Insurance Acquisitions in 2023

The McGowan Companies acquired certain assets of Parks Plus Underwriting Agency, LLC and Intersure Insurance Brokers Corp., effective December 31, 2023, under an asset purchase agreement. The acquisition brings a national program manager specializing in complex Property and Inland Marine risks for the amusement and entertainment industry into McGowan’s portfolio while retaining Parks Plus/Intersure staff under existing leadership.

Heffernan Insurance Brokers has acquired Achieve Alpha Insurance of Bellevue, Washington, with Gary Franke and his three team members joining Heffernan’s small business division, HeffDirect, effective December 31, 2023. Achieve Alpha, founded in 2008, specializes in Individual Health and Medicare solutions (and offers life, disability and long-term-care products); terms were not disclosed and Helfer & Associates advised Achieve Alpha.

Inszone Insurance Services, a Sacramento-based full-service insurance brokerage, has acquired LPL Insurance Agency, Inc., a long-established agency founded in Brea, California. The acquisition expands Inszone's geographic footprint and client base in California as the firm continues an acquisitive national growth strategy.

Crest Insurance Group has acquired Candy Insurance Agency, a Chandler, Arizona-based independent insurance agency founded in 2009 by Phil Candy. The acquisition expands Crest’s presence and specialty capabilities in Arizona, adding expertise in insurance and surety solutions for the electronic security industry.

Ryan Specialty (NYSE: RYAN) has signed a definitive agreement to acquire Castel Underwriting Agencies Limited from Arch Financial Holdings (UK) Limited and minority shareholders. Castel is a London-headquartered managing general underwriter (MGA) platform comprising 13 MGUs and generating roughly £35 million of operating revenue; the deal is expected to close in the first half of 2024 subject to regulatory approvals and customary conditions.

Risk Strategies, a national specialty insurance brokerage, has acquired Setnor, Byer, Boganoff, Inc., which does business as Setnor Byer Insurance & Risk, a Greater Fort Lauderdale insurance brokerage specializing in property, casualty and employee benefits. Terms were not disclosed; Anita Byer will remain as Managing Principal and the agency will leverage Risk Strategies’ scale and specialty resources to expand its market reach and service offerings.

Aon plc agreed to acquire NFP, a leading middle-market insurance broker and benefits/wealth advisor, from funds affiliated with Madison Dearborn Partners and HPS Investment Partners for an estimated $13.4 billion. The deal will be funded with $7.0 billion in cash and $6.4 billion of Aon stock, with NFP operating as an independent but connected platform under Doug Hammond and expected to close subject to regulatory approvals in mid-2024.

Bain Capital Insurance invested $200 million to acquire the operational platform of GuideOne Insurance Company and to launch The Mutual Group, a new insurance services platform focused on mutual insurers. GuideOne will remain an independent mutual and serve as The Mutual Group’s inaugural member while using the capital to strengthen its balance sheet and support growth.

Denver-based IMA Financial Group has acquired EBS Insurance Brokers, a Newton, Massachusetts–based employee benefits brokerage. The deal expands IMA's presence in Massachusetts and strengthens its employee benefits capabilities for employer clients across New England.

Keyes Coverage, a South Florida insurance brokerage and platform partner of Keystone Agency Partners, completed the acquisitions of Sabal Benefits, Nat Steinart & Associates, and Robin Lewis, Inc., expanding its employee benefits and commercial insurance capabilities in South Florida. The add-on deals broaden Keyes Coverage's group benefits expertise and local footprint as part of its ongoing growth strategy with backing from Keystone Agency Partners.

Risk Strategies, a national specialty insurance brokerage, has acquired Robert Alan Agency, a New City, New York–based full-service retail insurance agency. The acquisition (terms undisclosed) expands Risk Strategies’ presence in Rockland County and the upstate New York region and enhances its personal and commercial lines capabilities.

NFP has acquired Hemel Hempstead-based Advanced Insurance Consultants Limited (AIC), with the entire AIC team joining NFP following the deal, which closed on December 15. The acquisition strengthens NFP's commercial insurance capabilities and expands its client base in London and the wider South East of England.

World Insurance Associates LLC acquired the business of AVI Insurance Group, LLC of Southington, Connecticut on December 1, 2023. AVI, a specialty agency focused on hospitality insurance for hotels and motels (and select commercial lines), will expand World’s hospitality capabilities and client offerings across its national brokerage platform.

