Insurance Acquisitions in Connecticut

Choice Financial Group, a PE-backed insurance and financial services platform, has acquired Corporate Risk Solutions (CRS), a Southington, Connecticut-based risk management and insurance advisory firm. The deal — Choice's 30th acquisition — expands the platform's specialized capabilities in transactional risk, audit and analytics, litigation support, and operational risk advisory.

King Risk Partners, a Gainesville-based full-service insurance brokerage, has acquired Kerr Agency Inc., an independent insurance agency in Simsbury, Connecticut. The deal expands King Risk Partners' Northeast footprint and enhances its personal and commercial insurance offerings in Connecticut.

Hub International Limited has acquired the assets of Byrnes Agency, Inc., a privately owned insurance agency based in Dayville (with offices in Norwich), Connecticut. The Byrnes Agency team will join Hub New England and the business will operate as Byrnes Agency, a Hub International company; terms were not disclosed.

Hub International Limited has acquired the assets of Fairfield County Bank Insurance Services, LLC, an independent insurance agency headquartered in Ridgefield, Connecticut. The Fairfield County Insurance Services team, led by Mark Connelly, will join Hub New England to expand Hub's commercial, personal insurance and employee benefits capabilities in the region; terms were not disclosed.

VIU by HUB, the omnichannel insurance brokerage platform powered by Hub International, has acquired BIS Management Services, Inc., d.b.a. Insuritas, an embedded insurance provider for banks and credit unions. The move brings Insuritas’ relationships with more than 100 financial institutions onto VIU’s digital marketplace to accelerate growth in the financial-institution channel; terms were not disclosed.

World Insurance Associates LLC, a nationally ranked insurance brokerage, acquired the business of Archambault Insurance Associates of Putnam, Connecticut effective December 1, 2024. The family-owned, full-service agency will join World to expand the firm's presence in Connecticut; financial terms were not disclosed.

Arthur J. Gallagher & Co. announced the acquisition of Old Greenwich, Connecticut-based Shepard Insurance Group; terms were not disclosed. Shepard's leadership will remain in place, and the deal expands Gallagher's high-net-worth insurance offerings in the Northeast and Florida.

Coleville Partners, through an affiliate, has acquired The Powderhorn Agency from Accretive Insurance Solutions. Powderhorn, headquartered in Brookfield, Connecticut, administers ProGuard and Pro-Sept residential warranty and protection programs for oil tanks and septic systems; Coleville intends to grow the business under new leadership with Nick Alexander appointed President.

1970 Group, a specialist provider of insurance collateral funding and risk-financing solutions, received a growth capital investment from Bain Capital Insurance to support expansion of its liquidity management offerings. Financial terms were not disclosed; the investment is intended to help 1970 Group scale its insurance collateral model across the United States and Canada.

Arthur J. Gallagher & Co. (Gallagher) has acquired Danbury, Connecticut-based Cleary Benefits Group Inc., a health and benefits consulting firm serving primarily mid-size to large commercial clients. Cleary's leadership team will remain in place and operate under Gallagher's Northeast region benefits organization; terms were not disclosed.

King Insurance Partners, based in Gainesville, Florida, has acquired Marcus Insurance, a long-established insurance agency headquartered in Wethersfield, Connecticut. The deal expands King Insurance Partners' geographic footprint and broadens its product and service capabilities for both personal and commercial clients.

Arthur J. Gallagher & Co. (Gallagher) has acquired Washington Depot, Connecticut-based Ericson Insurance Services, LLC, dba Ericson Insurance Advisors. The boutique personal-lines insurance broker, which serves high-net-worth clients nationwide, will remain in its current location with Spencer and Peter Houldin and their team continuing under Gallagher's Northeast retail P/C brokerage operations.

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.

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.

IMA Financial Group has agreed to acquire Sinclair Risk & Financial Management effective Aug. 1, 2023. Sinclair will retain its name, offices in Wallingford and Norwalk, CT, and its leadership team and 32 associates while joining IMA to expand the broker's presence and capabilities in the Northeast.

Risk Strategies, a national specialty insurance brokerage, has acquired May, Bonee & Clark Insurance, a Glastonbury, Connecticut-based firm providing insurance placement, employee benefits, retirement planning and wealth management. Terms were not disclosed. The deal expands Risk Strategies' capabilities and local presence in the Greater Hartford market.

Sproutt announced the launch of its AI-assisted Sproutt SmartLife for Agencies platform and the acquisition of The Reder Agency, a full-service life insurance brokerage focused on traditional and senior markets. The deal brings over 400 producers into Sproutt's distribution network and names The Reder Agency principal Ben Reder as Senior Vice President of Distribution to help scale the company's agent-focused platform.

Relation Insurance Services, a PE-backed national insurance brokerage, has acquired the assets of Connecticut-based Mobeck-Guandalini Insurance, Inc. The acquired agency will continue to be led by Christopher Guandalini as it is integrated into Relation's platform to expand the firm's presence and services in Connecticut; terms were not disclosed.

Relation Insurance Services, a PE-backed national insurance brokerage, acquired the assets of Connecticut-based Dunn Insurance, Inc., expanding Relation’s presence in Connecticut and the eastern U.S. Terms were not disclosed; Dunn will continue to be led by Ronald Dunn as part of Relation. The deal is an add-on to Relation’s platform backed by Aquiline Capital Partners.

