Insurance Acquisitions in 2019

Alera Group, a national employee benefits and insurance firm, acquired Sylvia Group, a Dartmouth, Massachusetts-based insurance and employee benefits agency, effective December 31, 2019. The deal brings Sylvia Group's property & casualty and employee benefits expertise into Alera's national platform to strengthen capabilities and service coverage in New England; terms were not disclosed.

SkyKnight Capital, a San Francisco-based private equity firm, led a strategic investment in Patra in late 2019 to support the provider's rapid growth in technology-enabled services for the insurance industry. The investment will help Patra scale its PatraOne platform and expand services for brokers, MGAs, wholesalers and carriers; Patra reported a global team of over 6,500 process executives.

High Street Insurance Partners, the insurance brokerage platform formed by Huron Capital's ExecFactor initiative, has acquired InPro Insurance Group, a full-service independent insurance agency based in Troy, Michigan. The transaction is an add-on to High Street's buy-and-build strategy, expanding the platform into Southeast Michigan while InPro's president Dave Goodman remains active in his role.

Tiptree Inc., through its insurance subsidiary, agreed to acquire Smart AutoCare, a vehicle warranty solutions provider led by founder and CEO Peter Masi, in an all-cash transaction with incentive-based earnouts. The deal will make Smart AutoCare a wholly owned subsidiary of Tiptree Warranty Holdings LLC and is intended to materially expand Tiptree’s warranty distribution channels and fee-based cash flows outside its regulated insurance subsidiaries.

BRP Group, through its subsidiary Baldwin Krystyn Sherman Partners (BKS-Partners), agreed to acquire substantially all assets of Lanier Upshaw, an independent insurance agency based in Lakeland and Tampa, Florida. The transaction (expected to close Jan 1, 2020) will fold Lanier Upshaw into BRP's Middle Market Operating Group to expand its Central Florida market presence and broaden client capabilities in healthcare, higher education, construction and nonprofit segments.

USI Insurance Services has acquired Omaha, Nebraska-based Marcotte Insurance Agency, Inc., a multi-line insurance agency specializing in employee benefits, retirement and risk management advisory services. The deal (terms undisclosed) brings Marcotte’s 48 employees into USI and establishes a new USI presence in Nebraska while maintaining Marcotte’s local leadership under President David Bushey.

Risk Strategies, a privately held national insurance brokerage, acquired two subsidiaries of Gowrie Holdings, Inc. — Gowrie Group (a specialty retail insurance brokerage) and Maritime Program Group (a marine-focused managing general agent). The deal adds marine, private client and wholesale/program underwriting capabilities to Risk Strategies' specialty and private client offerings; terms were not disclosed.

AmeriLife Group, LLC has acquired a majority interest in Agent Support Group (ASG), a long-established life insurance brokerage agency serving the New York metropolitan area. ASG's three partners will continue to lead the business from its New York office as part of AmeriLife's expanded annuity and retirement planning brokerage distribution channel, enhancing AmeriLife's advanced case, underwriting and high-net-worth capabilities.

Hub International Limited acquired the assets of Blair Jarcik Insurance Agency, Inc., a Novato, California-based commercial and personal insurance agency. Terms were not disclosed; Blair Jarcik, President of the agency, will join Hub California and report to Bryan Costello as part of the integration.

Hub International Limited has acquired SilverStone Group, a Omaha-based insurance brokerage and the largest brokerage in Nebraska. The acquisition creates a new regional unit, Hub Great Plains, expanding Hub's geographic footprint and adding SilverStone's capabilities in insurance, surety, employee benefits, retirement plans, and wealth management.

Hub International Limited has acquired Hamman--Miller--Beauchamp--Deeble, Inc. d/b/a HMBD Insurance Services, Inc., a Long Beach, California-based full-service insurance agency. The acquisition strengthens Hub's specialty practices by adding HMBD's capabilities in construction, dental professional liability, transportation (railroads) and expands Hub's presence in the Southern California market.

The Hilb Group, LLC (THG), a Richmond-based middle-market insurance brokerage and portfolio company of The Carlyle Group, acquired Bristol, Virginia-based Kerr-Boswell, Inc., effective December 1, 2019. Kerr-Boswell's staff will continue operating from their Bristol location under THG's Abingdon, VA operations as part of THG's strategy to expand its regional footprint in Virginia.