World Insurance Associates LLC acquired the business of Calhoun Agency, Inc. (Haddonfield, New Jersey) effective December 1, 2023; terms were not disclosed. Calhoun, founded in 1926, serves individual and business insurance clients in New Jersey and Pennsylvania and will join World’s national brokerage platform. Advisors to the deal included Giordano, Halleran & Ciesla and Hagner & Zohlman, LLC; Fortrust Diligence advised World.

Alera Group, a national insurance and financial services firm based in Deerfield, Illinois, has acquired Delaware-based CBM Insurance Agency. The deal brings CBM’s commercial, personal and life & health insurance business — which serves clients across Delaware, Maryland, Pennsylvania and New Jersey — into Alera’s national platform; terms were not disclosed.

OneDigital has acquired RiskSOURCE Clark-Theders, a Cincinnati-based property & casualty (P&C) insurance firm. The 25-person RiskSOURCE team will join OneDigital’s Mid-Atlantic region, expanding OneDigital’s P&C capabilities and providing RiskSOURCE clients access to OneDigital’s employee benefits, HR consulting, wealth management and retirement services.

Hub International Limited acquired the assets of CGC Consultants Inc., a Montreal-based HR advisory firm specializing in compensation, pay equity, recruitment and total rewards. The acquisition expands Hub’s employee benefits and HR consulting capabilities in Quebec and brings Managing Partner Claudio Gardonio into Hub Quebec; financial terms were not disclosed.

Hub International Limited acquired the shares of 1510934 Alberta Ltd. d.b.a. The Musgrave Group, an employee benefits firm based in Canmore, Alberta. The Musgrave Group team, including President Dave Musgrave, will join Hub Prairies as part of Hub's effort to strengthen its employee benefits capabilities and expand its geographic footprint in Alberta; terms were not disclosed.

Senior Market Sales (SMS), an Omaha-based insurance marketing organization, has acquired Medi-Solutions Insurance Agency, LLC (which operates as First Jersey Insurance Agency in New Jersey). The deal expands SMS’s Medicare distribution network and provides Medi-Solutions’ agents access to SMS proprietary technology, back-office support and marketing systems to drive growth and retention.

Hub International Limited has acquired JRP Financial Services, Inc., a Calgary-based independent employee benefits brokerage that specializes in employee benefits, pension planning and human resources. Terms were not disclosed; the JRP team (including named employees) will join Hub Prairies and JRP will operate as "JRP Financial Services, a Hub International company."

Rental Concepts, Inc. (doing business as Fleet Response) has acquired Paragon Subrogation Services, a multi-line subrogation and arbitration outsourcing firm founded in 1995. The acquisition expands Fleet Response’s subrogation scale and capabilities, allowing its TPA operations to offer enhanced recovery, arbitration and analytics services to insurance carriers and self-insured entities.

Hub International Limited has acquired the assets of Creative Business Solutions Group Inc., an employee benefits firm based in Melville, New York. The Creative Business Solutions team led by President Jason Anker will join Hub Northeast as part of Hub’s strategy to expand its employee benefits capabilities and regional footprint; terms were not disclosed.

Permira announced in December 2023 that a Permira-backed vehicle agreed to acquire GGW Group, the Hamburg-based insurance brokerage and MGA platform. In April 2024 Hg completed a new investment from its Hg Saturn fund and will own a co-controlling stake alongside Permira; GGW operates more than 60 brokerages and MGAs and employs over 1,700 people as it scales across Germany and Europe.

Brown & Brown Dealer Services, a division of Brown & Brown, Inc., has completed the acquisition of Automotive Business Solutions (ABS), which operates as ABS Risk, LLC and ABS Operations, LLC. ABS, a Denver-based administrator of automotive aftermarket warranty products and claims, will continue to be led by CEO Michael Cox and will integrate with Brown & Brown’s Dealer Services to expand automotive F&I and warranty capabilities.

HDI Global Insurance Company has acquired 100% of Indiana Lumbermens Insurance Company (ILIC) from Pennsylvania Lumbermens Mutual Insurance Company (PLM); the transaction closed on November 30, 2023 and the purchase price was not disclosed. The acquisition gives HDI additional U.S. admitted carrier licenses and a Treasury listing, enabling a faster entry into the U.S. surety market and broadening HDI's U.S. specialty insurance product offerings.

