Business Moves

Titan, Eastwood

THI Holdings (Delaware) Inc., a Nationwide company, through one of its agency subsidiaries, has acquired the assets of Anaheim Hills, Calif.-based Eastwood Insurance Services Inc. for $217 million.

Eastwood Insurance operates 47 multi-line agencies in California, Texas, Florida, Arizona and Nevada, and approximately 420 employees, that specialize in specialty auto insurance sales. The company also offers homeowner, motorcycle, RV and commercial coverage.

Based in Cleveland, Titan focuses on the specialty auto insurance business and has roughly $280 million in net premiums written. Titan’s agency subsidiaries are in nine states: Ohio, Indiana, Florida, Texas, New Mexico, Colorado, Arizona, Nevada and California. Titan said it plans to expand into new states as the company continues to grow.

Appalachian Underwriters, Creative Insurance Underwriters

Nationwide managing general agency Appalachian Underwriters Inc. of Oak Ridge, Tenn., has completed the purchase of the renewal rights to the brokerage business of Creative Insurance Underwriters in Florida.

“It was perfect timing,” said Bob Arowood, president and COO of AUI. “Florida has been our top growth area the past eight months and this acquisition has brought an additional 2,000 agency relationships to the table.”

Arowood said much of AUI’s recent growth in Florida can be attributed to the robust residential and commercial general contractors liability markets, commercial auto and workers’ compensation programs, and a recently opened personal homeowners program.

AmWINS, American Equity Underwriters

Wholesale broker AmWINS Group Inc. has agreed to acquire American Equity Underwriters Inc., a Mobile, Alabama-based national provider of insurance programs for maritime employers with expertise in U.S. longshore and harbor workers’ compensation insurance.

AEU manages American Longshore Mutual Association Ltd., a mutual insurance association based in Bermuda that is licensed by the U.S. Department of Labor to provide USL&H coverage to its members. According to M. Steven DeCarlo, AmWINS CEO, AEU is one of the largest underwriters of USL&H coverage in the country and has clients in 30 states.

Following the transaction, the brokerage division of AmWINS Group Inc. plans to open a Birmingham, Ala., office. AmWINS has hired Jeffrey McNatt to open and run the new entity, which will be called AmWINS Brokerage of Alabama LLC.

McNatt has been in the industry for 15 years and held a variety of roles in the property arena as well as key leadership roles in past organizations. In 2004, he was recognized by Business Insurance as one of the Top 40 insurance professionals under 40.

Summit Financial, Kelly Insurance

West Virginia-based Summit Financial Group Inc. agreed to acquire Kelly Insurance Agency Inc. and Kelly Property and Casualty Inc. headquartered in Leesburg, Va., for $6.2 million in stock. The acquisition represents a more than a five-fold increase in insurance revenue for Summit.

Summit will pay $6.2 million for the outstanding common stock of the Kelly Agencies, which report having combined revenues of $4 million. The acquisition is expected to be completed in the third quarter of 2007.

Summit intends to merge the Kelly Agencies into its existing wholly owned insurance agency, Summit Insurance Services LLC, but the Kelly Agencies will continue to operate under the “Kelly” name. All present principals and producing agents of the Kelly Agencies will continue with the Summit Insurance Services.

Bank of America

Bank of America said it has retained Banc of America Securities LLC to act as its financial advisor to explore strategic alternatives for its commercial insurance brokerage business, Banc of America Corporate Insurance Agency LLC.

Banc of America Corporate Insurance Agency, headquartered in Cranford, N.J., and a subsidiary of Bank of America Corp., provides brokerage and consulting services for property and casualty insurance and employee benefits.

Ironshore

Bermuda-based Ironshore Insurance Ltd. reports it has been approved to write property, property catastrophe and casualty insurance on an excess and surplus basis for business risks in Florida and South Carolina. Ironshore, formed in late 2006, is a Bermuda-based specialty insurance company with over $1 billion of capital.

Max Specialty

Max Specialty Insurance Co., based in Richmond, Va., is now an eligible surplus lines carrier in 45 states, with the recent addition of New York, North Carolina and Kansas.

Max Capital Group Ltd., through its operating subsidiaries, provides specialty insurance and reinsurance products to corporations, public entities, property and casualty insurers and life and health insurers.

Stephen J. Vaccaro Jr., president and CEO, said the company will seek to add even more states during the year.

As previously announced, Max Capital Group Ltd. completed the acquisition of the company now known as Max Specialty Insurance Co. in April 2007.

Max Specialty operates across two divisions, Brokerage and Contract Binding. Brokerage, headed by Jonathan Hahn, and Contract Binding, headed by Bryan Sanders, each offer property, inland marine, casualty, excess liability and umbrella insurance products.

HRH, Urman

Insurance broker Hilb Rogal & Hobbs Co., based in Richmond, Va., has agreed to acquire the stock of The Urman Co., a Denver-based retail employee benefits and property and casualty brokerage. Terms of the transaction, which is expected to close on June 1, 2007, were not disclosed.

Founded in 1970 as a brokerage for the insurance needs of school executives and for the employee benefits plans for Colorado school districts, the current incarnation of The Urman Co. was formed by its current CEO and owner, Frank Urman, in 1988.

With annualized revenues of $4.7 million in 2006, Urman has developed expertise in managing public educational entities and municipalities.

Uman’s staff of 54 professionals plans to continue operating out of their existing locations, which include additional branches in Dillon and Brighton, Colo. and Cheyenne, Wyo.

Urman will join HRH’s West Region under the leadership of Vice President and West Regional Director William F. Creedon.

Topics Florida