The Hilb Group, LLC (THG) acquired Rhode Island-based Wickford Insurance Agency, Inc., effective December 1, 2019. The acquisition expands THG's property & casualty operations in New England; THG is a Richmond, Virginia-based, middle-market insurance brokerage and a portfolio company of The Carlyle Group.

Heffernan Insurance Brokers has acquired the assets of Newport Beach-based Henderson Insurance, integrating the firm into its HeffDirect division effective December 1, 2019. The acquisition brings Henderson's 47 years of specialty expertise in dry cleaner and laundry insurance to Heffernan, expanding the firm's niche practice capabilities and national service footprint.

Specialist Risk Group Ltd (SRG) has acquired David Codling & Associates, a boutique specialist in Specie and Jewellers' Block insurance. The deal adds David Codling's specialist capabilities to SRG's distribution channels and expands the group's specialty insurance offerings.

AssuredPartners, Inc. has acquired Surety Solutions Insurance Services, Inc. (Surety1), a Rancho Cordova, California-based surety bond specialist. The 15-person agency, which reports approximately $3.3 million in annualized revenue, will continue to operate under John Page and Ryan Tash as part of AssuredPartners' nationwide insurance brokerage platform.

A Carlyle-managed fund together with T&D Holdings acquired a 76.6% interest in Fortitude Group Holdings (which operates as Fortitude Re) from American International Group (AIG) for approximately $1.8 billion (AIG received about $2.2 billion including additional consideration). Post-closing ownership is Carlyle and its fund investors ~71.5%, T&D 25% and AIG 3.5%; the deal positions Fortitude Re as an independent platform focused on reinsurance and run-off management for legacy insurance liabilities.

AssuredPartners, Inc. has acquired Mack, Mack & Waltz Insurance Group, Inc., an insurance agency based in Deerfield Beach, Florida. The 22-person agency, which reports $5.2 million in annualized revenue, will remain under its existing leadership while joining AssuredPartners to expand the firm's Florida operations and capabilities.

MRI Software has acquired Multifamily Insurance Partners, a Ohio-based provider of resident renters insurance programs and insurance compliance solutions for the U.S. multifamily rental market. The deal integrates Multifamily Insurance Partners' resident insurance capabilities into MRI’s MRI Living residential suite to streamline leasing/onboarding and help property owners close insurance gaps and reduce uninsured losses.

EPIC Insurance Brokers & Consultants has completed its acquisition of Atlanta-based Prime Risk Partners, combining the two brokers to expand EPIC's national footprint and broaden specialty support offerings. Prime Risk Partners will initially operate as Prime Risk Partners – an EPIC Company and continue to serve clients from its existing locations.

Risk Strategies, a privately held national insurance brokerage, has acquired Zito Insurance Agency, a full-service brokerage headquartered in Mentor, Ohio. Zito, founded in 1963 with 36 employees and a second office in Rocky River, will join Risk Strategies to expand the buyer's presence and capabilities in Ohio while preserving Zito's client-focused approach.

Arthur J. Gallagher & Co. (Gallagher) has acquired Garrett-Stotz Company, a Louisville, Kentucky-based full-service commercial and personal lines property/casualty and benefits agency founded in 1931. The deal expands Gallagher’s presence in Kentucky and Indiana, adds expertise in construction and surety, and creates cross-selling opportunities across Gallagher’s retail insurance and employee benefits operations; terms were not disclosed.

Hub International Limited has acquired the assets of W.R. Carey Corporation, an employee benefits consulting firm based in Winnipeg, Manitoba. The deal brings Bill Carey and all Carey Corp employees into Hub International Manitoba Limited to expand Hub's Canadian employee benefits and retirement services capabilities.

Aston Lark has acquired Protean Risk, a specialist Lloyd's insurance broker focused on financial services, fintech and technology sectors. The deal is an add-on bolt-on to Aston Lark's platform and strengthens its financial institutions capabilities following the company's recent ownership transition involving Bowmark Capital and Goldman Sachs' Merchant Banking division.

The Hilb Group, LLC (a portfolio company of Abry Partners) acquired Charlotte-based Employee Benefit Advisors of the Carolinas, LLC effective November 1, 2019. EBA will join THG’s Southeast benefits operations, with EBA Principal Suzy Johnson joining THG’s team to support regional growth in employee benefits for small- to mid-market clients.

