Insurance Acquisitions in 2018

Alera Group, a national independent insurance agency based in Deerfield, Illinois, has acquired Cincinnati-based Bailey & Company Benefits Group, an employee benefits firm. The acquisition expands Alera's employee benefits capabilities and local presence in the Cincinnati market; terms were not disclosed.

JenCap Holdings LLC has agreed to acquire Risk Innovations LLC, a specialty wholesale insurance broker focused on workers' compensation based in Atlanta, Georgia. The acquisition adds to JenCap's specialty insurance distribution platform (formed with backing from The Carlyle Group) and is intended to expand Risk Innovations' programs, markets and capabilities nationwide; financial terms were not disclosed.

Arthur J. Gallagher & Co. acquired Long Beach, California-based R.T. Beers & Company Insurance Services, Inc. The acquisition expands Gallagher’s retail property/casualty brokerage capabilities and presence in Southern California; the R.T. Beers leadership team will continue to operate from their current location under Gallagher’s Southwest region.

Brown & Brown of Massachusetts, LLC (part of Brown & Brown, Inc.) has acquired substantially all of the assets of Rodman Insurance Agency, Inc. The Rodman team will continue to operate from its Needham, Massachusetts office under existing leadership; the agency reported approximately $9.5 million in annual revenue and serves commercial customers across the Northeast.

Alera Group has acquired two Las Vegas-area insurance agencies — Distinctive Insurance and GLB Insurance Group of Nevada — expanding its presence in the Southwestern United States. The acquisitions add employee benefits consulting, commercial and personal lines capabilities to Alera's national insurance, risk management and wealth management platform.

Arthur J. Gallagher & Co. acquired El Centro, California–based Tyler Insurance Agency; terms were not disclosed. Tyler Insurance Agency, founded in 1921, provides property/casualty insurance and risk management across southern and central California with strengths in agribusiness, public entities, utilities, schools and construction; the Tyler principals and staff will continue to operate under Gallagher's Southwest region leadership.

Arthur J. Gallagher & Co. acquired Flowood, Mississippi-based Wellington Associates, Inc., a full-service property/casualty and employee benefits agency. Terms were not disclosed; principals Walter "Buster" Wellington and William "Billy" Horne and their associates will continue to operate from their current location under Gallagher's regional leadership, strengthening Gallagher's presence and capabilities in Mississippi.

American Financial Group, Inc. agreed to acquire ABA Insurance Services Inc. from American Bankers Mutual Insurance, Ltd. for approximately $28 million in cash. ABAIS, based in Shaker Heights, Ohio, will continue to operate under its brand and become Great American Insurance Group’s 34th specialty P&C business unit; the business is expected to contribute about $50 million in annual net written premiums.

Hub International Limited acquired the assets of Liberty New Gate Insurance Services, LLC, a Watsonville, California-based insurance agency specializing in agribusiness and horticulture risk solutions. The transaction strengthens Hub's specialty practices in agriculture and expands its California footprint; Matt Muirhead, President of Liberty New Gate, will join Hub California.

Marsh & McLennan Agency LLC (MMA), the middle‑market agency subsidiary of Marsh, has acquired Eustis Insurance & Benefits, an independent insurance agency headquartered in Metairie, Louisiana. Eustis will continue operating under its name with existing offices in Metairie, Mandeville, and Baton Rouge and brings about 109 employees and expertise in property/casualty, personal lines, and employee health and benefits serving midsize businesses in Louisiana.

Baldwin Krystyn Sherman Partners (BKS-Partners), an insurance brokerage and risk management firm based in Tampa, Florida, has partnered with Montoya & Associates of Jacksonville, Florida. Montoya's advisors will continue to provide wealth management under the Montoya name (in conjunction with Kestra), while employee benefits, private risk management, commercial risk and retirement plan services will operate under the BKS-Partners platform.

Worldwide Facilities, a national wholesale insurance broker and managing general agent, announced a Letter of Intent to acquire the assets of McClelland and Hine, Inc. and McClelland & Hine Trucking Underwriters LLC (collectively MHI). The deal is intended to expand Worldwide Facilities' geographic footprint and product underwriting capabilities, and MHI leadership (including Gil and Amicia Hine) will join the combined company and participate in an equity ownership plan.

AssuredPartners, Inc. has acquired the employee benefits business of Bluepoint Financial, LLC (formerly Schaefer Financial Group) based in Bethesda, Maryland. The Bluepoint team, led by Marc Schaefer and Brian Hutt, will remain in place as AssuredPartners expands its employee benefits presence in the Washington, D.C. area.

Arthur J. Gallagher & Co. acquired Windsor, California-based Rogers & Young Insurance Services, LLC, a diversified commercial and personal lines insurance agency focused on contractors and construction clients. The founders and their team will continue to operate from their current location under Gallagher's regional leadership; terms were not disclosed.

