Insurance Acquisitions in 2020

Alera Group announced the acquisition of Granite Group Benefits, LLC effective December 31, 2020. Granite Group Benefits, a Manchester, New Hampshire-based employee benefits and risk management firm led by K. Brian McLaughlin, will join Alera’s national platform while continuing to serve clients from its existing team; terms were not disclosed.

The Hilb Group, LLC (THG) acquired North Carolina-based Dwayne Wilson Insurance & Financial Services, Inc., a full-service life and health insurance agency, effective December 31, 2020 (per the announcement). Dwayne Wilson and his team will join THG's Southeast region as the acquisition strengthens THG's employee benefits practice and regional presence; THG is a Carlyle Group portfolio company.

World Insurance Associates LLC, a nationally ranked insurance brokerage, acquired Bush Insurance Agents & Brokers of Cambridge Springs, Pennsylvania on December 31, 2020. Terms were not disclosed; Bush Insurance owners Gregg Gordon and Dick Perry agreed the deal will allow the agency to operate at greater scale with World’s products and resources.

Alera Group, a national insurance and financial services firm based in Deerfield, Illinois, acquired CSNW Benefits, a Portland-based employee benefits and retirement services firm, effective December 31, 2020. The acquisition strengthens Alera Group’s presence in the U.S. West/Northwest region and brings CSNW’s local benefits, HR compliance tools and retirement expertise into Alera’s national platform; terms were not disclosed.

The Hilb Group, LLC (THG) acquired Michigan-based Owen Moore Insurance Agency, LLC (OMA) effective December 31, 2020. OMA, a full-service property and casualty insurance agency, will join THG's Midwest region with Randal (Randy) Moore and his team; THG is a PE-backed insurance brokerage controlled by The Carlyle Group.

AssuredPartners, Inc. has acquired Dawson, Taylor & Company, an Augusta, Georgia-based insurance agency. The 10-person team will remain led by Agency President Michael Taylor as AssuredPartners expands its presence in the Augusta market.

Ambac Financial Group agreed to acquire 80% of the membership interests in Xchange Benefits, LLC and Xchange Affinity Underwriting Agency, LLC, with Xchange management principals retaining the remaining 20%. The acquisition is part of Ambac's strategy to diversify into specialty program insurance and expand its MGA/MGU capabilities to generate recurring fee-based income and accelerate Xchange's geographic and product growth plans.

Inszone Insurance Services, a Sacramento-based full-service insurance brokerage, has acquired CBIA Insurance Agency, a Van Nuys-based personal and commercial lines agency founded in 2007 by Mark and Kim Chandler. The deal expands Inszone's presence in California and broadens its service offering for personal and commercial insurance clients.

The Hilb Group, LLC (THG) acquired New York-based Hiram Cohen & Son, Inc. (HCS) effective December 1, 2020. HCS, a fourth-generation property & casualty insurance agency founded in 1919 and based in Williston Park, New York, will continue operating under its existing leadership as part of THG's Tri-State operations; THG is a Carlyle-backed insurance brokerage pursuing growth through strategic add-on acquisitions.

Middle-market private equity firm HGGC has signed a definitive agreement to acquire London-based Specialist Risk Group (SRG). SRG's management will reinvest alongside HGGC while existing investor Pollen Street Capital will exit; the transaction is expected to close in Q1 2021 subject to regulatory approval.

Sompo International Holdings Ltd. has acquired W. Brown & Associates Insurance Services, a specialist managing general underwriter for general aviation risks. W. Brown will operate as a wholly owned subsidiary and the deal strengthens Sompo International's aviation insurance capabilities and distribution platform.

Private equity firm Corsair Capital made a strategic growth investment to combine Founders Insurance, Hutchinson Traylor Insurance, McGinty‑Gordon & Associates, and Waites & Foshee into Oakbridge Insurance Agency LLC. The combination creates a regional insurance brokerage platform serving Georgia and the Southeast with approximately 175 employees across 15 offices and will pursue organic growth and strategic acquisitions.

Assurant, Inc. acquired EPG Insurance, Inc. for $43 million in cash. The acquisition brings EPG's ~60 employees and its service-contract and commercial-equipment insurance capabilities into Assurant to expand service contract offerings, strengthen distribution through dealers and grow Assurant's commercial equipment segment.