The Carlyle Group has signed a definitive agreement to acquire a majority interest in The Hilb Group from Abry Partners; financial terms were not disclosed. Hilb, a Richmond-based insurance brokerage with more than 900 associates and 91 branch offices, will retain significant ownership by its management team and employee shareholders as Carlyle supports further organic growth and targeted M&A.

Adelis Equity Partners will become majority owner of Säkra AB as the Swedish insurance brokerage consolidates affiliated offices to form a leading broker focused on P&C, life, pension and savings. The transaction — which is subject to competition and Swedish Financial Supervisory Authority approval — appoints Eva Pantzar Waage as CEO while Säkra's brokers and management remain significant shareholders. Adelis intends to support geographic and product expansion and use Säkra as a platform for market consolidation.

Apax Partners has acquired Portuguese life insurer GNB Vida from Novo Banco as the inaugural deal for its newly created life and wealth platform, GamaLife. The transaction is part of Apax’s strategy to build a pan‑European consolidation platform for life insurance and wealth businesses.

Cornell Capital LLC has acquired Spectrum Automotive Holdings Corp. from Southfield Capital; terms were not disclosed. Spectrum, headquartered in Fairfield, New Jersey, is an agent, marketer and administrator of finance and insurance (F&I) products serving more than 1,400 dealers, OEMs and administrators across the U.S. Southfield Capital had owned Spectrum since 2015 and the management team will remain as significant shareholders alongside Cornell Capital.

Arthur J. Gallagher & Co. acquired The Doyle Group, Inc., which does business as Direct To PolicyHolder (DTPH), an e-commerce affinity platform focused on acquiring and retaining professional liability insurance policyholders in allied healthcare and wellness. The Doyle team, led by Nick Doyle, will continue to operate from Ponte Vedra Beach, Florida under Gallagher's North American Affinity operations to strengthen Gallagher's ecommerce marketing and affinity-channel capabilities.

AssuredPartners, Inc. has acquired Tutton Insurance Services, Inc., a Santa Ana, California-based insurance agency with approximately 57 employees and estimated annual revenues of $11 million. The Tutton team will remain under the operational leadership of Bill Tutton as AssuredPartners expands its presence in the Western/California market.

Warburg Pincus, a global private equity firm, acquired Petplan, a leading North American pet health insurance provider headquartered in Newtown Square, Pennsylvania. The acquisition will provide Petplan with capital and resources to accelerate product innovation, customer experience improvements, and growth across the U.S. and Canada.

The Hilb Group, LLC (a portfolio company of Abry Partners) acquired Josh Williams Enterprises, Inc. d/b/a WNC Health Insurance, effective September 1, 2019. WNC, an Asheville-based employee benefits and health insurance brokerage, will continue operating under Josh Williams from its existing Asheville location as part of THG's Carolinas expansion.

Arthur J. Gallagher & Co. has acquired Pittsburgh-based Allied Insurance Brokers, including its subsidiary Ascinsure Specialty Risk. The acquisition adds niche crane, scaffold and equipment-dealer insurance expertise and a program underwriting capability to Gallagher’s construction practice and U.S. wholesale operations.

Centerbridge Partners has acquired Norwest Equity Partners' investment interest in GoHealth, the leading online and telephonic health insurance marketplace; NEP retains a minority ownership stake post-transaction. The deal, originally announced August 19, 2019, closed on September 13, 2019, and financial terms were not disclosed.

Five Arrows Principal Investments (FAPI), the corporate private equity arm of Rothschild & Co, has acquired a majority stake in the SUCSEZ Groep. Capital A sold its entire holding while SUCSEZ management (including CEO Marco Gregoor and CCO Frank Germans) retain a material stake; the deal supports SUCSEZ's acquisitive growth and market consolidation plans from its Doetinchem base.

ECI-backed Clear Insurance (The Clear Group) has acquired Morrison Insurance Solutions, a Warwickshire-based specialist broker founded in 1989. The deal brings Morrison’s management and team into Clear while strengthening Clear’s offering in the property, construction and property-owners insurance markets as part of its roll-up strategy supported by ECI Partners.

