of four regional employee benefits and insurance firms — Axis Benefit Consultants (Westmont, IL), Employer Concept Insurance Services (Irvine, CA), Jeatran Associates (Menomonie, WI) and Simpson McCrady Benefits LLC (Pittsburgh, PA) — effective October 1, 2017. The transactions add more than 50 employees to Alera Group and expand its national footprint across multiple states; terms were not disclosed.

Hub International Limited acquired the assets of Wisconsin-based Stellarus Benefits Inc.; terms were not disclosed. Christy Schwan, President of Stellarus, will join HUB Midwest West and report to Michael Booth as Hub expands its Wisconsin presence and broadens insurance solutions offered to Stellarus clients.

Simmons Bank has sold its property and casualty (P&C) insurance business to Sunstar Insurance Group LLC. The deal transfers Simmons' P&C accounts to Memphis-based Sunstar, expanding Sunstar's footprint in Arkansas and Tennessee while Simmons retains life, health and employee benefits services within its wealth management business.

Alera Group, a Deerfield, Illinois-based independent insurance firm, has acquired Group Benefits LLC of Memphis, Tennessee, effective July 1, 2017. The acquisition expands Alera Group's middle-market employee benefits presence in the Mid-South and provides Group Benefits clients access to national resources and best practices.

Hub International Limited acquired the assets of The Ponce de Leon Insurance Group, Inc. d/b/a Colton Insurance Associates, a personal-lines insurance agency based in Elk Grove, California. The Colton team will join Hub’s Sacramento operations as part of Hub’s strategy to expand its geographic footprint and personal-lines capabilities; terms were not disclosed.

New Mountain Capital has agreed to acquire OneDigital Health and Benefits from FNFV Group in an all-cash transaction valued at $560 million. The deal, announced May 8, 2017, is a buyout that closed following customary approvals and will allow OneDigital to continue scaling its employee benefits and HR services under new private-equity ownership.

Hub International Limited acquired the assets of CIFS, Inc. d/b/a City Insurance Services and its affiliates Silver City Insurance Services Inc. and J&C Financial Planning, Inc. d/b/a MOA Financial Services. Terms were not disclosed; the acquisition expands Hub’s California footprint and its presence in the Korean-American community, and City’s president Brian Jeung will join Hub California.

NFP, a leading insurance broker and consultant, has acquired Hole-in-One U.S.A. (HIO), a Reno-based provider of hole-in-one coverage for golf events. The transaction closed on March 7, 2017, and HIO principal David Nelson will join NFP as a director, expanding NFP's niche event insurance offerings nationwide.

Hub International Limited acquired the assets of Heritage Corporate Benefits, LLC, an Acworth, Georgia-based employee benefits brokerage. The acquisition expands Hub's Gulf South footprint and strengthens its employee benefits capabilities; terms were not disclosed.

Arthur J. Gallagher & Co. acquired Novato, California-based Farallone Pacific Insurance Services, LLC. The boutique retail property/casualty broker — founded in 2004 and specializing in nonprofits, schools, affordable housing and private clients — will continue to operate from its current location under Gallagher's Southwest retail property/casualty brokerage leadership.

Hub International Limited acquired the assets of Portland-based BCI Group, Inc. and its subsidiary Plus Point Services, Inc. Terms were not disclosed. The acquisition expands Hub’s employee benefits, retirement and life insurance capabilities and strengthens its presence in Oregon and southwestern Washington.

Ryan Specialty Group (RSG) completed the acquisition of Trident Marine Managers, Inc. on March 1, 2017. Trident — a Houston-based marine-focused MGA providing underwriting and claims-adjusting services — will operate as a subsidiary within RSG Underwriting Managers with Martin Hayes and Michael Johnson continuing as joint Managing Directors.

Hub International Limited acquired the assets of Denali Alaskan Insurance, LLC, a wholly owned subsidiary of Denali Federal Credit Union. The Anchorage-based property and casualty insurance business will join Hub Northwest, expanding Hub's geographic footprint in Alaska; terms were not disclosed.

RSG Underwriting Managers (part of Ryan Specialty Group) completed the acquisition of the assets and operations of Interstate Insurance Management, Inc., a Johnstown, Pennsylvania-based transportation-focused managing general agent. Jack Buchan will continue to lead the business as a new RSGUM series; terms were not disclosed.

Seeman Holtz Property & Casualty, Inc., headquartered in Boca Raton, Florida, has acquired Dave Cutright Insurance Agency of Vero Beach, Florida. The acquisition expands Seeman Holtz's presence in the Treasure Coast region and adds the agency's personal and commercial insurance client base to its platform.

Arthur J. Gallagher & Co. acquired The Presidio Group, Inc., a Salt Lake City-based retail insurance broker focused on risk management and employee benefits. Terms were not disclosed; founder John Schlichte and his associates will continue to operate under Gallagher's Western brokerage leadership as the firm expands its Western U.S. capabilities.

Arthur J. Gallagher & Co. (AJG) acquired Construction Risk Solutions, LLC, a Hunt Valley, Maryland-based retail insurance broker specializing in property/casualty, risk management and surety services for the construction industry. Terms were not disclosed; John Wagner and his associates will continue to operate from their current location under Gallagher's Northeast retail property/casualty leadership, strengthening Gallagher's construction industry capabilities in the region.