Insurance Acquisitions in Ohio

Integrated Specialty Coverages (ISC), a California-based multi-line program administrator, has acquired Specialty Brokerage Services (SBS), an Ohio-based wholesale brokerage. The acquisition expands ISC's personal and commercial wholesale capabilities, deepens carrier relationships, and accelerates ISC's plan to scale a nationwide wholesale insurance platform.

King Risk Partners, a national insurance brokerage headquartered in Gainesville, Florida, has acquired Arnold Insurance Agency, an independent insurance firm based in Reynoldsburg, Ohio. The deal expands King Risk Partners' Midwest footprint and enhances its local capabilities in construction, small business, personal insurance, risk management, and surety bond services.

Higginbotham, the Fort Worth-based employee-owned insurance, financial and HR services firm, has joined forces with Roehr Insurance, a Cincinnati-based property & casualty agency. The partnership expands Higginbotham's Midwest presence, provides Roehr with additional resources and an employee ownership pathway, and supports succession planning for Roehr's leadership.

Oswald Companies has acquired RHK Group of Columbus, a long-established insurance brokerage based in Dublin, Ohio. The Mooneys, who co-owned RHK, will join Oswald as senior sales executives as the firm integrates RHK into its Columbus operations and expands its presence in Central Ohio.

An investor group led by Ethos Capital, alongside British Columbia Investment Management Corporation (BCI), White Mountains Insurance Group and accounts advised by T. Rowe Price, has acquired an ownership position in BroadStreet Partners. Ontario Teachers' Pension Plan will retain a significant co-control stake; the investment will support BroadStreet's continued growth, M&A activity and technology/digital transformation.

Alacrity Solutions Group, LLC has acquired InspectionConnection from Latitude Subrogation Services, LLC. InspectionConnection, a Columbus, Ohio-based appraisal and desktop review firm specializing in autos, specialty vehicles and heavy equipment, will expand Alacrity's claims management service capabilities across the property & casualty insurance market.

King Risk Partners has acquired Barker, Beck, Collins & Kronauge Agency (BBC&K), an independent insurance agency based in the Miami Valley/Dayton, Ohio area. The deal expands King Risk Partners' Midwest footprint and adds BBC&K's expertise in personal, commercial, and group health insurance to its platform.

Risk Strategies has acquired the assets of Cincinnati-based Cornerstone Broker Insurance Services Agency, Inc. and ARC Benefit Solutions. The asset purchase (terms not disclosed) expands Risk Strategies’ employee benefits wholesale, back-office and succession-support capabilities across Ohio, adding Cornerstone/ARC’s quoting, enrollment, renewals and broker succession services to its footprint.

AssuredPartners, a global insurance brokerage based in Orlando, acquired Saxon Financial Services, an employee benefits and financial management firm based in Cincinnati, Ohio. Saxon’s 16 employees will fold into AssuredPartners’ Cincinnati office to bolster employee benefits capabilities, while Saxon’s financial advisory business will continue to operate independently.

OneDigital has acquired Senour-Flaherty Insurance, a property & casualty insurance agency based in Mason, Ohio. The 10-person agency will join OneDigital to expand the firm's southern Ohio / greater Cincinnati presence and to integrate P&C insurance and risk management capabilities into OneDigital's broader insurance, benefits, wealth and HR services.

Medical Mutual of Ohio has agreed to acquire Paramount Health, the ProMedica-owned health insurance company based in Toledo, Ohio, pending regulatory approval with the deal expected to close by May 1, 2024. Paramount will operate as a wholly owned subsidiary of Medical Mutual and continue offering its Medicare Advantage, Individual ACA, commercial group and short-term plans while Paramount employees transition into Medical Mutual.

Pan-American Life Insurance Company (PALIC) has completed the acquisition and merger of Encova Life Insurance Company. The transaction adds roughly $60 million in revenue, over $500 million in total assets, $35 million in insurance premiums and about 79,000 covered lives to PALIC’s U.S. life insurance business, strengthening its U.S. scale and Mutual Trust Life Solutions division.

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 OH-INS, LLC, d/b/a Overmyer Hall Associates, a Columbus, Ohio-based property & casualty insurance agency. The acquisition strengthens Hub's commercial insurance, construction and real estate capabilities in Central Ohio; terms were not disclosed.

CNL Strategic Capital, LLC acquired a majority equity stake (with a concurrent debt investment) in Alex N. Sill Company (Sill Public Adjusters), partnering with Sill's management. The seller was Weinberg Capital Group, which completed an exit of its interest; CNL said it will work with management to expand Sill's geographic footprint, broaden services and pursue acquisitions in the fragmented public adjusting market.

Simplicity Group Holdings, Inc. has entered into an agreement to acquire Aptus Marketing, an Ohio-based agency focused on annuity and life insurance sales. Jeff Hutchison will continue to lead the Aptus office and become a Partner at Simplicity as the firm integrates Aptus’ lead-generation, training and advisor support capabilities.