Alera Group has acquired Todd Associates, Inc., an independent insurance agency headquartered in Beachwood, Ohio, effective December 1, 2020. The acquisition expands Alera Group's presence in the Midwest and Florida and adds Todd Associates' property & casualty and employee benefits capabilities to Alera's national platform.

World Insurance Associates LLC (WIA), a Top 100 insurance brokerage headquartered in Tinton Falls, New Jersey, acquired Strovis Holdings, LLC and its subsidiaries Strovis Insurance, Strovis Payroll & HR, and Strovis Benefits of Georgetown, South Carolina (effective November 1, 2020). The acquisition expands World’s property & casualty and employee benefits capabilities in South Carolina while adding payroll and HR technology and services to its offering; terms were not disclosed.

The Hilb Group, LLC (THG) acquired Montclair, New Jersey-based insurance brokerage William H. Connolly & Co., LLC, effective December 1, 2020. The deal brings William H. Connolly, Jr. and his team into THG's Tri-State operations and expands THG's property & casualty insurance capabilities in the region.

Arthur J. Gallagher & Co. acquired Premier Brokerage Services, Inc., a Jenkintown, Pennsylvania-based high-net-worth focused life insurance wholesale agency. The acquisition expands Gallagher’s life brokerage capabilities in the high-end agent and advisory market; Premier will continue to operate from its Jenkintown and Miami offices under Gallagher leadership.

Inszone Insurance Services, a Sacramento-area insurance brokerage, acquired three independent agencies — Kelly-Naney Insurance Agency (Fresno, CA), Golden Ocean Insurance Center (Los Angeles, CA) and the Schaeffer Agency (Colorado) — expanding its footprint into new cities and the Colorado market. The deals add local teams and distribution in central California, Los Angeles (including a strong Korean client base) and Colorado as part of Inszone’s ongoing geographic growth strategy.

USI Insurance Services has acquired Sitka, Alaska-based Venneberg Insurance. All of Venneberg's employees, including owner and principal Mike Venneberg, will join USI; terms were not disclosed. The deal expands USI's footprint in Southeast Alaska and brings local risk management and insurance capability onto USI's national platform.

Risk Strategies, a national insurance brokerage, has acquired FBA National, a Garden City, New York–based specialist in employee benefits and fringe benefit programs. The deal expands Risk Strategies' capabilities in tailored benefits, compliance with wage-parity and prevailing wage regulations, and strengthens its offerings for home health care and other clients in the New York region; terms were not disclosed.

BRP Group, through its middle-market subsidiary Baldwin Krystyn Sherman Partners (BKS-Partners), agreed to acquire Burnham Benefits Insurance Services, Inc. and Burnham Gibson Wealth Advisors, Inc., expanding BRP's footprint in Southern California and adding approximately $52.6 million of annualized revenue and ~130 colleagues. The transaction brings wealth management capabilities (BGWA with nearly $2.5 billion AUM) into BRP's middle-market operating group and is expected to close on December 31, 2020, subject to customary closing conditions.

Arthur J. Gallagher & Co. acquired Queensbury, New York–based Cool Insuring Agency, Inc., a regional insurance agency with offices in Queensbury and Latham. The acquisition expands Gallagher's Northeast retail property/casualty and employee benefit capabilities, adding expertise in construction, healthcare, senior living and public entity clients. Terms were not disclosed.

Hub International Limited acquired the assets of Prince Albert Insurance Limited, a full-service independent insurance brokerage based in Prince Albert, Saskatchewan. The deal — terms not disclosed — expands Hub's geographic footprint in Saskatchewan and strengthens its personal, commercial, farm and specialty insurance capabilities.

World Insurance Associates LLC (WIA), a national insurance brokerage, acquired The Watts Group LLC, a surety bond and P&C agency based in West Hartford, Connecticut. The acquisition expands WIA's surety bonds capabilities and brings The Watts Group's leadership and book of mid-market and large-scale accounts into WIA's national platform; terms were not disclosed.

CRC Group has entered a definitive agreement to acquire the assets of Continental Underwriters, including Fidelis Marine Underwriters and Fidelis Claims Services. The deal expands CRC Group's specialty marine underwriting, cargo and inland marine capabilities and will fold Continental into CRC's Programs Division; terms were not disclosed.