High Street Insurance Partners, the ExecFactor insurance brokerage platform created by Huron Capital, has acquired Ottawa Kent Insurance Agency, a West Michigan independent insurance agency with four offices. The acquisition is an add-on to High Street’s platform to expand its presence in the Grand Rapids market, retain existing principals, and grow services for Ottawa Kent’s roughly 10,000 customers and ~64 employees.

Great Hill Partners completed a recapitalization of Pareto Health, a Philadelphia-based employee benefit group captive manager, to support accelerated geographic expansion, sales and marketing growth, and enhanced cost-containment capabilities. Financial terms were not disclosed; Great Hill partners Mark Taber and Rafael Cofiño joined Pareto Health's board as part of the transaction.

Funds managed by Harvest Partners completed a growth investment in Integrity Marketing Group alongside existing investor HGGC and Integrity management to accelerate the company's expansion in the senior life and health insurance market. The capital will support continued organic and acquisitive growth, with plans to invest in technology and talent to expand Integrity's national partnership-based distribution strategy.

Boston-based private equity firm Abry Partners has agreed to acquire Portfolio Holding, Inc., a Lake Forest, California provider of reinsurance management and F&I products, from Capital Z Partners. Portfolio's management will remain in place and retain significant equity; Abry plans to support the company's national expansion in the automotive dealer market and other warranty/reinsurance markets.

Alera Group, a national insurance brokerage and wealth management firm, has acquired Benefit Commerce Group, an employee benefits consulting firm based in Scottsdale, Arizona. Benefit Commerce Group will continue operating under its name as an Alera Group company; terms were not disclosed. The acquisition expands Alera's employee benefits consulting capabilities and strengthens its national footprint.

Brown & Brown of Massachusetts, a unit of Brown & Brown, Inc., acquired substantially all assets of Yozell Associates, a Boston-based group employee and executive benefits firm. The Yozell team will operate as a stand-alone office within Brown & Brown's Retail Segment, strengthening the firm's employee benefits capabilities in the New England market.

Genstar Capital will become a new investor in Worldwide Facilities, a national wholesale insurance broker, as Lovell Minnick Partners exits its investment; financial terms were not disclosed. Headquartered in Los Angeles with more than 700 employees across 37 offices, Worldwide will partner with Genstar to pursue organic growth and strategic add-on acquisitions while enhancing its technology and product offerings; the deal was expected to close in Q3 2019.

Eurovita Holding S.p.A., the Cinven-backed Italian life insurer, has signed an agreement to acquire Pramerica Life S.p.A. from Prudential Financial, Inc. The acquisition expands Eurovita's distribution network and capabilities in the life protection segment and is subject to customary IVASS and antitrust approvals.

SkyKnight Capital made a minority investment in Heffernan Insurance Brokers and recapitalized the company’s ESOP to provide strategic and financial support for continued growth. Heffernan, headquartered in Walnut Creek, California, has about 450 employees across 10 branch offices and over $100 million in revenue; the capital will be used to accelerate M&A and expand the platform.

Alera Group acquired Landmark Benefits, Inc., an employee benefits broker based in Windham, New Hampshire, effective July 1, 2019; terms were not disclosed. The deal expands Alera's presence and capabilities in New England by adding Landmark's benefits, HR consulting, compliance and wellness services and team.

Alera Group, a national independent insurance firm based in Deerfield, Illinois, acquired Albany-based Austin & Co., Inc., effective July 1, 2019. The acquisition expands Alera Group's employee benefits and property & casualty capabilities and strengthens its presence in the Northeast; financial terms were not disclosed.

Hub International Limited acquired Crichton, Brandon, Jackson & Ward, Inc. (d/b/a The Crichton Group), a Nashville-based commercial and employee benefits insurance agency. The deal creates a new regional Hub Mid‑South operation covering Tennessee and Kentucky and strengthens Hub's specialty capabilities in construction, real estate, healthcare and nonprofit markets.

Worldwide Facilities, a national wholesale insurance broker and MGA, has acquired Benchmark Management Group, a managing general agent and wholesale insurance broker with operations in the Chicago and Milwaukee metro areas. The deal expands Worldwide Facilities' MGA platform by broadening its geographic footprint and specialty product offering; Benchmark principals Tim and Shawn Makowski joined Worldwide Facilities. Marsh, Berry & Company served as financial advisor to Benchmark.