Risk Strategies has acquired Ohio-based First Insurance Group from Premier Financial Corp., adding scale and specialty insurance capabilities in Ohio. First Insurance Group will operate as a division of Risk Strategies, bringing local expertise in commercial and personal lines, employee benefits, and risk management.

Hub International Limited acquired the employee benefits assets of HORAN Associates, Inc. and HORAN Smart Business, LLC (collectively HORAN Health), creating a new regional Hub called Hub Heartland. Nearly 120 HORAN Health employees in Ohio and Northern Kentucky will join Hub, with Valerie Bogdan-Powers leading the new region; HORAN Wealth will remain independent. MarshBerry served as financial advisor to HORAN.

TWFG Insurance (The Woodlands Financial Group) has acquired the Wade Insurance Agency (Ralph E. Wade Insurance Agency) and will combine it with a recent local TWFG acquisition (AIS) to create a regional Ohio presence. The combined local offices will have about 25 staff, expanding TWFG’s retail agency footprint and carrier access in the state.

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 Lawrence Victoria, Inc., a Solon, Ohio-based national program administrator that provides lender-placed insurance, insurance tracking, and blanket insurance to banks, credit unions, mortgage servicers, and investors. The acquisition (terms not disclosed) expands PCF's capabilities into the lender-placed insurance space and gives Lawrence Victoria access to PCF's agency partner network and resources to support growth.

Choice Financial Group, a Northlane Capital Partners‑backed insurance roll‑up based in Virginia Beach, has acquired Schlather Insurance Agency, Inc., a full‑service insurance agency with locations in Wellington, Oberlin and Elyria, Ohio. The deal extends Choice’s presence in Ohio and surrounding markets; Dave Schlather will remain to oversee operations and support the integration and growth efforts.

PCF Insurance Services, a top-20 U.S. insurance broker headquartered in Lehi, Utah, has acquired Wilber-Price Insurance Group, an independent insurance agency with offices in southern Ohio. The acquisition expands PCF’s regional presence and adds Wilber-Price’s commercial, personal, and specialty lines expertise to PCF’s growing agency network; terms were not disclosed.

PCF Insurance Services (also referenced as Trucordia), a top-20 U.S. insurance brokerage headquartered in Lehi, Utah, has acquired Zinc Insurance, a commercial-focused insurance agency based in Solon, Ohio. Zinc—founded in 2008 and specializing in insurance and risk management for trucking, construction, contracting, and motorsports—will join PCF as an Agency Partner to support growth and scale through PCF’s partner-centric resources and equity-alignment model.

One80 Intermediaries, a specialty insurance broker headquartered in Boston, has acquired SelmanCo, a Cleveland-based third-party administrator and broker that provides life, supplemental health and related products and administration services to associations, credit unions, banks, employers and insurance companies across the U.S. and Canada. The acquisition strengthens One80's affinity and employee-benefits capabilities and expands its administrative services footprint; terms were not disclosed.

Acrisure has acquired QuickInsured, a tech-enabled insurance agency, to gain access to QuickInsured’s proprietary digital sales funnel and strengthen its digital distribution of personal lines insurance. The acquisition will allow Acrisure to integrate QI’s platform across its verticals—beginning with Real Estate Services—to drive revenue growth and streamline client experience; terms were not disclosed.

AssuredPartners, Inc. has acquired Baker & Associates Insurance Agency (Baker & Assoc.) of Hilliard, Ohio. The seven-person team will remain in place under current leaders Tom Baker and Bill Emery as AssuredPartners expands its presence and service capabilities in Central Ohio.

Arthur J. Gallagher & Co. acquired Independence, Ohio-based Lighthouse Insurance Group, LLC, a benefits and Medicare-focused insurance consultancy and lead-generation network. The acquisition expands Gallagher's health and ancillary insurance offerings; LIG founders Jason Farro and Anthony Naoum and their associates will remain in place and report into Gallagher's U.S. Health & Benefits practice.

Peloton Capital Management (PCM), a Toronto-based private equity firm, has agreed to acquire a minority ownership stake in Unison Risk Advisors (URA). URA — a leading independent, majority employee-owned insurance brokerage and risk management platform formed from Oswald Companies and RCM&D — will remain privately held as the investment supports the platform's organic and transactional growth; financial terms were not disclosed.

AssuredPartners, Inc. has acquired American Risk Services, LLC (ARS), a Cincinnati-based insurance brokerage with a 32-person team and approximately $20 million in annualized revenue. The ARS founders and leadership will remain with the business as AssuredPartners expands its Ohio footprint as part of continued national growth.

World Insurance Associates LLC (WIA), a Top 100 insurance brokerage headquartered in Tinton Falls, New Jersey, acquired Governor Insurance Agency of Vienna, Ohio on August 1, 2021. The acquisition brings Governor's specialty pet and small-business P&C insurance offerings into WIA's platform to expand specialty coverage (including pet insurance) across the United States; terms were not disclosed.