Alera Group has acquired Legacy Risk & Insurance Services, LLC, expanding Alera's property and casualty capabilities and California footprint effective October 1, 2020. Legacy Risk, based in Walnut Creek, California, will continue serving clients with its existing team; terms were not disclosed.

Patriot Growth Insurance Services has partnered with V.R. Williams & Company, a full-service insurance agency based in Winchester, Tennessee, adding the firm's 22 insurance professionals and proprietary national pilot car insurance program to the Patriot platform. The deal expands Patriot's property & casualty and employee benefits capabilities and furthers its geographic expansion in the Southeastern United States; Patriot is backed by growth equity investor Summit Partners.

Marsh & McLennan Agency LLC (MMA), the middle-market agency subsidiary of Marsh, has acquired Heritage Insurance Service, Inc., an independent insurance agency based in Louisville, Kentucky. Heritage, which has about 30 employees across five locations and specializes in trucking and transportation insurance, will join MMA to expand MMA's specialty capabilities and client reach.

Alera Group acquired Lighthouse Group, an eight-location Michigan insurance broker, effective December 1, 2020. The acquisition expands Alera’s national insurance and employee benefits platform into Michigan and allows Lighthouse to leverage Alera’s resources while retaining its local team.

Heffernan Insurance Brokers has acquired Truckee Community Insurance Services and integrated Jon Matosian and his team into Heffernan's new Truckee office. The acquisition expands Heffernan's footprint in the greater Truckee/Lake Tahoe region and broadens the firm's ability to serve local personal, commercial and group health insurance clients.

Harvest Partners has signed a definitive agreement to acquire a majority interest in Galway Holdings, the holding company for EPIC Brokers & Consultants and JenCap Holdings. Existing investors Oak Hill Capital and The Carlyle Group will reinvest alongside management and employee shareholders in a recapitalization intended to provide capital to support Galway's continued growth across its insurance distribution platforms; terms were not disclosed.

BRP Group, Inc. (NASDAQ: BRP) has entered into a partnership to acquire Armfield, Harrison & Thomas, Inc. (AHT), a Leesburg, Virginia-based insurance brokerage, converting AHT into part of BRP's middle-market operating group. AHT brings approximately $52M in annual revenues, expanded geographic scale in the Pacific Northwest, Mid-Atlantic and Northeast, and AHT CEO David Schaefer will serve as a Regional President within BRP's middle-market group.

Hub International Limited acquired Seymour Alper Inc., a Mount Royal, Quebec–based insurance and risk management firm. The acquisition strengthens Hub's specialty practices and expands its footprint in Quebec; terms were not disclosed.

The Hilb Group, LLC (THG), a Carlyle-backed insurance brokerage, acquired Plan Benefit Services, Inc. (PBSI), an employee benefits consulting and brokerage firm based in West Columbia, South Carolina, with the transaction effective December 1, 2020. Branford Armstrong and PBSI associates joined THG’s Southeast operations and will continue to operate from their West Columbia location as part of THG’s national brokerage platform.

The Hilb Group, LLC has acquired New York-based Rampart Brokerage Corporation & Affiliates, marking THG's 100th and largest acquisition to date. Rampart — headquartered in Lake Success, New York with nearly 200 employees — will join THG's Tri-State operations and continue to operate from its existing New York, New Jersey and Pennsylvania locations.

Arthur J. Gallagher & Co. (Gallagher) acquired Seattle-based North Star Insurance Services, LLC and Fairhaven, Massachusetts-based North Star Marine Insurance Services, LLC. The specialist marine insurance brokers and their teams will continue to operate from their current locations and will be integrated into Gallagher’s marine brokerage operations to expand marine capabilities and client coverage in the U.S.

World Insurance Associates LLC (WIA), a Top 100 insurance brokerage headquartered in Tinton Falls, New Jersey, acquired R.S. Gilmore Insurance Agency, Inc. of North Attleboro, Massachusetts on December 1, 2020. The deal establishes WIA's first office in Massachusetts and expands its regional footprint; terms were not disclosed.