World Insurance Associates LLC (headquartered in Iselin, New Jersey) acquired the business of American Trust Insurance, LLC of Huron, South Dakota on December 1, 2023. The deal expands World’s footprint in South Dakota by adding ATI’s eight local offices and capabilities across personal, commercial, life/health and crop/agricultural insurance.

NFP has acquired Flynn Benefits Group, a Troy, Michigan-based benefits and insurance firm that specializes in executive, group and individual health and disability products. The acquisition, which closed August 1, 2023, brings Flynn's founders and team into NFP to scale the firm's benefits presence across the Detroit metro area and broader Michigan market.

Hub International Limited has acquired the assets of Professional Financial Specialists Inc., a Boulder-area insurance agency that provides commercial insurance, employee benefits and retirement solutions. The acquisition strengthens Hub's employee benefits and specialty healthcare insurance capabilities in Colorado; terms were not disclosed.

Arthur J. Gallagher & Co. (Gallagher) has acquired Palos Heights, Illinois-based Hunt Insurance Agency, Inc., dba Hunt Insurance Group; terms were not disclosed. Hunt is a retail property/casualty agency specializing in labor unions and associated benefit funds across the Midwest — the Hunt leadership team will remain in place and operate under Gallagher's Midwest region retail property/casualty brokerage led by Ryan Isaacs.

Alliant Insurance Services, Inc. acquired Acceptance Insurance Agency of Tennessee, Inc. (AITN), the retail agency operations of First Acceptance Corporation, for up to $120 million in cash and contingent payments. The transaction transfers AITN's 288 leased retail locations (operating in 13 states) to Alliant; Confie (an Alliant portfolio company) and certain affiliates will operate as independent agents for First Acceptance Insurance Group's non-standard auto products going forward.

World Insurance Associates LLC (World), a national insurance brokerage headquartered in Iselin, New Jersey, acquired the business of Exchange Underwriters, Inc. of Washington, Pennsylvania on December 1, 2023. The acquisition expands World’s local footprint and product offering in the Pittsburgh region; MarshBerry advised World and Dowling Hales advised Exchange Underwriters.

Arthur J. Gallagher & Co. has completed the acquisition of Cadence Insurance, Inc., a Baton Rouge–headquartered insurance subsidiary of Cadence Bank. As part of the transaction, Gallagher will become the preferred insurance broking partner of Cadence Bank, expanding its distribution and insurance capabilities.

Lightyear Capital has agreed to make a strategic growth investment in Inszone Insurance Services with existing investor BHMS Investments retaining a substantial stake and investing additional capital alongside Lightyear. The capital infusion is intended to fund Inszone's next phase of growth — the deal is expected to close in Q4 2023 and will add Lightyear operating partner Martin Sullivan to Inszone's board of managers.

Arthur J. Gallagher & Co. acquired Queensbury, New York–based Hughes Insurance Agency, Inc.; terms were not disclosed. Hughes will join Gallagher Agency Alliance and its principals Linda Abodeely and Joe Koncikowski and their team will continue to operate from their current location under Gallagher's Global Small Business practice.

Inszone Insurance Services, a Sacramento-based insurance brokerage, has acquired Letherer Insurance Consultants, a New Mexico agency specializing in professional liability coverage for attorneys, dentists, doctors, and accountants. The deal expands Inszone's footprint in New Mexico and enhances its capabilities in professional liability insurance.

Arthur J. Gallagher & Co. acquired certain assets of the retail agency business of Coverys Insurance Services, an East Lansing, Michigan-based insurance broker specializing in medical malpractice and professional liability. Terms were not disclosed and the Coverys Insurance Services team will remain in East Lansing under the direction of Ryan Isaacs as part of Gallagher's Midwest retail P/C brokerage operations.

Higginbotham has announced an affiliation with the WRM Group, LLC — a consortium of Alabama independent agencies that includes Byars|Wright, Pritchett-Moore Insurance, and Flowers Insurance. The WRM Group operates nine offices across the Southeast and employs more than 100 people; the deal expands Higginbotham's presence and resources in the region. Reagan Securities served as exclusive financial advisor to the WRM Group in the transaction.

