Insurance Acquisitions in 2022

Hilb Group has acquired West Chester, Pennsylvania-based Oak Ridge Surety Agency, effective December 30, 2022. The small surety-focused agency will join Hilb’s Mid-Atlantic operations and integrate with Wayne, Pennsylvania-based Wharton Surety Consultants to expand Hilb’s surety capabilities and regional presence.

Bowen, Miclette & Britt Insurance Agency (BMB), a Top 100 U.S. insurance brokerage, has acquired Technical Assurance, LLC, a provider of contract surety bonds and construction industry services. Technical Assurance will remain in The Woodlands, Texas and operate as a branch of BMB's Houston headquarters to strengthen BMB’s contract surety capabilities.

Keyes Coverage, a Tamarac, Florida-based independent insurance agency and Platform Partner of Keystone Agency Partners, has acquired Amsley Insurance and Parkland Insurance Marketing to expand its geographic footprint across Florida. Financial terms were not disclosed; the deals add Amsley's Greater Orlando presence (St. Cloud/Kissimmee) and Parkland's sports and entertainment-focused offering to Keyes' platform.

The Hilb Group, a Richmond-based property & casualty and employee benefits brokerage backed by The Carlyle Group, acquired Alpharetta, Georgia-based Gillman Insurance Problem Solvers (including affiliates APA Insurance Services and 3G Truckin' Insurance), effective December 1, 2022. The deal expands Hilb Group's Southeast U.S. presence and deepens its P&C expertise; Ed Gillman and his team will join Hilb's Southeast regional operations.

Arthur J. Gallagher & Co. acquired El Cerrito, California-based NEK Insurance, Inc., a retail property/casualty agency specializing in coverage for daycare centers, K-8 schools, residential care facilities and small remodeling contractors. Terms were not disclosed; Kevin Bruns, Jennifer Sylvestri, Kyle Peterson and their associates will join Gallagher's San Francisco branch. Gallagher said the acquisition is complementary to its San Francisco specialist business and provides cross-selling opportunities.

Ensurise, LLC acquired Abby Insurance Agency (effective December 16, 2022), bringing the Franklin, Virginia independent property & casualty brokerage into Ensurise’s Mid‑Atlantic agency network. Abby Insurance Agency will continue operating from its Franklin office as Ensurise expands its footprint and capabilities in Virginia.

Evertree Insurance, a technology-enabled personal lines insurance distribution platform backed by Integrum Holdings, has acquired Gnade Insurance Group, a 27-person independent agency based in Frankfort, Illinois. The acquisition brings Gnade's ~4,600 clients and 20+ carrier appointments onto the Evertree platform as an add-on to expand distribution and deploy Evertree's tools and technology.

Hub International Limited has acquired the assets of Chatham Insurance Partners, LLC, an independent commercial and personal insurance agency based in Savannah, Georgia. The acquisition expands Hub's presence in the Savannah market and strengthens its commercial and personal lines capabilities across healthcare, construction, high-net-worth and hospitality sectors.

PCF Insurance Services, a top-20 U.S. insurance brokerage headquartered in Utah, has acquired TCU Insurance Agency, an independent agency and subsidiary of Teachers Credit Union that serves customers in Indiana and Michigan. The acquisition expands PCF's Midwest footprint and broadens its personal and commercial insurance offering; terms were not disclosed.

Risk Strategies has acquired Worldwide Assurance, a health and benefits-focused retail agency founded in 2012; terms were not disclosed. The acquisition strengthens Risk Strategies' employee benefits specialty practice and adds capabilities and geographic reach to serve clients such as medical practices, higher education and professional services firms.

ALKEME, a Top 50 insurance brokerage backed by GCP Capital Partners, has acquired Robert Bell Insurance Brokers, a Fallbrook, California-based property & casualty insurance agency focused on equipment and event rental, towing and healthcare. The target will continue to operate under its brand while gaining access to ALKEME's resources and product offerings as an add-on to ALKEME's platform.

AssuredPartners, Inc. has acquired Bespoke Insurance Solutions, a Chandler, Arizona-based insurance brokerage focused on the brewery and winery sector. The Bespoke team will remain under founder and Managing Director Long Tran, and the acquisition expands AssuredPartners’ specialized capabilities and Mountain West footprint.