TWFG Insurance (The Woodlands Financial Group) has acquired Penguin Insurance Services, a Milpitas, California-based agency founded in 2012. The deal brings about 130 affiliated agencies and over $100 million in written premiums to TWFG, strengthening its presence in California and supporting its goal to reach $1 billion in written premium.

Cinven and British Columbia Investment Management Corporation (BCI) have agreed to acquire Compre, a specialist global consolidator of closed non-life insurance portfolios, from CBPE Capital LLP. The deal (subject to regulatory approvals) positions Compre to expand geographically—notably in the US and Lloyd’s market—and to capitalise on growing demand for run-off solutions; financial terms were not disclosed.

Carousel Capital has partnered with Ethos Risk Services' management in a recapitalization of Ethos Risk Services, a tech-enabled provider of fraud and claims investigation services headquartered in St. Petersburg, Florida. The deal was funded with equity from Carousel Capital’s fifth fund and senior debt from Freeport Financial Partners to support technology investment and expansion of Ethos’ investigator workforce.

Hub International Limited acquired the assets of United Shortline Insurance Services, Inc., a Port Austin, Michigan specialist in shortline and regional railroad insurance programs. The deal will bolster Hub's rail practice (Hub Mid‑America/Kansas City), and United Shortline's owner and CEO Louis Schillinger will join Hub Mid‑America.

OneDigital has acquired Refined Benefits (Sullivan), a Florida-based employee benefits consulting firm founded in 2001. The deal brings Sullivan's staff and leadership (including Joe Sullivan and Catherine Ratcliffe) into OneDigital's Florida practice to deepen capabilities and drive growth across the firm's employee benefits division in the Florida market.

Hub International Limited acquired the assets of The Vitolo Company, a Seattle-based independent insurance agency that provides employee benefits, group benefit planning and compliance consulting. Mike Vitolo and the Vitolo team will join Hub Northwest as part of the transaction; terms were not disclosed.

Hub International Limited acquired the insurance brokerage assets of Larry Dean Massey, Jr., expanding Hub’s presence in North Mississippi and adding specialty insurance capabilities serving construction, hospitality and oil & gas clients. Massey’s operations, with legacy ties to Memphis and now based in Oxford, Mississippi, will join Hub Gulf South and report to regional leadership; terms were not disclosed.

Cornell Capital LLC and Hudson Structured Capital Management Ltd. (HSCM) agreed to acquire a majority stake in Vault Holdings, LLC, a provider of high-net-worth personal insurance, to accelerate Vault's growth in the U.S. affluent insurance market. Allied World will retain an indirect minority interest, provide reinsurance and transitional administrative services, and the transaction is expected to close in Q1 2021 subject to regulatory approvals.

Inszone Insurance Services has acquired ISU Wiseman Insurance, marking the company’s entry into the Utah market and expanding its physical presence in the western United States. The acquisition brings the long-standing local agency (founded 1935) into Inszone’s national brokerage platform to grow local relationships and bolster personal and commercial lines capabilities.

PointeNorth Insurance Group expanded its Southeast footprint by acquiring three independent agencies — The Stastka Agency, Inc., The Myrick Agency, LLC and D & G Insurance, Inc. The combined acquired revenue exceeds $3.1 million and the transactions bolster PointeNorth's property & casualty and transportation insurance offerings while providing succession planning and expanded carrier access for the partner agencies.

Arthur J. Gallagher & Co. (through its U.S. wholesale brokerage operation, Risk Placement Services) acquired San Diego-based AWIS Group, a wholesale insurance broker. Terms were not disclosed; the acquisition expands RPS’s presence in the San Diego market and deepens its workers’ compensation and commercial insurance capabilities.

AHT Insurance completed the acquisition of Kaplow Insurance, a specialist equine and farm insurance agency. Kaplow Insurance owner Evan Kaplow and his team joined AHT to expand the firm's equine, farm property and liability, and equestrian disability capabilities and geographic footprint.

Hub International Limited acquired the assets of Fort Myers-based Leading Edge Benefit Advisors, LLC and several affiliated entities. The acquisition expands Hub's employee benefits, retirement services and wealth management capabilities in Florida; company founders Don Raimey Jr. and Kerri Sisson will continue supporting the business.