Arthur J. Gallagher & Co. acquired Cincinnati-based retail property/casualty and employee benefits agency W.P. Dolle, LLC; financial terms were not disclosed. The W.P. Dolle team will relocate to Gallagher’s nearby Cincinnati office as Gallagher expands its Great Lakes region retail P&C and employee benefits capabilities and presence in the greater Cincinnati tristate market.

AssuredPartners, Inc. has acquired Smith-Reiss Agency, Inc., a Canton, Ohio–based insurance agency. The five-person agency, led by President Eric Reiss, reports $1.2 million in annualized revenues and will remain with AssuredPartners as the firm expands its Ohio operations.

Liberty Mutual Holding Company has signed a definitive agreement to acquire State Auto Group, including the publicly traded State Auto Financial Corporation, for $52 per share. The deal expands Liberty Mutual's presence in the independent agent channel by adding roughly $2.3 billion of premium, ~3,400 independent agencies and ~2,000 associates, and is expected to close pending regulatory and shareholder approvals.

Scottish American acquired Fastcomp (Boston Heights, Ohio) on June 1, 2021; terms were not disclosed. Fastcomp operates a proprietary platform that streamlines placement of monoline workers' compensation for independent insurance agents, and Scottish American said the acquisition adds technology and distribution capability to its insurance distribution platform.

LTC Global, Inc. has acquired NorthCoast Brokerage Agency, Inc., a Capitas Financial partner with offices in Cleveland, Ohio and Erie, Pennsylvania. The deal expands LTC Global's Capitas footprint and adjacent sales territories; NorthCoast co-founder Bill Davis Jr. will continue to manage the business while co-founder Bob Oglevee is retiring.

One80 Intermediaries, a national wholesale insurance broker and program manager based in Boston, acquired Cannasure Insurance Services, a specialist wholesale broker and MGA focused on the cannabis and hemp industry. The acquisition, announced February 23, 2021, expands One80’s cannabis and hemp insurance practice; terms were not disclosed.

The Fedeli Group, an independent employee benefits and risk management consulting firm based in Independence, Ohio, has acquired KAZ Company, a Medicare-focused insurance brokerage also based in Independence. The acquisition brings Medicare education and enrollment capabilities into The Fedeli Group's offerings to better support employers and individual Medicare beneficiaries.

BenefitMall, a Dallas-based benefits general agency, has acquired Cleveland-based Savin Sales Associates to expand its presence in Ohio. The deal will open a second BenefitMall office in the state and transition Savin leadership into BenefitMall market roles; terms were not disclosed.

Hub International Limited acquired Preferred Benefits Services Agency, a Delaware, Ohio-based employee benefits firm. The acquisition expands Hub's regional employee benefits capabilities and brings Preferred Benefits' technology-enabled benefits solutions into Hub's Hub HDH division; terms were not disclosed.

Brown & Brown of Ohio, LLC, a subsidiary of Brown & Brown, Inc., has acquired substantially all of the assets of Berry Insurance Group. The acquisition adds Berry’s Terrace Park and Lebanon, Ohio offices and team to Brown & Brown’s retail presence in Ohio; Mark Berry will continue to lead the Berry team and report to Brown & Brown's Regional President.

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.

Risk Strategies, a privately held national insurance brokerage, has acquired McCamon Hunt Insurance Agency, Inc., an all-lines insurance agency based in Boardman, Ohio. The deal expands Risk Strategies' Midwest footprint and adds McCamon Hunt's experienced team and client relationships; terms were not disclosed.

One80 Intermediaries, a national wholesale insurance broker and program manager headquartered in Boston, acquired International Excess Program Managers (IEPM), a Beachwood, Ohio-based wholesale insurance brokerage and program manager. The deal expands One80's specialty insurance and program management capabilities; terms were not disclosed.

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.

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.

Alera Group, a national independent insurance agency based in Deerfield, Illinois, has acquired Cincinnati-based Bailey & Company Benefits Group, an employee benefits firm. The acquisition expands Alera's employee benefits capabilities and local presence in the Cincinnati market; terms were not disclosed.

American Financial Group, Inc. agreed to acquire ABA Insurance Services Inc. from American Bankers Mutual Insurance, Ltd. for approximately $28 million in cash. ABAIS, based in Shaker Heights, Ohio, will continue to operate under its brand and become Great American Insurance Group’s 34th specialty P&C business unit; the business is expected to contribute about $50 million in annual net written premiums.

Cleveland-based Oswald Companies acquired The Hoffman Group, an Ohio insurance firm founded in 1919, effective June 1, 2016. Hoffman employees became employee-owners of Oswald and will operate out of Cleveland and Medina while continuing to serve clients in commercial property & casualty and personal insurance and expanding offerings via Oswald's broader services.

Confie, a national insurance distribution company and portfolio company of ABRY Partners, has acquired ExpressLink, Inc., a provider of auto dealer point-of-sale insurance programs and related products. The deal will expand Confie's product and territory offerings; ExpressLink's president Brian Murphy will remain in place and the companies said there will be no employee reductions or location changes.