Business Moves

HealthNow N.Y., Brokerage Concepts

HealthNow New York Inc., parent company of BlueCross BlueShield of Western New York and BlueShield of Northeastern New York, is acquiring the business and operations of and Brokerage Concepts, Inc., a major benefits brokerage and administration firm. HealthNow officials said the acquisition would give it an expanded ability to meet the needs of the broker community.

BCI is one of the largest privately held group and individual insurance brokerage companies in the U.S. and provides benefits administration for 5,000 client companies representing 900,000 participants in medical, dental, vision, life and disability insurance plans. BCI also provides COBRA and flexible spending account management services, as well as third-party administrator services nationwide. Brokerage Concepts, Inc. employs more than 350 people and has headquarters in King of Prussia, Pa., with offices in Warminster and Philadelphia, Pa.; Waltham, Mass.; Dover, Del. and Deerfield Beach, Fla.

BCI’s business will continue to be operated under its current management.

HealthNow President and Chief Executive Officer Alphonso O’Neil-White said the acquisition is part of HealthNow’s on-going strategic plan to address the competitive healthcare arena.

“Surviving the competitive challenges of today’s rapidly changing marketplace means offering the full range of products, services and prices demanded by employers and consumers. HealthNow and BCI will offer the platform to do this on a national basis,” O’Neil-White said.

With annual revenues exceeding $2 billion, HealthNow does business as BlueCross BlueShield of Western New York, BlueShield of Northeastern New York, HealthNow New York.

The acquisition is subject to approval of the New York State Department of Insurance.

American International Aviation, Starr

Atlanta, Ga.-based American International Aviation Agency Inc., the aviation specialty subsidiary of C. V. Starr & Co. Inc., changed its name to Starr Aviation Agency Inc. Founded in 1961, Starr Aviation is an underwriter of aviation insurance, and a provider of specialized underwriting, safety and claims services.

“The values, heritage and support of C. V. Starr & Co., Inc. have played a critical role in the success of Starr Aviation for more than four decades,” said Steve Blakey, president, Starr Aviation. “This new corporate name further aligns Starr Aviation with one of the insurance industry’s most recognized and trusted names, as we pursue global clients and new markets.”

Praetorian, Alea North America

Specialty insurer Praetorian Financial Group agreed to acquire Alea North America Specialty Insurance Company, an affiliate of Alea Group Holdings Ltd of Hamilton, Bermuda. The sale is subject to regulatory approval

ANASIC is a Delaware-domiciled stock insurance company with surplus lines authority in 38 states. Policyholders’ surplus was $31.3 million as of December 31, 2005.

Praetorian Financial Group’s subsidiaries include Insurance Corporation of Hannover and Redland Insurance.

Poe Insurance Companies

A Leon County, Fla. circuit judge approved putting three financially-troubled insurance companies under the state’s control, a move Florida Preferred’s Chief Financial Officer Tom Gallagher said will protect more than 320,000 Floridians this hurricane season. The insurance companies, Atlantic Preferred, Southern Family and Florida Preferred, are subsidiaries of the Tampa-based Poe Financial Group.

Under the liquidation orders, homeowners who are currently covered by one of the three Poe companies and who are unable to secure new homeowner’s coverage in the private market will be automatically covered by Citizens Property Insurance Corp.

Gallagher said that effective June 1, the department will be able to tap into the Florida Insurance Guaranty Association to help resolve outstanding claims.

Southern Family covered nearly 43,000 homeowners and condominium and homeowners’ associations. Atlantic Preferred and Florida Preferred primarily provided coverage to approximately 280,000 homeowners, mostly in south Florida.

Iroquois Group, California

The Iroquois Group, Olean, N.Y., recently announced its expansion into California through the formation of Iroquois Insurance Services. “We have had our eye on the California market for some time, but we knew we needed to find the right team to develop that opportunity,” said Iroquois president, Laurie A. Branch.

Iroquois-veteran Robert Stallings and newcomer Jerry Folmer will co-manage Iroquois Insurance Services.

Topics California Florida New York