Howden Group has agreed to acquire TigerRisk Partners, a risk, capital and strategic advisory firm to the global insurance and reinsurance markets, from private equity owner Flexpoint Ford. The deal expands Howden's reinsurance and capital markets capabilities and scales its global offering; the transaction remains subject to customary regulatory approvals.

Starkweather & Shepley Insurance Brokerage, Inc. has acquired Benefit Horizons Corporation, a Glastonbury, Connecticut-based group and employee benefits agency founded in 1995. The deal expands Starkweather & Shepley’s benefits presence in Connecticut and brings agency principals Brian Callahan and Jamie Zito into the firm; Benefit Horizons will operate as a division of Starkweather & Shepley.

Starkweather & Shepley Insurance Brokerage, Inc. acquired Ferman Group, LLC, a 40-year benefits brokerage based in East Hartford, Connecticut. The acquisition makes Ferman a division of Starkweather & Shepley and expands the buyer's employee benefits capabilities and presence in Connecticut and the broader New England market.

World Insurance Associates LLC (WIA), a Top 100 insurance brokerage headquartered in Tinton Falls, New Jersey, acquired Ciardiello Insurance Agency of Hamden, Connecticut on December 1, 2021. The acquisition expands WIA's presence in the Connecticut market; terms were not disclosed.

Relation Insurance Services, a PE-backed national insurance brokerage, acquired the assets of Connecticut-based D'Amico, Santoro & Columbia Insurance and J. Phillips Hall Insurance, LLC. The transaction is an add-on acquisition to expand Relation's footprint and client base in Connecticut; terms were not disclosed.

The Hilb Group acquired Gerardi Insurance Services, Inc., an independent insurance agency based in Putnam, Connecticut, effective October 1, 2021. The acquisition expands Hilb Group's New England footprint and brings Gerardi's Property & Casualty and Employee Benefits team, led by principals Matthew and Edward Desaulnier, into Hilb's New England regional operations.

World Insurance Associates LLC (WIA), a Tinton Falls, New Jersey-based insurance brokerage, acquired Bozzuto Associates Inc. of Litchfield, Connecticut effective August 1, 2021. Bozzuto is an insurance agency specializing in health, life, disability and employee benefits; terms were not disclosed.

Relation Insurance Services, a PE-backed national insurance brokerage, acquired the assets of The SIG Insurance Agencies to expand its presence in the U.S. Northeast. The transaction adds SIG’s ~65 employees and strengthens Relation’s commercial and personal lines, employee benefits, and financial services capabilities.

Relation Insurance Services, a PE-backed national insurance brokerage, acquired the assets of Connecticut-based SouthEast Agency LLC. The acquisition — terms undisclosed — adds SouthEast’s P&C expertise (contractors, commercial transportation, hospitality and real estate) to Relation’s East Region, with Jay Lorinsky remaining in a leadership role.

Hub International Limited acquired the assets of Ion Insurance Corporation, a Cheshire, Connecticut-based independent insurance agency. The Ion Insurance team will join Hub New England; the sale was intended to provide additional capital to Ion Bank and support Hub's expansion in Southern New England.

Alliant Insurance Services has acquired BridgePoint Risk Management, a national provider of personal and commercial risk management solutions. BridgePoint will join Alliant’s national platform and continue to service clients from its offices (including Greenwich, CT; Maumee, OH; Phoenix, AZ; Palm Beach and Naples, FL); terms were not disclosed.

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.

World Insurance Associates LLC, a nationally ranked insurance brokerage based in Tinton Falls, New Jersey, acquired Flanagan Associates, LLC of North Haven, Connecticut effective November 1, 2020. The acquisition expands World’s local presence and service offerings in personal, commercial, and life insurance; terms were not disclosed.

LTC Global, Inc. has acquired Glenn G. Geiger Company, Inc., a specialist in executive benefit solutions serving banks, credit unions and corporate clients. The Geiger family will continue to manage the business as LTC Global expands its life insurance distribution capabilities and adds executive benefits expertise to its offerings.

BCS Financial Corporation has acquired Medical Risk Managers, Inc. (MRM), a managing general underwriter providing Stop Loss pricing and underwriting services. The acquisition adds MRM’s Stop Loss pricing, underwriting, and case management capabilities to BCS’s Risk Navigator solution set and keeps MRM leadership (Mehb Khoja) in place while MRM remains headquartered in Connecticut.

Aon plc has acquired The Farmington Company, a Connecticut-based provider of enrollment solutions and voluntary benefits administration. The acquisition strengthens Aon's Voluntary Benefits and Enrollment Solutions (VBES) capabilities, adding enrollment, consolidated billing, lifestyle products and premium reconciliation capabilities to Aon's offerings.

World Insurance Associates LLC (WIA), a nationally ranked full-service insurance brokerage based in Tinton Falls, New Jersey, acquired Martin & Rowland Insurance, Inc. of Prospect, Connecticut effective April 1, 2020. The acquisiton (terms undisclosed) expands WIA’s capabilities and presence in Connecticut, bringing the long-established independent agency into WIA’s national platform.

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.