Narragansett Bay, Hanover
Narragansett Bay Insurance Co., a member of Pawtucket Insurance Group, has agreed to take over the Rhode Island homeowners insurance business of Hanover Insurance Co. The transaction involves approximately 1,500 Rhode Island homeowners represented by 72 independent insurance agents and is expected to commence with the December 2006 renewals.
Stewart H. Steffey Jr., chief executive officer, Narragansett Bay Insurance Co., said the transaction is in line with the firm’s goal of becoming a leading provider of specialty personal lines products in the northeast. Narragansett Bay currently writes homeowners insurance in Rhode Island and New York and is expanding to other New England states.
Brown & Brown, Hull & Co., DVUA, Apex
Continuing in acquisitions mode, insurance agency Brown & Brown Inc., through its subsidiaries Hull & Co. Inc., and Program Management Services Inc., acquired the assets of a key wholesaler located in the Northeast and a Virginia-based broker specializing in insurance services for public entities.
Hull & Co. Inc. acquired commercial lines wholesaler Delaware Valley Underwriting Agency Inc., and its personal lines spin-off, Residential Underwriting Agency Inc. DVUA and RUA have offices in Pennsylvania, Massachusetts, New Jersey and West Virginia and also write business in North and South Carolina. DVUA writes in 16 states; RUA in 12. Hull will own and operate the acquired assets. The aggregate annualized revenues of the acquired entities are $15 million. DVUA and RUA will continue to operate under those brands as “a division of Hull & Company Inc.”
In the other transaction, Public Risk Underwriters (PRU) acquired Apex Insurance Agency Inc., of Glen Allen, Va., along with Apex Insurance Services of Illinois Inc. and Summit Risk Services Inc. The aggregate revenues of the acquired entities are $5.7 million. Apex Insurance Agency and Apex Insurance Services of Illinois Inc. provide wholesale brokerage, managing general agency and program administration services to public and quasi-public entities. Summit Risk Services provides claims adjusting services for the Apex business.
DVUA, RUA and Apex were subsidiaries of Penn Independent Corp., based in Hatboro, Pa., which is a member company of United America Indemnity Ltd. DVUA and RUA will continue to operate under their own brand names as divisions of Hull. Apex and Summit will now operate as part of PRU, which specializes in public and quasi-public entities nationwide. President Karl Snearer and the management and staff of Apex and Summit will continue to operate in their current geographic areas.
Gateway, Insurance Center
Gateway Bank & Trust Co. said its subsidiary, Gateway Insurance Services Inc., acquired Insurance Center Inc., an agency based in Chesapeake, Va.
The acquisition of the 48-year-old Insurance Center Inc., formerly Failla Insurance Agency Inc., represents Gateway’s first entry into the Virginia insurance market. Gateway Insurance Services currently has eight offices serving northeastern North Carolina. Insurance Center will become the ninth Gateway Insurance Services office and the hub for Gateway’s personal lines insurance in Virginia. The insurance office will be located at the Gateway’s Chesapeake Financial Center, the same location as Gateway Bank & Trust.
OneBeacon, QBE
OneBeacon Insurance Group completed its renewal rights and asset sale agreement to transfer its agricultural division to QBE the Americas, a wholly owned division of QBE Insurance Group Ltd., for approximately $32 million.
From offices in Kansas, the new division will write farm and ranch, commercial agricultural and companion lines throughout the U.S. with a concentration in 12 core states. QBE Agri anticipates it will write $90 million in premium in 2007.
Coupled with the acquisition of National Farmer’s Union Insurance Co. last year, QBE said its agricultural-based business will now be over $300 million in premium. The Americas division, headquartered in New York, does business through eight companies.
Praetorian, Alea
Praetorian Financial Group Inc. acquired Alea North America Specialty Insurance Co., which following regulatory approval will be renamed Praetorian Specialty Insurance Company. Alea, a non-admitted carrier, is authorized to write business in 38 states. The acquisition expands Praetorian’s geographic reach. Praetorian Financial Group is a subsidiary of Hannover Re and has branch offices in Illinois, Kansas, Tennessee and Nebraska.
Was this article valuable?
Here are more articles you may enjoy.
Hurricane Beryl: Insurers See Minimal Impact, Brace for Active Season 
Project 2025 Plan to End NFIP Welcomed by Some, Rejected by Others in Insurance 
Hacker Says AT&T Paid About $400,000 to Erase Sensitive Data 
Beryl’s Remnants Spawned 4 Indiana Tornadoes, Including an EF-3: NWS From This Issue