Arthur J. Gallagher & Co. (Gallagher) has acquired St. Cloud, Minnesota-based Mahowald Insurance, LLC. Terms were not disclosed; Mahowald's leadership will remain in place and the deal is intended to enhance Gallagher's healthcare market expertise and regional capabilities across the Midwest.

Highstreet Insurance Partners acquired Ontario, California-based Hanasab Insurance Services, Inc., expanding Highstreet’s footprint into the California and Nevada markets. The deal adds Hanasab’s local insurance and real estate-focused capabilities to Highstreet’s national insurance agency platform.

Hub International Limited has acquired Dale Barton Agency, a Salt Lake City-based commercial insurance and surety bond brokerage, to strengthen Hub's construction, transportation and commercial insurance capabilities in Utah. Terms were not disclosed; MarshBerry served as financial advisor to Dale Barton Agency.

Higginbotham has acquired TrustStar Insurance Services, an independent property/casualty agency based in Universal City, Texas, marking Higginbotham's entry into that market. The deal brings TrustStar's team and local client relationships into Higginbotham's platform and expands Higginbotham's ability to offer employee benefits and HR outsourcing services in Central Texas.

USI Insurance Services has acquired Noblesville, Indiana-based Ritman & Associates and will combine Ritman's operations with its USI Affinity division. The deal strengthens USI Affinity's law firm program and expands USI's legal malpractice and affinity insurance capabilities; terms were not disclosed.

Ryan Specialty (NYSE: RYAN) signed a definitive agreement to acquire certain assets of Griffin Underwriting Services, a Bellevue, Washington-based binding authority specialist and wholesale insurance broker. The deal expands Ryan Specialty's specialty offerings in the Pacific Northwest and strengthens its national binding authority capabilities; Griffin generated about $23 million of revenue for the 12 months ended November 30, 2022.

A consortium led by Dutch private equity firm Capital A has acquired Hampden Insurance Group B.V. from Hampden Holdings Ltd. The investors (united as Dutch Insurance Group B.V.) will rename Hampden Insurance Group to Halcyon Insurance Group and retain Maas Lloyd as an operating insurer to strengthen its national position in the Netherlands.

World Insurance Associates LLC, a Top-50 national insurance brokerage based in Iselin, New Jersey, acquired Future Insurance Group of Schererville, Indiana on December 1, 2022. Future Insurance Group is a family-owned insurance agency specializing in trucking and transportation insurance for long-haul trucking, fleets and owner-operators; terms were not disclosed.

Hub International Limited has acquired the assets of AM Insurance Services of Miami, Inc., expanding Hub's employee benefits capabilities in South Florida. Claudine Nelson, President, and the AM Insurance Services team will join Hub South Florida; terms were not disclosed.

Highstreet Insurance Partners (HSIP), a Traverse City, Michigan-based insurance consolidator, has acquired Alexandria, Virginia-based Clarke & Sampson Insurance, a third-generation independent insurance agency founded in 1946. The acquisition expands Highstreet's local capabilities and specialty offerings (including political, trade union and nonprofit coverage) as part of its ongoing roll-up strategy.

PCF Insurance Services, a top-20 U.S. insurance brokerage based in Lehi, Utah, has acquired Direct Dealer Services (DDS), an automotive finance & insurance (F&I) firm headquartered in Hoffman Estates, Illinois. The acquisition expands PCF's F&I capabilities and product offerings for dealer, agent and lender partners; terms were not disclosed.

Alliant Insurance Services has acquired Polley Insurance and Risk Management, expanding Alliant's presence and capabilities in the Sacramento region. Polley — a 21-year-old independent insurance brokerage focused on commercial insurance, risk management, employee benefits and personal insurance — will continue to operate from its Gold River, California headquarters; terms were not disclosed.

Hub International Limited acquired the assets of Invensure Insurance Brokers, Inc., a privately held insurance and risk management firm headquartered in Irvine, California. The Invensure team, including CEO Robert Parent and EVP Charlene Richards, will join Hub’s Los Angeles/Orange County operations; terms were not disclosed and MarshBerry served as financial advisor to Invensure.

