Business Moves

Gallagher/Gresham

National insurance brokerage Arthur J. Gallagher & Co. has acquired two New England offices of Atlanta-based Gresham & Associates Inc. for an undisclosed sum.

The offices — which are in Portland, Maine and Cranston, Rhode Island — are managing general agencies and wholesale insurance brokerages providing insurance products for independent agents and brokers throughout the Northeast.

The offices will operate as Risk Placement Services-Portland and Risk Placement Services-Cranston, and their associates will continue under the direction of Joel Cavaness, president of Arthur J. Gallagher’s Risk Placement Services subsidiary.

Kingstone

Kingstone Cos. Inc. has completed its conversion from an agency franchiser to a property/casualty insurance carrier, the company said. The Hewlett, N.Y.-based firm was spun out of the combination of DCAP Group Inc. with the former Commercial Mutual Insurance Co., which is now a stock-owned firm as a result of the conversion.

Kingstone executives say the demutualization will allow greater access to capital markets and help fuel the insurer’s growth.

Demetriou/ H. Al Roth

New York-based Demetriou General Agency Inc. has acquired H. Al Roth Agency in Manhattan for an undisclosed sum. The acquisition comes as Demetriou announced expansion plans for its Madison Avenue headquarters to accommodate two other acquisitions that are being concluded.

Demetriou says its new location will provide for enhanced processing and other activities conducted by the agency for the more than 600 agents and brokers with whom it works.

Demetriou says it’s quickly approaching the $100 million mark as its expansion continues through acquisitions, consolidation and increased agent and broker activity in the Tri-state area.

Delos/Avoca

Delos Insurance Group and Avoca Insurance Holdings have launched a joint venture focused on underwriting excess and specialty lines.

The newly formed, Boston-based underwriting management company will be known as Naxos Avondale Specialty Casualty Inc. It will be the exclusive excess and surplus lines (E&S) underwriting manager for Naxos Insurance Co., the wholly owned E&S subsidiary of New York-based Delos Insurance Group.

The venture will primarily write a broad range of classes with a focus on small to mid-sized specialty casualty lines of business.

Chris Maciejewski, most recently president of Aspen Specialty Insurance Co., will head Naxos Avondale. David Lewis, formerly with Aspen Specialty and The Hartford, will serve as chief underwriting officer.

Business will be sourced through wholesale brokers.