Inszone Insurance Services, a California-based full-service insurance brokerage, has acquired Hawks View Insurance, expanding Inszone's footprint into Washington State. Hawks View, founded in 1985 and headquartered in Silverdale/Vancouver area, will continue serving its customers while joining Inszone's national platform.

Arch U.S. MI Holdings (Arch MI), a subsidiary of Arch Capital Group Ltd., has signed a definitive agreement to acquire RMIC Companies, Inc. and its subsidiaries, the run-off mortgage insurance business of Old Republic International Corporation. RMIC's approximately $1.0 billion risk-in-force portfolio will be integrated into Arch MI's U.S. primary mortgage portfolio; the transaction is expected to close in the first half of 2024, subject to regulatory approval.

Inszone Insurance Services, a full-service insurance brokerage, has acquired Max Breisse Insurance Agency, a Katy, Texas-based independent agency serving primarily Spanish-speaking customers. The Katy office will remain open and clients will gain access to Inszone's broader resources as Inszone continues geographic expansion across the United States.

Risk Strategies, a national specialty insurance brokerage, has acquired Prince Associates, Inc., a multi-line retail insurance agency based in Hicksville, New York. The acquisition (terms not disclosed) expands Risk Strategies' commercial lines and risk management capabilities and brings Prince Associates' clients and services into the Risk Strategies platform.

Specialty Program Group LLC (SPG) has acquired the assets of Insurance Allies LLC, the operator of AxeThrowingInsurance.com and related niche insurance brands. The acquisition brings Insurance Allies' tailored sports and entertainment coverage (serving ~700 venues) into SPG’s specialty insurance platform to expand its capabilities in sports, entertainment and recreational venue insurance.

Westland Insurance announced a partnership with Prime Benefits Group Inc., a benefits and retirement solutions provider based in Ottawa, Ontario, to expand Westland's group benefits capabilities in Canada. The move strengthens Westland's employee benefits practice and broadens its service offering to corporate clients in Ontario.

Novacap, a leading North American private equity firm, has made a growth investment in Lewis & Ellis, a full-service actuarial consulting firm, to support the firm's expansion and technology investments. The partnership is intended to help Lewis & Ellis scale its services across life, health and property & casualty insurance markets and build new solutions for clients.

Arthur J. Gallagher & Co. (Gallagher) has acquired Farmington, Connecticut-based employee benefits agency WDK Benefits, LLC. Terms were not disclosed; John Kaufman and his associates will remain in place as part of Gallagher’s East region employee benefits consulting and brokerage operations to bolster Gallagher’s capabilities in New England.

Wide Group, a Pollen Street-backed Italian insurance broking consolidator, has completed its first bolt-on acquisition since Pollen Street's investment by acquiring Milan-based commercial broker Mida Srl. The acquisition expands Wide Group’s scale and capabilities in the Milan/Lombardy market while Mida’s founders/management remain with the business post-close.

Warner Pacific has acquired BeneUSA LLC, an Excelsior, Minnesota-based employee benefits general agency that specializes in ancillary group insurance products such as life, disability, dental, and vision. The deal expands Warner Pacific’s geographic footprint into the Midwest and enhances its ancillary product capabilities and carrier relationships; terms were not disclosed.

Relation Insurance Services, Inc. acquired the assets of North Shore Benefit Partners Corporation and HR Virtual Solutions, LLC, expanding Relation’s employee benefits practice in Illinois. The two Chicagoland-based firms will join Relation’s Great Lakes Region, with their principals continuing to lead their respective practices; terms were not disclosed.

The Travelers Companies, Inc. agreed to acquire Corvus Insurance Holdings, Inc. for approximately $435 million to expand Travelers' cyber underwriting and risk-management capabilities. Corvus, an insurtech-focused managing general underwriter specializing in cyber insurance and powered by AI-driven risk analytics, will be integrated into Travelers to enhance its cyber product suite and distribution.

Evertree Insurance Services has acquired Virginia Beach-based Prosper Insurance, finalizing the transaction on November 1, 2023. The deal expands Evertree's Mid-Atlantic footprint and brings Prosper's technology and ~99-person team onto Evertree's tech-enabled personal-lines brokerage platform to accelerate embedded partnership capabilities nationwide.