SCF Solutions, LLC, a CUSO owned by South Carolina Federal Credit Union and headquartered in North Charleston, South Carolina, has acquired the assets of Arthurs Insurance & Risk Management Services, an independent insurance agency in Greenville, South Carolina. The acquisition expands SCF Solutions’ insurance capabilities and client base in the Upstate, particularly among business clients; Capstone Strategic served as M&A advisor on the transaction.

Inszone Insurance Services, a Sacramento-based full-service insurance brokerage, has acquired Cameo Insurance Services Inc., a personal-lines agency founded by Tyrone Smith in Inglewood, California. The deal expands Inszone's presence in California as part of its ongoing roll-up strategy to grow its national footprint and will integrate Cameo's home and auto insurance book under the Inszone brand.

Inszone Insurance Services, a Sacramento-based full-service insurance brokerage, has acquired Kirsch Insurance Group, a Denver-based Medicare-specialist brokerage founded by Marlin Kirsch. The deal expands Inszone’s presence in Colorado and adds Medicare expertise as part of its ongoing Colorado growth strategy.

Westland Insurance Group acquired Gateway Insurance Group (Halifax, Nova Scotia) and Hutcheson, Reynolds & Caswell Insurance (offices in Huntsville, Bracebridge, Port Carling and Collingwood, Ontario) on December 1, 2022. The transactions expand Westland's property & casualty practice and grow its presence across Ontario and Atlantic Canada as part of its ongoing national acquisition strategy.

The Hilb Group acquired The Nowell Agency (effective December 1, 2022), expanding its property & casualty insurance footprint into Mississippi. The Nowell Agency — with offices in Brandon, Greenwood, Tupelo, Byram and Hattiesburg — will join Hilb’s national network to provide insurance products for both individuals and businesses.

The Hilb Group acquired OceanPoint Insurance, a Rhode Island-based agency, effective December 1, 2022, expanding Hilb's New England footprint. OceanPoint's principal Doug Mayhew and his team joined Hilb Group's New England regional operations to integrate the agency's property & casualty and employee benefits capabilities.

AssuredPartners, Inc. has acquired Witkemper Insurance Group, a Greensburg, Indiana-based insurance agency with offices in Greensburg and Indianapolis. The 19-person team will remain under President Kyle Nichols; the deal expands AssuredPartners' operations in Indiana and is one of many add-on acquisitions by the firm in 2022.

Marsh McLennan Agency (MMA), a business of Marsh McLennan, has acquired McDonald Zaring Insurance, a full-service agency based in Walla Walla, Washington. All 19 McDonald Zaring employees will join MMA as part of a newly created MMA office in Walla Walla; terms were not disclosed.

Warburg Pincus has agreed to acquire K2 Insurance Services from Lee Equity Partners to support the company's next phase of growth, including M&A and de-novo incubation. K2, a San Diego-based specialty insurance program manager that services over $1 billion in premiums through a portfolio of MGAs, will be backed by Warburg Pincus to expand its underwriting and distribution capabilities.

Choice Financial Group, backed by Northlane Capital Partners, has acquired Mountaineer Insurance Services, a five-branch insurance agency based in Beverly, West Virginia. The Mountaineer leadership team will remain in place as Choice expands its geographic footprint into West Virginia; the transaction closed November 1, 2022 and represents Choice's 11th acquisition since partnering with Northlane.

ALKEME, a PE-backed retail insurance platform based in Ladera Ranch, California, has acquired Dealer Insurance Services, a Laguna Hills, California-based benefits-focused insurance agency serving the auto dealer industry. Dealer Insurance Services will continue to operate under its current brand as ALKEME expands its capabilities and presence in the dealer and employee-benefits markets.

NFP has acquired Olson & Olson Insurance Services, Inc., adding the Denver-area insurance brokerage's commercial P&C, surety and group benefits capabilities to NFP's West region. The Olsen team — including leaders Darrell Olson II and Lance Olson — will join NFP to expand the firm's construction-specialty commercial property & casualty offering across Colorado and the broader West region.

