Business Moves

Praetorian, Alea North America

Specialty insurer Praetorian Financial Group agreed to acquire Alea North America Specialty Insurance Co., an affiliate of Alea Group Holdings Ltd. of Hamilton, Bermuda. The sale is subject to regulatory approval and other customary conditions. Alea Group Holdings affiliate, Alea Bermuda Ltd., will assume 100 percent of all business written by ANASIC prior to the closing, and will continue to administer the run-off of in-force business, according to company officials. Following regulatory approval, ANASIC will be renamed Praetorian Specialty Insurance Co. Praetorian is a subsidiary of reinsurer Hannover Re.

Benfield Corporate Risk, Perth, Australia

Benfield Corporate Risk opened an office in Perth, Australia, to focus on the development of specialty business in the energy, power and mining sectors and provide support to Benfield Corporate Risk’s global offices for international customers, according to the company.

The new office address and contact details are: Benfield Corporate Risk, Level 18, Exchange Plaza, 2, The Esplanade, Perth WA 6000, Australia.

Aon Risk, Iceland

Aon Risk Services International opened an office in Reykjavik, Iceland. Aon said it will focus on large companies in a number of sectors such as the food manufacturing and food processing industry, energy and heavy industry, aviation, financial, retail, pharmaceuticals, high tech and telecommunication.

Hellman and Friedman, Nationwide and Gartmore

Nationwide Mutual Insurance Co. and Hellman & Friedman Advisors LLC, a San Francisco-based private equity investment firm, entered into a definitive agreement for Nationwide’s sale of Gartmore Investment Management PLC, the London-based arm of Gartmore Group, to Hellman & Friedman.

Subject to U.K. and other regulatory approvals, Nationwide will retain Gartmore’s U.S. investment operations, which does business as Gartmore Global Investments Inc. Nationwide will be re-branding its U.S. Gartmore-branded funds.

BNC Insurance Services, T.M. Richards and Associates

Phoenix-based BNC Insurance Services Inc., a subsidiary of BNC National Bank and its parent company, BNCCORP Inc., acquired the assets of T.M. Richards and Associates. The total consideration paid in the acquisition was valued at approximately $2 million, of which approximately $1.5 million was paid in cash and the remainder of which was paid in shares of BNCCORP Inc. common stock.

Tom Richards and T.M. Richards and Associates are providers in the employee benefits field of insurance agencies. Richards has been a producer for more than 20 years. He will serve BNC Insurance Services Inc. as its executive vice president of employee benefits.

USA Risk Group, Captive Insurance Managers of Phoenix

USA Risk Group expanded its captive management office with the purchase of Captive Insurance Managers of Phoenix LLC’s captive management business in Scottsdale, Ariz. The management of USA Risk Group (West) Inc. will continue to be overseen by Marc Lapointe. CIMP staff will continue to work from their current locations through independent contractor arrangements. The office is at: USA Risk Group West, Inc., 8149 E. Evans Road, Suite C-08, Scottsdale, AZ 85260.

USA Risk Group is an independent provider to the alternative risk market.

Iroquois Group, California

The Iroquois Group, Olean, N.Y., recently announced its expansion into California through the formation of Iroquois Insurance Services. Iroquois-veteran Robert Stallings and newcomer Jerry Folmer will co-manage Iroquois Insurance Services. Stallings manages Iroquois’ operations in the Southwest. Folmer joins Iroquois with more than 20 years in property and casualty insurance, most of that time as owner of his own agency.

Collins, Seattle

Collins, a reinsurance broker opened a Seattle office to address the reinsurance needs of insurers in the Pacific Northwest, according to Bob Kimmel, senior vice president and general manager of Collins’ San Francisco office.

Matt Smith, previously a vice president in the Seattle office of Guy Carpenter and Co., has joined Collins as a vice president and will manage the Seattle branch.

Smith worked for Guy Carpenter for seven years and, prior to that, was with Missouri Employers Mutual Insurance Co. in Columbia, Mo. He also has worked with “program” business.

Topics Australia