Alera Group, a national employee benefits, property & casualty, risk management and wealth management firm based in Deerfield, Illinois, has acquired three regional employee benefits firms: Burnham Benefit Advisors (Lake Placid, NY), Champion Benefits (Atlanta, GA) and VantagePoint Benefit Strategies (Lester, PA). The acquisitions expand Alera Group's national presence and deepen its capabilities in employee benefits, HR technology, compliance and wellness services.

Funds managed by Crestview Partners, together with members of Protect My Car's management team, completed the acquisition of Protect My Car from a private investor group. Craig Rubino will remain CEO and join the company's board; financial terms were not disclosed. The deal positions Crestview to scale Protect My Car’s vehicle service contract and extended-warranty business.

Hub International Limited acquired the assets of Harman Agency LLC, a Cottonwood/Orofino, Idaho-based insurance agency specializing in crop, farm & ranch, and livestock insurance. Owner Pepper Harman will join Hub Northwest as part of the transaction; terms were not disclosed.

AHT Insurance completed the acquisition of Saul & Associates effective August 1, 2018. The deal brings Saul & Associates’ construction risk management and surety bond expertise into AHT’s platform, expanding AHT’s surety capabilities and adding the Saul team in Pennsylvania and Leesburg, VA to AHT’s operations.

Brown & Brown, Inc. has acquired Health Special Risk, Inc. (HSR), a managing general underwriter (MGU) and third-party administrator (TPA) specializing in special risk and accident & health insurance. HSR will continue operating from its Texas and Minnesota offices with principals Tom Lenihan (President) and Phil Munson (Executive VP) remaining in leadership roles under Brown & Brown’s American Specialty unit.

Marsh has agreed to acquire Houston-based Wortham Insurance, expanding Marsh’s footprint across Texas and combining operations in multiple regional offices. The deal, expected to close in Q3 2018, strengthens Marsh’s energy and power capabilities and will see the combined business operate as Marsh Wortham under Wortham’s current chairman Richard M. Blades as CEO.

Arthur J. Gallagher & Co. acquired Pasadena, California-based insurance brokerage Binney, Chase & Van Horne, Inc., expanding Gallagher's property/casualty and employee benefits capabilities in Southern California. Terms were not disclosed; the Binney, Chase & Van Horne team (including Bruce Newsom and Robyn Roesner) relocated to Gallagher's Glendale office.

Charterhouse Capital Partners, together with the management team led by CEO Pierre Donnersberg, has agreed to acquire the Siaci Saint Honore Group from Ardian and Edmond de Rothschild in a management buyout. Charterhouse will be the main shareholder alongside management to support the Group’s development as an independent European insurance consulting and brokerage leader; the transaction was expected to complete in September 2018 and is subject to regulatory and works council approvals.

Hub International Limited has acquired the shares of Flather & Perkins, Inc., a Washington, D.C.-based specialist insurance broker focused on fine arts and museum clients; terms were not disclosed. Bruce Perkins, President of Flather & Perkins, will join Hub Mid-Atlantic and report to Norman Breitenbach as part of the integration.

Onex Corporation acquired a minority equity stake in Ryan Specialty Group through a $150 million preferred equity and $25 million common equity investment to support RSG's growth and M&A strategy. The capital injection establishes a long-term strategic relationship between Onex and Ryan Specialty Group while leaving RSG management (Pat Ryan) in place.

Atec Group, backed by private equity firm Perwyn, has acquired Moorhouse Group from Lucida Group. The deal is Atec's first acquisition since securing PE backing and expands its insurance distribution capability into the SME / commercial lines market.

USI Insurance Services has closed the acquisition of CHS Insurance, the agribusiness insurance brokerage formerly part of CHS Inc.; terms were not disclosed. The deal expands USI’s capabilities and footprint in agribusiness, food processing and cooperative insurance and brings the CHS Insurance team onto USI’s national platform.

Alera Group has acquired two employee benefits firms: Benefit Planning Services (BPS) of Norwalk, Connecticut, and IMG Benefits Group LLC of Houston, Texas. Terms were not disclosed; BPS will join Alera through local firm CBP and IMG Benefits will join through local firm Ardent Solutions as part of Alera's continued national growth of its employee benefits practice.

Alera Group has acquired Wilson Albers & Company, LLC, a Anchorage-based insurance, employee benefits and HR services firm that operates The Wilson Agency, Albers & Company and ConnectHR. Terms were not disclosed; Alera said the deal strengthens its presence in the Northwest and expands its employee benefits and HR capabilities.

Hub International Limited acquired the assets of Der Manouel Insurance & Financial Services, Inc., a Fresno-based multi-line insurance brokerage with an office in Pleasanton, California. The deal — terms not disclosed — brings DMIG's leadership and staff into Hub California to strengthen Hub's Central Valley footprint and expand its vertical-market capabilities.

Acrisure LLC has agreed to acquire 100% of Beach & Associates from existing shareholders, including Aquiline Capital Partners and current and former Beach management, subject to regulatory approvals. Beach will retain its name and management team, which will become shareholders in Acrisure, and the deal marks Acrisure's first acquisition outside North America as it expands its reinsurance and international capabilities.