Simplicity Group has acquired Triton Brokerage Group, a national distributor of annuity, life, long-term care, and disability insurance. Triton founders Bob Ogurcak and Matt Woodson join Simplicity as partners; the business becomes the 47th company in Simplicity's partnership to expand its distribution, point-of-sale and wealth channel capabilities.

Charles Taylor has acquired The Matrix Companies, an Ohio-based third-party administrator (TPA) specializing in workers' compensation claims management and risk/workplace safety services. The acquisition expands Charles Taylor's U.S. footprint in the Midwest and broadens its claims, TPA and data analytics capabilities for national clients.

PCF Insurance Services, a top-20 U.S. insurance brokerage headquartered in Lehi, Utah, has acquired Voluntary Benefits at Work (VB@Work), an Atlanta-based broker specializing in voluntary employee benefits, enrollment, billing and support services. The acquisition expands PCF’s partner network and adds specialized voluntary benefits capabilities and distribution to its employee benefits offerings; terms were not disclosed.

SIB Corp. (operating as StoneRidge Insurance Brokers), a CIVC Partners–backed insurance platform, has acquired Safeway Insurance and Financial Services Inc., expanding SIB's personal and commercial insurance presence in the Greater Toronto Area. The acquisition adds Safeway's consumer and financial products capabilities across North York, Richmond Hill, Markham and Mississauga to SIB's platform.

Inszone Insurance Services, a Sacramento-based insurance brokerage, has acquired Capizzi Insurance, a single-location personal and small-mid commercial lines agency founded in 1971. The Capizzi team will transition to Inszone's Lakewood location and continue serving customers under the Inszone brand as the company expands its presence in California.

Belgian insurance broker AlliA has entered a partnership with mid-market private equity firm Ergon, which acquires a minority stake alongside the Lebon family and management. The investment will support AlliA's organic growth and M&A strategy to accelerate expansion in Belgium, Luxembourg and internationally while the founding family and management remain in charge of daily operations.

Chicago-based private equity firm CIVC Partners made a strategic minority growth investment in Signers National, a New York–based holding company for a tech-enabled insurance distribution platform. The capital will support Signers National’s organic expansion and continued M&A activity across its subsidiaries, including Lamb Insurance Services and Convelo Insurance Group; financial terms were not disclosed.

Risk Strategies, a national specialty insurance brokerage, acquired Wallace Specialty Insurance Group, a Richardson, Texas-based firm focused on insurance for dental professionals. The deal expands Risk Strategies' healthcare/dental specialty capabilities and strengthens its presence in Texas; terms were not disclosed.

PCF Insurance Services has acquired Milwaukee-based Milz Health Group to expand PCF's presence into the Wisconsin individual insurance market. Milz is a full-service agent specializing in Medicare (Advantage, Medigap, Part D) and Affordable Care Act plans; terms were not disclosed and PCF said the acquisition will enable expanded offerings and growth leveraging PCF's shared services model.

Relation Insurance Services, a PE-backed national insurance brokerage, acquired the assets of Garrity Insurance effective November 1, 2022; terms were not disclosed. Garrity, which serves Massachusetts individuals and businesses from five offices, will remain led day-to-day by President Bill Garrity as part of Relation's platform to expand its footprint and risk management capabilities in the East.

One80 Intermediaries, a specialty insurance broker and program manager, has acquired instaCOVER, a Kirkland, Washington-based insurance agency and web-based point-of-sale insurance platform. The acquisition expands One80's capabilities in financed and rental equipment insurance and adds insurtech functionality for channel partners and funders; terms were not disclosed.

Novatae Risk Group, a wholesale insurance broker and MGA, has acquired Dallas-based MarketScout Corporation and named MarketScout founder Richard Kerr as Novatae's CEO. The deal brings MarketScout’s specialty insurance capabilities into Novatae’s platform to expand product offerings and strengthen partnerships; terms were not disclosed.

AIMCOR Consolidated, a joint venture between AIMCOR Group and AmeriLife Group, has acquired brokerage general agency McQueen Kalligan Insurance Services, Inc. McQueen Kalligan will join the ICON affiliate platform to gain access to expanded product offerings, technology and back-office support while Tim McQueen continues in a leadership role within the ICON network.