Hub, Coburn
Hub International Ltd. announced plans to acquire Vermont-based Coburn Insurance Agency Inc. Hub International recently expanded its transportation practice with the acquisition of Kaufman and Kaufman, a $9 million revenue brokerage based in Salt Lake City. With the acquisition of Coburn, Hub’s transportation practice would have estimated annualized revenue of $25 million.
Completion of the Coburn acquisition is subject to the execution of a definitive purchase agreement and customary closing conditions. Coburn has offices in Burlington, Vt., Hilton Head, S.C., Memphis, Tenn., Deland, Fla., and New Smyrna Beach, Fla.
G&S, PSI Insurance
Los Angeles-based G&S Insurance Inc., doing business as Discount Shipping Insurance Agency, acquired Harper Reed Corp. Harper Reed also is known as PSI Insurance.Discount Shipping Insurance (DSI), a third party shipping insurance agency that offers all-risk coverage for parcels and large freight in transit. With the close of the transaction, DSI will offer its shipping insurance product to Harper Reed’s covered clientele.
HRH, Loan Protector General Agency
Insurance broker Hilb Rogal and Hobbs Co., based in Richmond, Va., agreed to acquire Loan Protector General Agency Inc. and Loan Protector Tracking Services Inc., a provider of insurance tracking programs and lender-placed insurance products to the mortgage industry. Terms of the transaction were not disclosed.
Founded in 1991, the Cleveland-based company expects revenues of approximately $8 million in 2006. Loan Protector Tracking Services caters to a client base of banks, savings and loan organizations, credit unions and mortgage companies.
White Mountains Re, Mutual Service Casualty
White Mountains Re Group Ltd., based in Bermuda, announced that its subsidiary, Folksamerica Reinsurance Co., completed its acquisition of Mutual Service Casualty Insurance Co. Mutual Service is a Minnesota-domiciled, runoff insurer formerly affiliated with Illinois-based Country Insurance and Financial Services.
Folksamerica paid approximately $33.6 million for Mutual Service Casualty, then renamed it Stockbridge Insurance Co. Folksamerica said it will record an after tax GAAP gain on the transaction of approximately $21 million. As part of the transaction, Country Mutual Insurance Co., a member of Country’s affiliated group of companies, will provide Stockbridge with approximately $25 million of reinsurance protection in excess of Stockbridge’s carried reserves. Folksamerica is not acquiring any infrastructure or employees in the transaction.
Zurich, Spanish Surety Group
Zurich Financial Services Group signed an agreement to purchase Spain’s ACC Seguros y Reaseguros de Daños, S.A. based in Galapagar, Madrid.
Family-owned ACC has been in business for almost 20 years with branches in Madrid, Sevilla and Valencia. ACC has annual premium income of approximately $20 million. The parties agreed not to disclose the price of the transaction, which is expected to close early in 2007 after Spanish regulatory approvals.
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